Jurisdictions news

23.05.2012 The amendments in tax legislation
On Monday 21st May 2012 the Finance Committee of the House of Representatives Cyprus discussed and approved the amendments to the tax legislation

22.05.2012 Latvia confirmed the reduction in tax in 2012-2015
Recently Saeima of Latvia almost unanimously approved amendments to the tax legislation proposed by government reducing the value added tax (VAT) and the personal income tax in the first reading

21.05.2012 Duma refused to revoke bank secrecy for individuals
The Budget and Tax Committee of the State Duma has rejected a bill proposed by Ministry of Finance of the Russian Federation

18.05.2012 Has the USA the “Afghan campaign” in mind again?
On 17th May 2012 the House of Representatives of the Senate approved the continuation of the “Afghan campaign”

17.05.2012 Will early Parliamentary elections save Greece?
On 17th June 2012 Greece will hold new early Parliamentary Elections.

16.05.2012 FACEBOOK – a new record in making a debut at the market.
A well-known Internet-company Facebook Inc., being the owner of the biggest worldwide social networking website, will increase the size of an up-coming IPO by 25 %.

15.05.2012 Leading Hong Kong Banks will raise interest rates and fees for credit cards from July
This comes just a month after the rollout of the third stage of reforms to improve disclosure and other practices undertaken by the Hong Kong Monetary Authority in conjunction with the Hong Kong Association of Banks.

14.05.2012 The first steps to the Reform of the European Tax System. Financial Transaction Tax.
On May 4, 2012 the European Commission published at its official site seven expository documents, clarifying  a  stage by stage system of implementation of a tax imposed on the financial transactions in to the European tax system.

12.05.2012 Vacation in Turkey is doubled.
On April, 2011 a bilateral inter-governmental agreement came into force on reciprocal travels of citizens.

11.05.2012 The Inland Revenue Department of Cyprus began to examine its taxpayers.
“Recently, the new amendments to the Law on personal data were submitted to the Parliament of Cyprus for consideration, allowing  the  Inland Revenue Department ( IRD) to use all available data about a taxpayer without coordination with the Personal Data Commissioner.

10.05.2012 Government tax increase.
On May 8, 2012, Panama’s Legislative Assembly approved and published Law No. 28 which increases the government tax for Panama Companies and Private Interest Foundations.

05.05.2012 Google speaks about losses in Australia, but pay taxes in Ireland
The Australian division of the Google company published the financial report for 2011. According to the report expenses exceeded the income. At a turn 201 million US dollars the losses of the company is 3,9 million.

04.05.2012 The European Commission deprives Belgium of a number of advantages of tax system
The government of Belgium received formal inquiry from the European Commission about modification of the legislation on the taxation of profit of the companies and tax on inheritance.

03.05.2012 New Zealand and Canada rejoice to the new tax agreement
Today, on May 3, the ministers of two countries signed the corrected agreement on double taxation avoidance, urged to replace the existing bilateral agreement dated still by 1980.

02.05.2012 Latvia hopes to lower tax loading
The Minister of Finance of Latvia declared that the rate of the VAT can be lowered from 22 % to 21 % but on condition that it will be possible to agree with businessmen that the reduction in tax will be reflected also on prices in shops.

28.04.2012 Canada and Serbia signed the agreement on double taxation avoidance
Yesterday, on April 27, Canada and Serbia signed the agreement on double taxation avoidance regarding taxes on the income and the capital.

27.04.2012 François Olland dreams to enter the VAT for objects of luxury
The most probable candidate for presidential post of France, François Olland, adhering to left-wing views, suggested to enter in France unprecedented high VAT for objects of luxury at a rate of 33 %.

27.04.2012 The list of holidays in May, 2012, in different countries exept weekly off days
Dear client! We provide you information concerning holidays schedule in banks in May, 2012.

26.04.2012 The OECD prepared the report on income taxes for 2011
The organization published researches according to which social taxes and taxes on a salary in 2011 increased in 26 of 34 OECD countries.

25.04.2012 Hong Kong and Malaysia signed the tax agreement
Today, on April 25, 2012, the Governments of Hong Kong and Malaysia signed the agreement on double taxation avoidance which also provides an exchange of tax information on OECD  standards and by that turned this day into historical date for investors of these states.