Jurisdictions news

12.10.2012 Taiwan’s government reconsiders to abolish the luxury tax
Taiwan’s luxury tax was established by «The Special Goods and Services Sales Tax Act». The main purpose of his adoption was the reducing speculative property purchases and limitation of the rapidly growing difference in the welfare of people.

11.10.2012 Singapore designates tax crimes as money laundering
October 9, 2012 the Monetary Authority of Singapore (MAS) has prepared a consultation paper on the designation of tax crimes as money laundering.

10.10.2012 The black list of offshore jurisdictions updated in Latvia
In Latvia the black list of offshore jurisdictions was updated that includes 68 countries among which the Netherlands Antilles, Bahamas, Belize, Panama and Seychelles are named

08.10.2012 The Republic of Cyprus introduces procedure of obtaining electronic visa for the Ukraine citizens
From 10th September 2012 the Republic of Cyprus introduced the procedure of
obtaining electronic visa for the Ukraine citizens.

05.10.2012 The Netherlands simplified requirements for company incorporation
From 1st October 2012 the new act presented by the Ministry of security and justice of the Netherlands entered into force. It simplifies the procedure of private limited company incorporation. 

04.10.2012 The first Free Trade Agreement between Europe and Hong Kong entered into force

On 1^st October 2012 the first Free Trade Agreement between Hong Kong and members of EFTA (European Free Trade Association) – Iceland, Liechtenstein, Switzerland and Norway.

03.10.2012 Inland Revenue Department of Hong Kong collects the record sum of taxes

The commissionaire of the Hong Kong Inland Revenue Department Chu Yam-Yuen has introduced the 2011-2012 Annual Report highlighting that the sum of collected taxes is higher by 14% in comparison to the previous year.

02.10.2012 The double tax avoidance agreement between the Russian Federation and Latvia was ratified

As it was mentioned on 28th September 2012 (http://hbcomp.co.uk/about/news_and_mailings/news_jurisdictions/3445/), the Council of Federation of the RF ratified several double taxation avoidance agreements including Latvia. This agreement was signed in Moscow on 20th December 2010. Latvia ratified it on 9th 2011. The most crucial aspects of the agreement are the following:

28.09.2012 The Council of Federation ratified double taxation avoidance agreements with Latvia, Argentina and Switzerland

On 26^th September 2012 the Council of Federation ratified double taxation avoidance agreements with Latvia and Argentina and the Protocol to the analogical agreement with Switzerland.

27.09.2012 Amendments to the double taxation avoidance agreement between the Russian Federation and Switzerland were ratified
On 21st September 2012 the State Duma of the RF ratified amendments to the double taxation avoidance agreement between the Russian Federation and Switzerland signed on 15th November 1995.

26.09.2012 Changes in the tax legislation of Liechtenstein
 The Government of Liechtenstein during the last session adopted the consulting report on changing of the tax laws. This report is directed at increasing of tax inflows into the state treasury.

25.09.2012 eLearning Course on the European value added tax
  Recently it became known that the European Commission developed the eLearning Course on the value added tax.

24.09.2012 Seychelles authorities introduce value added tax

  According to the official announcement of the Ministry of Finance, Trade & Investment (MFTI) of Seychelles from 1st January 2013 the value added tax is introduced on the terrirtory of Seychelles, though its implementation was planned on 1st July 2012. To add, the standard rate of the tax equals 15%.

21.09.2012 The British Registrar discloses information on companies’ directors

  From 1^st October 2012 the British Registrar (Companies House) abolishes payment for information on directors of entities placed in Great Britain. Today this payment comprises 1 pound.

20.09.2012 New fiscal innovations of Cyprus
 In connection with crisis of the Cyprus banking system caused by the tight bond with the Greece financial system, troika of creditors of Cyprus (the International Monetary Fund, the European Commission, the European Central Bank) insists on acceleration of the Cyprus budget drafting for 2013.

19.09.2012 Ukraine proposes Russia cancellation of vehicle recycling tax
The vehicle recycling tax was introduced from 1st September 2012 on the territory of the RF and comprises a mandatory payment for entities and individuals on vehicles imported in Russia and also originated from Russia. The Law obliges private persons to organize utilization of vehicles and then dispose the car waste independently or by concluding a contract with special companies within prices approved by the Government.

18.09.2012 Changes in company accounting in 2013

  In the Federal Law “On accounting” № 402-FL crucial amendments were made, relating to preparing of documents for accounting submission of organizations. Today the frequency of accounting submission to tax authorities – quarter or year (ss. 5, section 1, article 23 Tax Code of the RF).

14.09.2012 Switzerland – country with most competitive economics
In accordance with rating of competitiveness 2012-2013, constituted by the World Economic Forum, Switzerland is the country with the most competitive economics in the world the fourth consecutive year.

13.09.2012 Ukraine stimulates investments abroad
The President of Ukraine Victor Yanukovich signed the Law № 5083-VI of 5th July 2012 that amends the Tax Code of Ukraine. This Law entered into force on 12th August 2012 (some provisions will enter into force from 1st January 2013).

12.09.2012 UK Reduces requirements for accounting reports of companies
As the Business Secretary of the UK Department of Business, Innovations and Skills Vince Cable announced, amendments to companies’ reporting rules will save millions of pounds for small business.

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