Jurisdictions news

27.02.2012 Luxury tax in the Russian Federation
Stanislav Voskresensky, the Deputy Head of the Ministry of Health of the Russia Federation, declared that next year luxury tax can be imposed on real estate, the area of which is from 1 thousand sq. m., but the physical persons property tax could be already increased.

24.02.2012 Tax service has got Americans abroad
The law "Foreign Account Tax Compliance Act" (FATCA) was signed by US president Barack Obama in spring, 2010. Last year's scandal between US authorities and the Swiss bank UBS became a push to adopt this law.

22.02.2012 Georgia and Hungary signed the agreement on double taxation avoidance.
On February, 15-17, 2012, during the visit of Georgian delegation to Hungary the agreement on double taxation avoidance was signed.

21.02.2012 Finland is discussing the ban on the real estate purchase by the residents of Russia
On the 17th of February 2012 the group of Finnish deputies proposed the initiative to ban the sale of real estate in Finland to the EU non-residents, including the citizens of the Russian Federation.

20.02.2012 FATF has updated its recommendations
15 February 2012 the members of the organization FATF (Financial Action Task Force on Money Laundering) have been revised recommendations on combating money laundering and terrorism financing.

17.02.2012 Accounts Chamber of the Russian Federation will stop the withdrawal of Russian assets to offshores
16 February 2012 The Chairman of Accounts Chamber of the Russian Federation Sergey Stepashin in his “Business lunch” to "Rossiyskaya Gazeta" published 17.02.2012g. № 5708, expressed full determination to fight with the process of withdrawal of assets to offshore jurisdictions.

16.02.2012 A new protocol to the agreement on double taxation avoidance between Russia and Cyprus was ratified
15 February 2012 the State Duma of the Russian Federation completed the procedure of ratification of the protocol to the agreement on double taxation avoidance between Russia and Cyprus.

16.02.2012 Sberbank extremely desires to get the status of an international bank
Perhaps one of the most famous for the Russian citizen banks - Sberbank - yesterday, 15 February 2012 closed the largest deal to purchase 100% shares of Volksbank International AG (VBI).

15.02.2012 The Agency on Deposit Insurance will be able to invest in foreign securities
Yesterday, 14 February 2012, at the meeting of the State Duma of the Russian Federation committee on financial market a report on the draft of the Federal Law № 476130-5 "On Amending Article 14 of the Federal Law "On insurance of physical persons deposits in the banks of the Russian Federation" (in the part of the possibility to open a bank account by the Agency on Deposit Insurance) was submitted.

15.02.2012 Schedule of days-off and holidays in different states besides ordinary days-off
Hello, dear subscribers.

14.02.2012 Lithuania became more attractive for investors
At the current moment Lithuania provides significant benefits to small business as well as persons that take activities in free economic zones of the state.

13.02.2012 China and Canada are ready to update the "old" agreement
Canada and China are reviewing the provisions of double taxation avoidance agreement. This international document was signed between the two powers in 1986.

10.02.2012 The USA “extends its expansion” to the east
Recently the USA government has decided to draft a new agreement on information exchange with several European states.

09.02.2012 The UK has reached a new agreement in the tax sphere with the Principality of Liechtenstein
This week Liechtenstein and the UK reached the agreement on several issues in the tax sphere.

08.02.2012 The Supreme Arbitration Court can change the court practice in the sphere of VAT payments
Until the recent times the Russian legal entities that paid income to foreign counterparts based on transactions refused to calculate and pay VAT to the state budget in spite of the fact that the Russian organizations in this case are the tax agents.

07.02.2012 Russia is looking for sources of the state budget replenishment
Yesterday at the tax conference that took place in Russia the Deputy of the Minister of Finance Sergey Shatalov named several important issues on taxation of the country.

06.02.2012 Switzerland has disclosed confidential information to the United States
Recently the Government of Switzerland has made an official statement that banks of the state are ready to cooperate with tax authorities of the United States of America.

03.02.2012 The Principality of Liechtenstein and Hong Kong strengthen economic ties
The officials of the state of Liechtenstein and the Hong Kong special administrative region have recently discussed the future of fruitful economic cooperation between the jurisdictions. The meeting of representatives held in the capital of the principality - the city of Vaduz.

02.02.2012 France increases tax rates
29 January 2012 in the framework of another television interview the French President Nicolas Sarkozy spoke about the coming state taxation changes.

01.02.2012 Facebook goes for IPO
Today, 1 February 2012 Facebook documents submission for IPO is scheduled. However, according to experts’ opinion, it may be postponed until the middle of the current month.