Jurisdictions news

04.06.2014 Lithuania joins Euro zone

On the 4^th of June European Commission published report on Lithuania, in which it gave its opinion on the state’s ability to join Euro zone.

03.06.2014 Joint session of SK and FNS: the fight is still there.

he work results of 2013 and of the first 4 months of 2014 were summed up at joint session of Investigative Committee (SK RF) and Federal Revenue Service (FNS).

02.06.2014 Decrease of PIT in European Union

Commissioner for taxation, A. Šemeta, stressed the need of decrease of PIT rates in European Union.

30.05.2014 List of financial institutions that submit client information to IRS of USA

Revenue Service of USA for the first time published full list of financial institutions, which follow FATCA rules. All financial institutions that must submit account information to U.S. IRS are on the list.

28.05.2014 Double citizenship in the Russian Federation?

Today, the Federation Council approved the Federal Law "On Amendments to Articles 6 and 30 of the Federal Law "On Citizenship of the Russian Federation" relating to double citizenship, which creates criminal liability for Russians in case of concealment of double citizenship.

27.05.2014 Cypriot Companies ask to strike them off the registry.

 Almost 13,000 companies have asked to be removed from the registry, the Registrar of Companies stated. Spyros Kokkinos, the Head of the Registrar of Companies, said companies will be struck off in three months after their intention was published in the Government Gazette.

26.05.2014 Taiwan proposes new single form for income from investments for foreign taxpayers

National Tax Bureau of Taipei (NTBT) concluded that different laws that regulate the process and form of submission of the documents for dividends on securities and for income from securities in Taiwan do not contribute to attraction of the investors to the country. In order to make procedure easier bureau created the new single form, by filling which non-resident may apply for the income.

23.05.2014 IMF overviews Hong Kong economy

IMF Report considers that financial system of Hong Kong is good regulated, and its bank system is stable. Domestic demand remains stable in the markets. The level of expected inflation leaves about 4%.

22.05.2014 Corporate Tax reform in USA

The Chairman of USA Budget Commission once again published proposals on reform of Tax system of USA. Besides changes in PIT, this proposal submits the decrease of corporate tax.

21.05.2014 Freedom of business activity is in Hong Kong’s DNA.

Hong Kong Minister of Finance, John C Tsang, decided to name the main perks of the financial center for business among other jurisdictions at the Asian business forum.

20.05.2014 Scotland will fight tax evaders on its own.

On the 20^th of May, 2014 the report for Bill on the fight with tax evasion was submitted to the Parliament of Scotland. The Bill was prepared in December, 2013.

19.05.2014 Decrease of corporate tax in the Philippines

As a part of ASEAN movement toward single market between its Member States, Tax Department of Philippines Senate studied which precise measures should be taken by the state.

13.05.2014 Everything about UK Partnerships

Revenue Service in UK (HMRS) created single manual about Partnerships in the country. This manual is an almanac of all information needed to find an answer for any question about creation, functioning and liquidation of all types of partnerships in United Kingdome.

12.05.2014 Tax on financial transaction?

Directive on tax on financial transactions, introduced by European Commission in February, 2013 still has no support from EU member-states.

09.05.2014 OECD Declaration on automatic exchange of information in tax matters is signed.
Ministers of the OECD member-states signed Declaration on automatic exchange of information in meeting, which was held on 6-7 of May, 2014 in Paris. The aim of the Declaration is to implement single international standard for exchange of tax information.

06.05.2014 Singapore is listed as FATCA-jurisdiction.
Singapore expressed its desire to conclude an intergovernmental agreement on FATCA on 14th of May, 2013, but only on 5th of May, 2014 this request was considered by the Government of the United States of America.

05.05.2014 Australia joined FATCA.
Australia and United States of America signed intergovernmental agreement on 28th of April, 2014 in order to improve compliance with international tax legislation and enforcement of FATCA. 

30.04.2014 Switzerland is to decrease taxes.

Swiss Federal Council considered results of consultations between cantons about corporate tax reform. The upcoming changes in legislation suppose to strengthen the competitiveness of Swiss tax system, especially in the light of modifications in international taxation

28.04.2014 Russian Ministry of Finance continues its attack on offshores.

Measures to fight tax evasion form Russian Ministry of Finance is more serious and tougher with each step. Although, there is no mechanisms of following and all the more so of the collection of “unpaid” for the time being. Ministry of Finance is just “thinking” about the enforcement of aforementioned. And such letters do not keep even the fairest of the businessmen calm. Nobody knows if he will discover himself in the heat of the moment.

The question about the prevailing law arises – domestic or international. Although, Constitution, as the main law of the state, gives clear understanding that international obligations are beyond her status, do not expect that after the enforcement of this law, there will be no cases in courts.

Businessmen are supposed to prove the legality of their scheme, and it is possible, that they will prove it. But the amount of time wasted and the formulation of the question is terrifying and worrying.

It is clear that not all business schemes will die, the part of them will transform. It is just a question of time and right strategy

25.04.2014 Exchange of tax information becomes mainstream.

On the 25^th of April, 2014 official gazette of Hong Kong published an order for the implementation of the Agreement with USA on the exchange of tax information as a matter of preparation for the enforcement of FATCA

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