Jurisdictions news

30.01.2015 The Central Bank of the Russian Federation has reduced the key rate

On 30^th of January 2015 Board of Directors of the Central Bank of the Russian Federation made a decision to lower the key rate from 17 to 15 %, taking into account changes in the balance between risks of higher consumer prices and cooling of economy.  

29.01.2015 Hong Kong and Singapore take the lead over the whole planet

As it was twenty years ago Hong Kong has taken the first place at rating of The Heritage Foundation's Index of Economic Freedom, which determines the most natural and free economics of the world.  

27.01.2015 It will be impossible to use EU countries for tax schemes?

The Council of the European Union has adopted the amendments to the Directive on parent-subsidiary companies that are aimed at the prevention of the tax avoidance and aggressive corporate tax planning. 

26.01.2015 The reduction of Russia's investment rating

The Standard&Poor’s rating agency has lowered the sovereign rating of Russia from the investment BBB- to speculative BB+, with “negative” forecast. 

23.01.2015 New form of company in Luxembourg

The government of Luxembourg submitted a bill number 6777, which brings changes to the law of the Grand Duchy “On commercial companies” of 1915. 

22.01.2015 Great Britain and Scotland are dividing tax competence

The British government has promulgated the project of legislative provisions, which will provide the Scottish government with competence on matters of income tax, air transport levy and obsolete equipment tax. This legislative leadership clarifies regulation of VAT-revenue distribution between the governments of Great Britain and Scotland. 

15.01.2015 Swiss franc’s free flight

The Swiss National Bank announced the discontinuation of minimum exchange rate of CHF to Euro, which until today used to be fixed at 1:1,2. 

14.01.2015 Switzerland is determining forms and procedure of information interchange

Swiss Federal Council has started two consultations on the issues of international exchange of tax information. 

27.11.2014 Bank of Cyprus published a statement on first nine working months this year

Bank of Cyprus published report about results of financial group activity in first nine months of 2014.

06.11.2014 Slovakian Economy has bright perspectives, says OECD

Secretary General of OECD together with the Prime-Minister of Slovakia presented the report, which the main attention is given to the country’s fast recovery from economic crisis. Slovakia is one of the strongest countries in Europe as to this measurement.

05.11.2014 ECB became the supervision body of EU

Since the 4^th of November, 2014 European Central Bank became the supervision body for European banks.

28.10.2014 Bank of Cyprus showed successful performance in the ECB stress-tests

 Bank of Cyprus successfully completed the Comprehensive Assessment by European Central Bank. The evaluation followed the 1 billion euro increase of the bank’s capital in September, 2014.

23.10.2014 Czech Republic lows VAT rate

 Czech Senate approved the Bill which provide for another VAT rate of 10%.

22.10.2014 The Bill on CFC was passed in Russian State Duma

Group of senators introduces the Bill “On amending of Parts One and Two of Tax Code of Russian Federation (in the part of taxation of the profits of controlled foreign companies)” in State Duma of Russian Federation.

21.10.2014 Income tax on dividends may increase in Russia

 Russian State Duma adopted in the first hearing the Bill of Federal Law No. 605370-6 «On amending Tax Code of Russian Federation and other legislative acts of Russian Federation».  

17.10.2014 Hong Kong and SAR concluded Agreement for avoidance of double taxation

Hong Kong concluded an agreement on avoidance double taxation with SAR. This agreement is the 31st such agreement for Asian jurisdiction.

14.10.2014 The end of bank secrecy in EU?

Council of EU in ECOFIN formation found consensus on the creation of EU Directive on fighting tax avoiding and fraudulent activities in taxation sphere.

06.10.2014 St. Kitts and Nevis economy is growing

The condition of economy is improving in Republic of St. Kitts and Nevis since 2013 allowing country to take a leading position amongst the member-countries of Eastern Caribbean Currency Union (ECCU).

02.10.2014 Latvia stops issuing residence permits to Russian citizens

The Bill on amending the law “On Immigration” was approved at the meeting of the Latvian Seimas.

24.09.2014 BVI celebrates 30-years Anniversary of IBC Act

 Authorities of British Virgin Islands hold celebrations with regards to the 30-year anniversary of International Business Companies Act, which was adopted in 1984.

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