Jurisdictions news

01.08.2012 New offshore zone in the Baltic
Since 2013 Latvia will become a full offshore zone for holding companies. If now in the state only some received and paid dividends exempt, in accordance with legislative changes in 2013, tax-exempt income will be Latvian companies from sale of capital and shares, and any dividends.

31.07.2012 Law on Foundations in Guernsey
Guernsey is not out of the general trend: on 30th July, Parliament has approved the Foundations law, which is designed to increase the economic attractiveness of the island. Guernsey - «trust» jurisdiction, however, the adoption of this Law demonstrates that the authorities do not want to be limit only to trust and so, following the example of the Republic of Panama, they are trying to raise investment to the island through the creation of the Fund.

30.07.2012 Successful tax system reform in China
China is making large steps toward the International economic community; it was noted by the IMF in its latest report. Profit Tax for the enterprises with foreign investments (which ranges from 15% to 25% in different areas of Chine) was differentiated and now depends on the profitability of the enterprise.

27.07.2012 The Russian Federation ratified the Protocol of accession to the WTO
On the 21th July, 2012 the President of the Russian Federation V.V.Putin approved the Protocol of accession to the Marrakesh Agreement establishing the WTO of 15th April, 1994 thereby finishing the internal stages of ratification. If the state bodies wouldn’t have managed until the 23rd July, it would have led to renewal of negotiations on terms of accession to the WTO that is, according to the chairman of the Russian delegation Maxim Medvedkov, could have inflicted worse conditions of accession for the RF.

26.07.2012 Amendments to the tax legislation in Singapore
The global recession affected one of the most stable Asian economies: on July, 24 in Singapore public hearings regarding the changes in tax legislation were held.

25.07.2012 Philippines and Germany: Revision of Double Taxation Agreement
On 20th July Philippines and Germany finished the revision of Double Taxation Agreement in the last stage of negotiations.

23.07.2012 Barbados and the global recession
The Central Bank of Barbados is trying to refuse the argument made by the rating agency «Standart & Poors» in order to lower the credit rating of Barbados "BBB-/A-3" to "BB + / B".

19.07.2012 Tax Agreement Signed between Hong Kong and Malta

The agreement between Hong Kong and Malta for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has entered into force July 18.

18.07.2012 Negotiations between China anв Liechtenstein about new tax information exchange agreement were held
In order to strengthen tax cooperation, negotiations were held between representatives of China and Liechtenstein about signing tax information exchange agreement.

17.07.2012 World Trade Organization (WTO) welcomes the entry of Seychelles to the membership
On 10th of July states-members of WTO considered situation of the Seychelles in the bilateral negotiations on market access, and also investigated the changes in legislation and trade regime

16.07.2012 The New Companies Ordinance in Hong Kong
The corporate law of Hong Kong doesn’t stand still which is evidenced by introducing of the Companies Bill to the Parliament

13.07.2012 Austria ratifies tax deal with Switzerland
In April of this year the resident of Switzerland and Austria's Federal Minister of Finance signed an agreement in the regulation of income tax

12.07.2012 Reduction of the VAT rate in Ukraine
Further deregulation of Ukraine’s Internal Revenue Code will lead to a conflict with the WTO, as reported by the State Taxation Service of Ukraine. However, the State Taxation Service offers to cut the rate of value added tax (VAT) for domestic trade transactions of up to 7%.

11.07.2012 Luxembourg Withstanding Economic Crisis
Luxembourg confirms its status of international financial center and demonstrates resilience in the conditions of economic financial crisis, that International Monetary Fund notes

10.07.2012 The chief executive of Bank of Cyprus stepped down resigned
The head of Bank of Cyprus Andreas Eliades resigned with reference to the combusted European banking crisis and the "lack of coordination in dealing with its solution"

05.07.2012 Amendments to the Taxation of Belize
In a recent budget of Belize provided on the financial 2012/13 years, there are a number of proposals to restructure the tax regime of the country.

04.07.2012 China established new zone for cooperation with Hong Kong
According to the decision of Chinese government the special economic zone for cooperation with Hong Kong was established.

03.07.2012 Updated tax agreement between Japan and New Zealand
Governments of Japan and New Zealand have agreed an updated agreement on avoidance of double taxation from 1963.

02.07.2012 Barclays scandal
On the 2nd of July Chief Executive of Barclays, Bob Diamond has resigned, because of rate fixing scandal

27.06.2012 New accounting rules for multinationals companies in Norway
The Government of Norway intends to introduce new rules for reporting (country-by-country reporting) for multinationals companies, which will take effect starting from January 2014

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