Jurisdictions news

20.04.2012 Scotland will have its own tax policy
In Scotland there is the bill drafting according to which the country acquires the right independently to define a tax rate on the income, and also to impose new taxes.

19.04.2012 The government of the Czech Republic intends to fill up the budget of 2013-2015.
The government of the Czech Republic laid down the aim to fill up the budget in the next three years and defined a number of measures which can promote it.

18.04.2012 The senate of the USA decided not to raise a tax for rich men
Senators didn't support Barack Obama's initiative on raising a tax rate for the rich Americans, also known as "Buffett's rule".

17.04.2012 Austria and Switzerland signed the tax agreement
The president of the Swiss confederation and the federal Minister of Finance of Austria signed the agreement regarding regulation of income tax.

16.04.2012 The new EU directive on money laundering
The new version of the EU directive on money laundering is already prepared by the European commission.

13.04.2012 The court of Switzerland refused to inform IRS
One of these days in Switzerland the administrative court didn't provide IRS bank data on the American client.

12.04.2012 Russia and Italy won’t have tax secret any more
The president of Russia at the beginning of April 2012 signed the Federal law «About ratification of the Protocol on modification of the Convention between the Government of the Russian Federation and the Government of the Italian Republic.

11.04.2012 The American billionaire filed a suit on UBS
In U.S. District Court in Santa Ana preliminary hearings under the claim of the American billionaire of Russian origin of Igor Olenikova against Swiss UBS have begun.

10.04.2012 Outflow of the Russian capital grew
By a preliminary estimate of Bank of Russia in the 1st quarter 2012 pure outflow of the private capital from the Russian Federation grew in 1,8 times and made 35,1 bln. dollars.

09.04.2012 Switzerland and Germany still intend to ratify the tax agreement
The tax scandal between Switzerland and Germany, about which we wrote earlier, didn't manage to cease as these countries report about new events.

06.04.2012 The OECD will simplify transfer pricing
Under the aegis of OECD there was the International forum concerning transfer pricing where more than 90 representatives of national tax authorities gathered.

05.04.2012 A uniform corporate tax is intended to be imposed in the United Arab Emirates
The United Arab Emirates plan to enter a uniform rate of a corporate tax for all seven emirates.

04.04.2012 Tax scandal between Switzerland and Germany
Tax scandal blazed up between Berlin and Bern. This news appeared in the press on the first of April and it wasn’t a joke. Since that time this scandal only grows.

03.04.2012 Amendments in Russian Civil Code
On April 3, 2012, the president of the Russian Federation Dmitry Medvedev made amendments to the State Duma concerning Russian Civil code.

02.04.2012 Financial centers and financial capitals of the business world
The non-governmental British analytical organization Z/Yen Group carried out about two years the interrogation of opinion of world financiers and businessmen.

30.03.2012 VAT rates in EU countries only grow
VAT rates (VAT) in Europe are established by each country independently. The legislation of the European Union doesn't regulate uniform rates for all EU countries but only establishes the minimum limit.

29.03.2012 UBS intends to defend from charge in assistance to citizens of France in tax avoiding
The Swiss bank UBS disproved charges in assistance to French citizens in tax avoidance.

28.03.2012 Amendments in Cyprus International Trusts Law
Last week amendments were made to Cyprus International Trusts Law. The new law came into force on March 23, 2012.

27.03.2012 In Hong Kong the payment of annual license fee is abolished
Since April 1, 2012, according to the statement of Securities and Futures Commission (SFC) of Hong Kong, annual license fee is abolished for two-year term.

26.03.2012 The US Securities and Exchange Commission enhance cooperation with EC and Cayman islands
The representative of the Securities and Exchange Commission announced that it has established two Memorandums of understanding with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA) as part of long-term strategy to improve the oversight of regulated entities that operate across national borders.