Jurisdictions news

11.05.2012 The Inland Revenue Department of Cyprus began to examine its taxpayers.
“Recently, the new amendments to the Law on personal data were submitted to the Parliament of Cyprus for consideration, allowing  the  Inland Revenue Department ( IRD) to use all available data about a taxpayer without coordination with the Personal Data Commissioner.

10.05.2012 Government tax increase.
On May 8, 2012, Panama’s Legislative Assembly approved and published Law No. 28 which increases the government tax for Panama Companies and Private Interest Foundations.

05.05.2012 Google speaks about losses in Australia, but pay taxes in Ireland
The Australian division of the Google company published the financial report for 2011. According to the report expenses exceeded the income. At a turn 201 million US dollars the losses of the company is 3,9 million.

04.05.2012 The European Commission deprives Belgium of a number of advantages of tax system
The government of Belgium received formal inquiry from the European Commission about modification of the legislation on the taxation of profit of the companies and tax on inheritance.

03.05.2012 New Zealand and Canada rejoice to the new tax agreement
Today, on May 3, the ministers of two countries signed the corrected agreement on double taxation avoidance, urged to replace the existing bilateral agreement dated still by 1980.

02.05.2012 Latvia hopes to lower tax loading
The Minister of Finance of Latvia declared that the rate of the VAT can be lowered from 22 % to 21 % but on condition that it will be possible to agree with businessmen that the reduction in tax will be reflected also on prices in shops.

28.04.2012 Canada and Serbia signed the agreement on double taxation avoidance
Yesterday, on April 27, Canada and Serbia signed the agreement on double taxation avoidance regarding taxes on the income and the capital.

27.04.2012 François Olland dreams to enter the VAT for objects of luxury
The most probable candidate for presidential post of France, François Olland, adhering to left-wing views, suggested to enter in France unprecedented high VAT for objects of luxury at a rate of 33 %.

27.04.2012 The list of holidays in May, 2012, in different countries exept weekly off days
Dear client! We provide you information concerning holidays schedule in banks in May, 2012.

26.04.2012 The OECD prepared the report on income taxes for 2011
The organization published researches according to which social taxes and taxes on a salary in 2011 increased in 26 of 34 OECD countries.

25.04.2012 Hong Kong and Malaysia signed the tax agreement
Today, on April 25, 2012, the Governments of Hong Kong and Malaysia signed the agreement on double taxation avoidance which also provides an exchange of tax information on OECD  standards and by that turned this day into historical date for investors of these states.

24.04.2012 Guernsey as Jersey
The government of the island reported that the EU working group on the business taxation took out a preliminary estimate to the preferential corporate tax Guernsey regime.

23.04.2012 In Europe there will be the general corporate tax base
On April 19, 2012, on vote of the European Parliament there was adopted the resolution that transition to the general corporate tax base should occur without fail, after passing of a transition period.

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.