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Jurisdictions news

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.

26.10.2012 The German government wants to abolish fiscal equalization

At the present time in Germany there is a system of equal taxation among all Federal lands. It means that the income tax rate is the same in all lands irrespective of the level of life, the state of the labour market, as well as of the volume of financial flows to these lands.

25.10.2012 Singapore has signed another agreement on the avoidance of double taxation.

Singapore and Jersey signed an Agreement on avoidance of double taxation. This agreement has not entered into force, as it is in the process of ratification in both countries.

24.10.2012 1 Euro is enough for the authorized capital

Ssubstantial changes have been introduced in the corporate laws of the Netherlands, thanks to that the process of setting up a company with limited liability was substantially simplified.

23.10.2012 Tax Justice Network has published a new report

A report of the international study group Tax Justice Network (TJN), dealing with the study of
issues connected with tax evasion and the withdrawal of funds in offshore zones, was published
on Saturday.

22.10.2012 Hong Kong began to realize the new standards of Basel III

Hong Kong started to implement the first stage of the Basel III. With this purpose in the official
journal of Hong Kong were published special Banking Rules 2012 for the local financial organizations.

19.10.2012 Cyprus is going to increase the annual tax from the companies

In connection with necessity of attraction of the international loan and, respectively, increase the budget revenues, the Government of Cyprus intends to increase the annual tax, collected from Cyprus companies. This fee was established by the Law № 117 (1) of 2011, by which amendments were made to the Law on Companies.

18.10.2012 The Prime Minister of the Czech Republic changed the concept of tax reform

The lower house of the Czech Parliament has rejected on Wednesday the Government's proposal to increase the profit tax, and value added tax.

The head of the Government, Petr Necas, however, still considers the measures necessary to reduce the budget deficit. In this connection he has revealed the intention of the Government to make appropriate corrections in the plans to reform tax legislation.

17.10.2012 Portugal introduces a mode of austerity economy

Portugal’s government has recently unveiled the budget of 2013. The new budget contains austerity measures, which are designed to help Portugal in the struggle with the financial crisis.

16.10.2012 11 European countries supported a tax on financial transactions (FTT)

The tax on financial transactions may be already introduced in 2013. European Commissioner for Taxation and Customs Union, Audit and Anti-fraud Algirdas Šemeta declares about this openly. 11 countries, namely, France, Germany, Estonia, Belgium, Portugal, Slovenia, Austria, Greece, Italy, Spain and Slovakia, have already supported this tax.

15.10.2012 Two largest Banks of Greece are going to unite
The other day the first-rate bank of Greece National Bank of Greece (NBG) announced its intention to purchase the safety stock of Greek bank Eurobank.

12.10.2012 Taiwan’s government reconsiders to abolish the luxury tax
Taiwan’s luxury tax was established by «The Special Goods and Services Sales Tax Act». The main purpose of his adoption was the reducing speculative property purchases and limitation of the rapidly growing difference in the welfare of people.

11.10.2012 Singapore designates tax crimes as money laundering
October 9, 2012 the Monetary Authority of Singapore (MAS) has prepared a consultation paper on the designation of tax crimes as money laundering.

10.10.2012 The black list of offshore jurisdictions updated in Latvia
In Latvia the black list of offshore jurisdictions was updated that includes 68 countries among which the Netherlands Antilles, Bahamas, Belize, Panama and Seychelles are named

08.10.2012 The Republic of Cyprus introduces procedure of obtaining electronic visa for the Ukraine citizens
From 10th September 2012 the Republic of Cyprus introduced the procedure of
obtaining electronic visa for the Ukraine citizens.

05.10.2012 The Netherlands simplified requirements for company incorporation
From 1st October 2012 the new act presented by the Ministry of security and justice of the Netherlands entered into force. It simplifies the procedure of private limited company incorporation.

04.10.2012 The first Free Trade Agreement between Europe and Hong Kong entered into force

On 1^st October 2012 the first Free Trade Agreement between Hong Kong and members of EFTA (European Free Trade Association) – Iceland, Liechtenstein, Switzerland and Norway.

03.10.2012 Inland Revenue Department of Hong Kong collects the record sum of taxes

The commissionaire of the Hong Kong Inland Revenue Department Chu Yam-Yuen has introduced the 2011-2012 Annual Report highlighting that the sum of collected taxes is higher by 14% in comparison to the previous year.

02.10.2012 The double tax avoidance agreement between the Russian Federation and Latvia was ratified

As it was mentioned on 28th September 2012 (http://hbcomp.co.uk/about/news_and_mailings/news_jurisdictions/3445/), the Council of Federation of the RF ratified several double taxation avoidance agreements including Latvia. This agreement was signed in Moscow on 20th December 2010. Latvia ratified it on 9th 2011. The most crucial aspects of the agreement are the following:

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