Jurisdictions news

28.03.2014 Cyprus defrosts deposits

The government of Cyprus refused from restrictions about on cash withdrawal from bank accounts, including the permissions to withdraw funds from deposits before the expiration of their term. In spite of considerable derogation for movement of assets within the country, "normal economic activity" can still remove more than €5 thousand abroad. 

28.03.2014 Luxembourg Confirms Higher VAT Rates For 2015

Luxembourg's Prime Minister Xavier Bettel has confirmed the Government's decision to increase three of the value-added tax rates by 2 percent from January 1, 2015.  

27.03.2014 The OECD is satisfied with progressing desire of the countries to exchange of financial account information

More than 40 countries committed to a detailed timetable to step up the fight against tax evasion. 

25.03.2014 Austria and Luxembourg gave up

For six years Austria and Luxembourg have been refusing to recognize the Savings Taxation Directive aimed at the fight against tax evasion. As the Prime Minister of Luxembourg stated, now Luxembourg is ready to adopt it. 

24.03.2014 Increasing of registration fees in Hong Kong

  The Revenue (Reduction of Business Registration Fees) Order 2013 (“2013 Order”) will expire on the 1^st day of April 2014. So, after these changes the fees for registration of the company (any legal organizational form) or its branch will be paid under new rules.

21.03.2014 Russia can refrain from using “Visa” and “Mastercard”

On the website of “SMP-bank” appeared a message according to which operations on cards “Visa” and “Mastercard” were blocked. Sanctions were imposed not on the bank itself but on its shareholders. In this regard, the press-service of the bank said that the actions of these payment systems are regarded by the bank as illegal.

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 

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