Jurisdictions news

20.03.2014 Great Britain takes down tax threshold of residential property
At 20 of March 2014, the Government of Great Britain make improvements in the Finance Act , which are extending the package of taxes to target UK residential properties held by companies and other non-natural persons

19.03.2014 The Ministry of Finance developed the "anti-offshore" act

Yesterday at 18 of March The Ministry of Finance of the Russian Federation published the first "anti-offshore" act about foreign controlled persons (CFC) which will oblige to pay to the company taxes from the income of foreign sub-companies and physical persons - from the income of the foreign structures. 

13.03.2014 ABLV launched Internet bank in App Store

ABLV Banka launched a free application “Internet bank” in Apple Store for remote account management for iPad.

12.03.2014 The senators drafted bills of Russian economy deoffshorization

At meeting of the Federation Council Budget and Financial Markets Committee which took place on March 3, 2014 the Committee’s Chairman Sergey Ryabukhin stated that “in coming days bills drafted by senators will be introduced to the State Duma”.

07.03.2014 The Central Bank is saving the Russian sub-company of Ukrainian “Privatbank”

At the 6 of March The Central Bank made the decision on implementation of measures for the prevention of bankruptcy of “Moskomprivatbank” — Moscow sub-company of the largest Ukrainian “Privatbank” bank. Moskomprivatbank is included in TOP 100 of banks of the Russian Federation. Functions of temporary administration in bank are transferred to agency on insurance of deposits.   

06.03.2014 Privatization in Cyprus

Russian mass media reported that Cyprus is about to start a new wave of privatization. For example, news portal “Vesti Economika” informs that Cyprus lawmakers voted for privatization. Intention to determine the next stage of privatization before March 5 is tied with commitments to international joint creditors who insist on assets’ sale.

05.03.2014 Cyprus and VAT
While government of some countries has a possibility to reduce tax burden for taxpayers, the last spring in Cyprus made some adjustments.

04.03.2014 Renminbi conquers Europe

The first European conference on renminbi has been hosted in Luxembourg. During the conference participants from China, Hong Kong, London, Paris, Frankfurt and Luxembourg came to the conclusion that value of renminbi as the international currency grows.

03.03.2014 New Companies Ordinance commenced operation in Hong Kong
On March 3, 2013 New Companies Ordinance commenced operation in Hong Kong aimed to enhance corporate governance, facilitate business, ensure better regulation and modernize the law.

28.02.2014 In New Zealand a multilateral convention comes into force
On March 1, 2014 a multilateral convention on mutual administrative assistance in tax matters will come into force. The Convention, which was ratified in New Zealand in November, allows fighting against tax evasion.

10.02.2014 Bitcoins are outlawed in Russia
On the 6^th of February, 2014 a report on the results of meeting on the legitimacy of the use of anonymous payment systems and cryptocurrency was published on the website of the General Prosecutor’s Office. 

07.02.2014 Double agreements between Singapore, Austria and Poland come into force

Revised version of a double taxation agreement between Poland and Singapore came into force on the 6^th of February, 2014. The agreement will allow countries to exercise tax information exchange. The above-mentioned act applies to the following taxes: income tax, corporate profit tax (residents of Poland) and income tax (residents of Singapore). 

06.02.2014 National Bank of Ukraine imposes restrictions on foreign exchange transactions

On the 6^th of February, 2014 information according to which the Management Board of the Bank of Ukraine passed the Resolution №49 "On measures for banks and currency transactions" appeared on the official website. As the press service of the NBU states, this ruling is temporary and only proactive.  

05.02.2014 The scope of the FATCA has expanded to Canada and Hungary

On the 5^th of February, 2014 the U.S. Treasury Department stated that the United States signed an intergovernmental agreement (IGAS) with Canada and Hungary to implement provisions of Foreign Account Tax Compliance Act (FATCA). In the middle of December 2013 the U.S. Treasury Department signed several agreements, including treaties with Italy and Mauritius 

04.02.2014 Hungary and Jersey entered into a tax treaty
On the 3th of February, 2014 MFA State Secretary of Hungary Zsolt Nemeth made a statement that Hungary has an aim to build economic and trade relationships with countries of North America. One of the tools that allow building confidence with future partners is a growing number of tax treaties. 

03.02.2014 China and Liechtenstein signed a tax treaty

January 27, 2014, Martin Frick, the head of the Department of Foreign Affairs of Liechtenstein, and Liang Tsianhan, the General Consul of China in Zurich, signed a double agreement on the exchange of tax information. As Martin Frick stated, provisions of the treaty meet completely the OECD standards. The treaty provides an exchange of tax information upon request of a Contracting State.    

31.01.2014 Bank of Cyprus unfreezes a part of the deposits
On 30 of January, 2014 the Board of Directors of Bank of Cyprus was held. On this meeting a decision to unfreeze accounts that had been frozen in July 2013 was made. Soon these deposits will be available for depositors. 

14.01.2014 The bill “National company” for LLC, ALC, Joint-stock companies is considered in Duma

Russian State Duma reviews a bill related to obtaining legal status of national company by the following businesses: limited liability companies, additional liability company, and joint - stock company.

10.01.2014 The Central Bank of Russia: no one will block banking cards

The Central Bank of Russia published information “Requirements of article 9 of the federal law “The national cash register system” with reference to the publications by mass media that there is a possibility banking cards will be blocked by banks starting from January 1^st, 2014. The Bank of Russia stated that all banking institutions have a required level of information of their clients.

18.12.2013 The International Monetary Fund has conducted the review of Switzerland’s financial policies

From December, 4 till December, 17 of 2013 the delegation of the International Monetary Fund (IMF) headed by Charles Enoch, Deputy Director of the Monetary and Capital Markets department, spoke with representatives of the Swiss Bank, the Swiss Financial Market Supervisory Authority FINMA, the Federal Department of Finance and the private sector.

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