Jurisdictions news

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.

15.09.2014 ABLV Bank led one of the biggest deals this year in Latvia

ABLV Bank participated in successful carrying out the transaction for the sale of shares of the capital terminal for transshipment of liquid ammonia «Ventamonjaks», located in the Freeport of Ventspils.

10.09.2014 Ukrainian President signs the law “On Sanctions”

President of Ukraine, Petro Poroshenko, signed the law “On Sanctions”. The announcement was published on the website of Verkhovna Rada.

09.09.2014 Global Finance determines the safest banks of the world

Global Finance Magazine organized webinar in connection to the completion of the ranking list “World’s Safest Banks”. The list was concluded based on the ratings from Standard & Poor’s, Moody’s, Fitch, and consists of almost 1000 banks from all over the world.

08.09.2014 EU and Canada are leading towards the partnership agreement

European Union (EU) and Canada completed negotiations preceding the signing of the Strategic Partnership Agreement (SPA). The Agreement will legally regulate economic relations between two countries.

05.09.2014 ECB additionally lows all key rates

The decision to lower all main rates was adopted at the meeting of Governing Council of European Central Bank (ECB). Thus, interest rate on main refinancing operations in Eurosystem was lowered by 10 basic points and will be 0, 05%.

04.09.2014 Denunciation of American citizenship becomes 5 times more expensive

US State Department announced about changed governmental fee, which should be paid for denunciation of American citizenship.

03.09.2014 IMF emphasizes the low VAT rate in Slovakia

 Despite the slowdown in 2013, Slovakia's economy, according to the International Monetary Fund (IMF) is gaining its momentum, thanks to a strong export sector and recovery in domestic demand, as well as the country's participation in Eurozone.  

01.09.2014 Switzerland and Estonia change the treaty on the double tax avoidance
Swiss Federal Council and Estonian Government signed the agreement amending the treaty of double taxation avoidance, which was concluded between states on the 11th 2002.

29.08.2014 Switzerland supports EU sanctions

Swiss Federal Council adopted a decision, which will prevent the circumvention of sanctions, adopted by European Union with regards to Russia.

28.08.2014 New rules for Russian international passports

Russia is now following the international standards of the name and surname transcription in international passports of its citizens.

26.08.2014 New requirements for residence permit in Cyprus

Article 18ΦΕ(7) of the Aliens and Immigration Law (Cap.105) as well as article 4 of the Aliens and Immigration (Amending) (No.2) Law [Ν129(Η)/2014, O.G. Annex.Η(Η) No. 4456] are set into force.

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