Jurisdictions news

17.07.2012 World Trade Organization (WTO) welcomes the entry of Seychelles to the membership
On 10th of July states-members of WTO considered situation of the Seychelles in the bilateral negotiations on market access, and also investigated the changes in legislation and trade regime

16.07.2012 The New Companies Ordinance in Hong Kong
The corporate law of Hong Kong doesn’t stand still which is evidenced by introducing of the Companies Bill to the Parliament

13.07.2012 Austria ratifies tax deal with Switzerland
In April of this year the resident of Switzerland and Austria's Federal Minister of Finance signed an agreement in the regulation of income tax

12.07.2012 Reduction of the VAT rate in Ukraine
Further deregulation of Ukraine’s Internal Revenue Code will lead to a conflict with the WTO, as reported by the State Taxation Service of Ukraine. However, the State Taxation Service offers to cut the rate of value added tax (VAT) for domestic trade transactions of up to 7%.

11.07.2012 Luxembourg Withstanding Economic Crisis
Luxembourg confirms its status of international financial center and demonstrates resilience in the conditions of economic financial crisis, that International Monetary Fund notes

10.07.2012 The chief executive of Bank of Cyprus stepped down resigned
The head of Bank of Cyprus Andreas Eliades resigned with reference to the combusted European banking crisis and the "lack of coordination in dealing with its solution"

05.07.2012 Amendments to the Taxation of Belize
In a recent budget of Belize provided on the financial 2012/13 years, there are a number of proposals to restructure the tax regime of the country.

04.07.2012 China established new zone for cooperation with Hong Kong
According to the decision of Chinese government the special economic zone for cooperation with Hong Kong was established.

03.07.2012 Updated tax agreement between Japan and New Zealand
Governments of Japan and New Zealand have agreed an updated agreement on avoidance of double taxation from 1963.

02.07.2012 Barclays scandal
On the 2nd of July Chief Executive of Barclays, Bob Diamond has resigned, because of rate fixing scandal

27.06.2012 New accounting rules for multinationals companies in Norway
The Government of Norway intends to introduce new rules for reporting (country-by-country reporting) for multinationals companies, which will take effect starting from January 2014

26.06.2012 Switzerland and Portugal signed revised double taxation agreement
On 25th of June, 2012 the Governments of Portugal and Switzerland have signed an updated double taxation agreement, under which the withholding tax on dividends, interest and royalties will be zero

25.06.2012 Switzerland is ready to collaborate with the USA in terms of FATCA
On the 8th of May 2010, the President of the USA Barack Obama signed a Foreign Account Tax Compliance Act - FATCA, whose idea is to extend the control of the U.S. tax on foreign banks, insurance companies, investment funds, etc. under the pain of "penalty" of taxation of their operations on U.S. financial markets

22.06.2012 “Green economy” is the major issue on the Summit Rio + 20
The Conference focused on two themes: (a) a green economy in the context of sustainable development poverty eradication; and (b) the institutional framework for sustainable development

22.06.2012 The list of holidays in July, 2012, in different countries exept weekly off days
Dear client! We provide you information concerning holidays schedule in banks in July, 2012.

21.06.2012 The ruble has suffered another defeat
External factors, especially landslide of oil prices are the reason of weakening of Russian currency

20.06.2012 New President – new taxes in France!
French President Francois Hollande suggested to establish income tax of 75% rate for those, whose income exceeds EUR 1 million per year

18.06.2012 The tax law on special tax regimes in the Russian Federation has been adopted
On the 15th of June the Federation Council adopted a law about amendments to the Tax Code

15.06.2012 UK refuses the introduction of financial transaction tax
At the end of May European Parliament adopts ambitious approach on financial transaction tax

14.06.2012 Russia and Ukraine in the Rankings of the World Bank Doing Business – 2012
The World Bank and International Finance Corporation in the ninth time ranked Doing Business 2012, which covers economies of 183 countries