Jurisdictions news

16.03.2012 The definition of profit source in Hong Kong
A definition of a source profit source you can find in the special document under name Departmental Interpretation And Practice Notes No 21 in edition from 1998. Last changes which concern calculation questions, were made in December, 2009.

15.03.2012 Tax treaties between Austria, Canada and the Czech Republic
The Austrian government has announced that the Ministry of Finance of Austria signed the revised agreement with Canada and  Czech Republic  for the avoidance of double taxation. Agreements include provisions for the exchange of tax information in accordance with international standards and mutual assistance in tax matters.

14.03.2012 The Andorran Government approves draft law on foreign investments
On the 13th of February, 2012, the managing partner of «Honest and Bright Ltd» held a meeting with representatives of one of the largest banks in Andorra where they discussed the draft law on foreign investments.

13.03.2012 Financial transactions tax in Europe will already appear this year
The European Commission suggested imposing the tax on all kinds of financial operations, including operations with bonds. This initiative was supported by eight Ministries of Finance of the European Union which have addressed with the letter, containing the requirement to approve the financial transactions tax at the European level already this year.

12.03.2012 Germany approved the amendments of the shvejtsarsko-european agreement
Germany and the European Commission resolved disagreements regarding the bilateral agreement conclusion where there is the information about withholding tax collect and counteraction to practice of evasion from tax payment.

11.03.2012 Cyprus promises are not empty
Even in December, 2011, The Parliament of Cyprus approved rate increase of VAT by 2%: from 15% till 17%. New rate came into operation since March, 1st, 2012.

07.03.2012 Malta is the most European country of the European Union
European Commission research showed that among 27 EU Member States the legislation of Malta in the best way corresponds to the European directives based on the Single market.

06.03.2012 Bulgaria preserves low corporate tax
Only in some hours prior to the opening of the summit of heads of the European states in Bruxelles which has taken place on March, 1st, 2012, the prime minister of Bulgaria, Bojko Boriss, in his performance has declared that in the foreseeable future Bulgaria intends to keep the present rate of corporate tax.

05.03.2012 Tax secret of Singapore and Estonia will not exist any more
On March, 30th, 2012, the Protocol directed on simplification of tax information exchange within the limits of the existing double taxation agreement between Singapore and Estonia will come into force.

02.03.2012 Russian tax maneuver
Last winter day, on February, 29th, there was the meeting on economic problems under the direction of the head of the state Dmitry Medvedev. Final decisions at this meeting were not reached. It is necessary to notice that one more discussion of tax reform will take place soon.

01.03.2012 VTB carries on negotiations for the purchase of Marfin Bank
The second-large bank of the Russian Federation, VTB, doesn't confirm the information which has appeared in mass-media on the intention to enter into the capital Cyprian Marfin Popular Bank as the strategic investor.

29.02.2012 Tax revolution is planned in American business
US president Barack Obama suggests to lower corporate tax rate from 35 % to 28 % «to impulse tax reform».

28.02.2012 Hong Kong believes in vivifying force of tax privileges
In the project of Hong Kong state budget for 2012-2013 there are pleasant surprises for tax bearers. According to officials, tax privileges for individuals and business will stimulate economic activity, and also will strengthen the investment appeal of this jurisdiction.

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.