Jurisdictions news

24.04.2014 Switzerland is preparing for the FATCA enforcement.

Foreign Account Tax Compliance Act (FATCA), that was singed by USA Congress in September, 2010, is expected to enter into force on the 1^st of July 2014.

23.04.2014 Monetary Authority of Singapore and Autoriti Monetari Brunei Darussalam signed a Memorandum of Understanding on Bilateral Cooperation.

According to the Memorandum, authorities of Singapore and Brunei will be cooperating on capital market development and capacity building.

18.04.2014 UK toughens criminal penalties for tax evaders

The UK Government holds consultations on the issue of introduction of new types of criminal offenses for hiding money in offshores. In light of new amendments the tax authorities do not have to prove that taxpayers, who have unreported income in offshores, did not pay income tax intentionally.

17.04.2014 KPMG defined the most attractive countries for business

KPMG (one of the Big Four audit firms) prepares an annual report about the financial situation in 10 countries: Australia, Canada, France, Germany, Italy, Japan, Mexico, the Netherlands, UK and the USA.

16.04.2014 Crimea: banks are opened, banks are closed

“Rossiyskaya gazeta” reports that today Bank of Cyprus is phasing out its engagement in Crimea. All three offices, located in Simferopol, Sevastopol, Yalta, are closed. This action will cause negative consequences for habitants of Crimea: they have to go to Ukraine to withdraw cash from accounts. Such decision of bank may be connected with Ukrainian sanctions against Crimea and with tax and currency risks.

15.04.2014 It is going to be easier to contact with state budget funds
The President of the Russian Federation signed the Federal Law №59-FZ «On Amendments to certain legislative acts with regard to reduction of terms of the registration of legal entities and individual entrepreneurs in the state budget funds and the abolition of certain provisions of the Federal Law “On insurance contributions to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Federal Compulsory Medical Insurance Fund”».

14.04.2014 Sobinbank refused to open accounts in euro

This decision of the bank may be related to the fact that the owner of Sobinbank is the bank "Rossiya". Not long ago it refused to perform payments in euros and dollars and completely switched to rubles.

08.04.2014 Ministry of Finance of Russian Federation proposes to strengthen companies’ liability for “grey” salaries.

Russian Ministry of Finance proposed to strengthen companies’ liability for “grey” salaries: if a company will not submit to Revenue Service its report on personal income tax or the sum submitted in such report will be suspiciously low without any justification from a company, then there will be serious sanctions for a business.

07.04.2014 The President signed a law of ratification of Convention on Avoidance of Double Taxation and Prevention of Evasion of Taxation between the Russian Federation and Malta
The Federal Law “On ratification of Convention on Avoidance of Double Taxation and Prevention of Evasion of Taxation between the Russian Federation and Malta”, adopted by the State Duma and approved by the Federation Council, was signed on the 2nd April by the President

04.04.2014 The State Duma unanimously passed at the first reading the amendments to the Federal Law “On National Payment System”

The amendments to the Federal Law “On National Payment System” are connected with imposition of sanctions against Russia and a unilateral refusal of international payment systems, such as "Mastercard" and "Visa" from provision of services. The changes are aimed at improving the quality of the provision of money transfer services, taking place on the territory of Russia. 

03.04.2014 MEPs reduce customs duties on imports from Ukraine

On 3th of April, 2014 the European Parliament proposed to eliminate 98% of customs duties on iron, steel, farm produce and machinery exported from Ukraine. This unilateral measure allows stimulating the development of the economy of the country through monetary savings of manufacturers and exporters in the amount of € 487 million annually. 

01.04.2014 In Great Britain tax amendments, entering into force this week, are the most important for generation and entails the most significant reduce of taxes in the sphere of business for last two decades

The actions of Government of Great Britain in the sphere of supporting business and developing of economy are evaluated in £11 milliards in the financial year 2014-2015 

31.03.2014 OECD prepared a set of provisions to annual tax advantages for internet multinationals

Proposals have been introduced by OECD; the final project of the Act will be ready for the September 2014. OECD published proposals how to make international digital business to pay corporate taxes in jurisdictions where the sales take place. 

31.03.2014 Small business is going to be hit
Last Saturday “Rossiyskaya gazeta” published information according to which small business and individual entrepreneurs, operating under the simplified system of taxation, are going to get a financial blow. 

28.03.2014 Cyprus defrosts deposits

The government of Cyprus refused from restrictions about on cash withdrawal from bank accounts, including the permissions to withdraw funds from deposits before the expiration of their term. In spite of considerable derogation for movement of assets within the country, "normal economic activity" can still remove more than €5 thousand abroad. 

28.03.2014 Luxembourg Confirms Higher VAT Rates For 2015

Luxembourg's Prime Minister Xavier Bettel has confirmed the Government's decision to increase three of the value-added tax rates by 2 percent from January 1, 2015.  

27.03.2014 The OECD is satisfied with progressing desire of the countries to exchange of financial account information

More than 40 countries committed to a detailed timetable to step up the fight against tax evasion. 

25.03.2014 Austria and Luxembourg gave up

For six years Austria and Luxembourg have been refusing to recognize the Savings Taxation Directive aimed at the fight against tax evasion. As the Prime Minister of Luxembourg stated, now Luxembourg is ready to adopt it. 

24.03.2014 Increasing of registration fees in Hong Kong

  The Revenue (Reduction of Business Registration Fees) Order 2013 (“2013 Order”) will expire on the 1^st day of April 2014. So, after these changes the fees for registration of the company (any legal organizational form) or its branch will be paid under new rules.

21.03.2014 Russia can refrain from using “Visa” and “Mastercard”

On the website of “SMP-bank” appeared a message according to which operations on cards “Visa” and “Mastercard” were blocked. Sanctions were imposed not on the bank itself but on its shareholders. In this regard, the press-service of the bank said that the actions of these payment systems are regarded by the bank as illegal.

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