Jurisdictions news

12.05.2014 Tax on financial transaction?

Directive on tax on financial transactions, introduced by European Commission in February, 2013 still has no support from EU member-states.

09.05.2014 OECD Declaration on automatic exchange of information in tax matters is signed.
Ministers of the OECD member-states signed Declaration on automatic exchange of information in meeting, which was held on 6-7 of May, 2014 in Paris. The aim of the Declaration is to implement single international standard for exchange of tax information.

06.05.2014 Singapore is listed as FATCA-jurisdiction.
Singapore expressed its desire to conclude an intergovernmental agreement on FATCA on 14th of May, 2013, but only on 5th of May, 2014 this request was considered by the Government of the United States of America.

05.05.2014 Australia joined FATCA.
Australia and United States of America signed intergovernmental agreement on 28th of April, 2014 in order to improve compliance with international tax legislation and enforcement of FATCA. 

30.04.2014 Switzerland is to decrease taxes.

Swiss Federal Council considered results of consultations between cantons about corporate tax reform. The upcoming changes in legislation suppose to strengthen the competitiveness of Swiss tax system, especially in the light of modifications in international taxation

28.04.2014 Russian Ministry of Finance continues its attack on offshores.

Measures to fight tax evasion form Russian Ministry of Finance is more serious and tougher with each step. Although, there is no mechanisms of following and all the more so of the collection of “unpaid” for the time being. Ministry of Finance is just “thinking” about the enforcement of aforementioned. And such letters do not keep even the fairest of the businessmen calm. Nobody knows if he will discover himself in the heat of the moment.

The question about the prevailing law arises – domestic or international. Although, Constitution, as the main law of the state, gives clear understanding that international obligations are beyond her status, do not expect that after the enforcement of this law, there will be no cases in courts.

Businessmen are supposed to prove the legality of their scheme, and it is possible, that they will prove it. But the amount of time wasted and the formulation of the question is terrifying and worrying.

It is clear that not all business schemes will die, the part of them will transform. It is just a question of time and right strategy

25.04.2014 Exchange of tax information becomes mainstream.

On the 25^th of April, 2014 official gazette of Hong Kong published an order for the implementation of the Agreement with USA on the exchange of tax information as a matter of preparation for the enforcement of FATCA

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. 

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