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Jurisdictions news

23.11.2012 EU summit did not come to an agreement on the budget 2014-2020

November 23 in Brussels EU summit ended, at which the Chair of the European Union, Herman Van Rompuy, said that before the start of next year will not be able to reach agreement on seven-year financial perspective for the EU 2014-2020. According to him, it is necessary to discuss additionally the long-term budget plan for the EU.

22.11.2012 The procedure for obtaining a residence permit will be simplified in Spain

While the Spanish authorities have only confirmed its intention to simplify the procedure for obtaining a permit soon. The authorities are planning to make it possible to obtain a residence permit for foreigners by buying real estate worth more than 160,000 euros.

21.11.2012 Changes in the regulation of transactions in foreign currency in Ukraine

November 19, 2012 Resolution of National Bank of Ukraine (NBU) № 475 of November 16, 2012 has entered into force, which makes two significant changes in the regulation of transactions in foreign currency:

20.11.2012 The Addition to tax treaty between Russia and Switzerland entered into force

November 9, 2012 the Addition to the DTA between Russia and Switzerland came into force.. However the Addition will be applying from 1 January 2013.

19.11.2012 New regime of holdings in Latvia

In December 2011, the Latvian Parliament adopted amendments to the law "On Corporate Income Tax", which will come into force from 1 January 2013. Since then Latvia will be able to compete with major holding powers such as Cyprus and Malta.

15.11.2012 Latvia's credit ratings increase

Yesterday, the International rating Agency Fitch, based on the rapid growth of the Latvian economy and the improvement of its investment climate, increased its credit ratings by one position in every criteria, changes are not made only for short-term rating. Thus, the attractiveness of Latvia in regard to investment in its economy grew.

14.11.2012 Cyprus is not in “black list” of Russia any more

Officially Cyprus has not excluded from the “black list” of the Ministry of Finance but Russian businessmen have already started to think about the consequences of such changes.

14.11.2012 Cyprus is not in “black list” of Russia any more

13.11.2012 New forms of documents for the simplified system of taxation

8 November, the Federal Tax Service of the Russian Federation has published on its official web-site the Order of the Federal Tax Service of Russia from 02.11.2012 №mm-7-3/829, approving the new forms of documents for the application of the simplified system of taxation. It will enter into force from 1 January 2013.

12.11.2012 Ukraine has signed a new agreement with Cyprus

05 November 2012 the Cabinet of Ministers of Ukraine approved a new agreement with Cyprus on avoidance of double taxation. Sign the relevant documents authorized by the Minister of foreign Affairs Kostiantyn Hryshchenko.

08.11.2012 Moscow city Duma adopted a Law on patent taxation

The other day the Moscow city Duma adopted the Law «On the patent system of taxation». Itwill enter in to force on the 1st of January in 2013. The Law of the city of Moscow on October 29, 2008 № 52 "On the simplified taxation system based on a patent" that acts at the present time, has lost its force.

07.11.2012 Germany may refuse Cyprus in financial assistance

As it is known, the Cypriot banks suffered huge losses because of the restructuring of the Greek debt, in connection with which appealed to the government with a request for recapitalization. Due to the lack of money in the budget authorities turned for help to the European Union and the IMF in June of the current year.

06.11.2012 «Business Russia» and the Federal Tax Service have agreed on steps aimed at the abolition of the overlapping and non-fundamental norms of tax accounting

On the 30th of October held a joint meeting of representatives of the Ministry of Finance of the Russian Federation, the Federal Tax Service of Russia, public organization «Business Russia» and Authorized by the President of the RussianFederation for the protection of the rights of entrepreneurs. At the joint meeting were summed up the intermediate results of the execution of the order of the President of the Russian Federation V.V. Putin «On tax accounting», given by him at the Congress of "Business Russia" in December of the last year.

05.11.2012 The HSBC Bank is fined by the US authorities to $ 1.5 billion

The British Bank HSBC has been undergone serious sanctions by the United States. The Bank shall be obliged to pay 1.5 billion dollars for numerous serious violations revealed in the process of investigation in the summer of the current year.

02.11.2012 China imposes anti-dumping and countervailing measures against the EU

Recently the Ministry of Commerce of China has issued a statement on the immediate carrying out of anti-dumping and countervailing duty investigation into imports of solar-grade polysilicon from the European Union (EU). A similar investigation was conducted by Chinese authorities in July in respect of imports from the USA and South Korea.

01.11.2012 Income of the senators and deputies will be protected by the trust company

After the sensational case of deprivation Gudkov of the deputy's mandate because of the implementation of entrepreneurial activities and due to this carrying out the «informal» check of all the senators, the Federation Council decided to seriously deal with the question of assets safekeeping.

31.10.2012 The Ministry of Finance of the Russian Federation changed the list of offshore zones.

Today in the official publication of the Russian Federation has been published the order of the Ministry of Finance of the Russian Federation №115 dated August 21, 2012, by means of
which was changed the list of States and territories providing preferential tax treatment and (or) requiring disclosure and provision of information by the conducting financial transactions (offshore zones).

31.10.2012 British Virgin companies obtained a controlling package of "AVK"

Two British Virgin companies MVK Investments and V.F.A. Investments focused on 33,7% shares of Donetsk private joint stock company "AVK". By the way, this company is one of the largest manufacturers of confectionery products in Ukraine, in whose membership other confectionery factories, located in Donetsk, Lugansk, Dnepropetrovsk and Mukachaevo, are included.

30.10.2012 Cayman Islands increase fees

In the near future will come into force amendments to the Companies Law (2012 Revision) of the Cayman Islands that were published in the official publication in early October.

29.10.2012 Slovenia introduces a tax on financial services

The Slovenian Government approved the draft «Tax on Financial Services Act». In accordance with this Act financial services, released currently from the VAT, and also services of insurance brokers and agents will be taxed.

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