Jurisdictions news

04.09.2012 Russia intends to credit Cyprus again
According to negotiations with the International Monetary Fund Russia intends to provide a credit to Cyprus in total of EUR 5 bn.

31.08.2012 South Korean authorities broaden the tax base
National Tax Service of the Republic continues to strengthen tax State policy by expanding the tax base.

28.08.2012 The Hong Kong Minister of Finance advances cooperation with Russia
The bilateral trade between Hong Kong and Russia increased by 44% in the first half of the year, as was announced by the Hong Kong Minister of Finance John Tsang.

27.08.2012 Belize nears default
Belize, one of the popular and demanded offshore zones in the world, nears default.

23.08.2012 Property in Seychelles is very expensive treat!
Recently it became known that one of the richest women in the world,  L'Oreal billionaire heiress, Liliane Bettencourt has sold her private island D'Arro in Seychelles, according to the island nation’s government.

22.08.2012 Ukraine ratified the Regional Free Trade Agreement
On 9th August 2012 the President of Ukraine Victor Yanukovich signed the Law № 5193-VI “On ratification of Free Trade Agreement in the CIS”. This agreement will take force on 23rd September 2012. Thus, Ukraine has become the third country which ratified the Regional Free Trade Agreement after Russia and Belorussia.

22.08.2012 HSBC disclose information on its employees
The Swiss branch of HSBC Bank provides the USA information on its employees, worked or still working with American clients on the territory of Switzerland.

21.08.2012 Amendments in IP objects taxation in Cyprus
New amendments were introduced into the Income Tax Law 2002 approved by the Parliament that invoke changes in IP objects taxation, in particular, relating to income from such objects in the form of royalty.

20.08.2012 The Bermuda Stock Exchange is for easing of “60/40” rule
The Chief Executive Officer of the Bermuda Stock Exchange (BSX) Greg Wojciechowski estimates the easing of “60/40” rule as a positive development of the domestic capital market.

16.08.2012 What tax preferences are donated to the Ukraine’s IT sector
We would like to remind that earlier on our web-site the news on introducing of tax preferences to the Ukraine’s IT sector was published

15.08.2012 New investment agreement was signed between China and Taiwan
Taiwan's government actively pursues a policy of rapprochement with China in the field of economic cooperation.

14.08.2012 The Cayman Islands revise the budget measures for 2012-2013 fiscal year
The government of the Cayman Islands is planning to spread the burden of tax hikes to financial services and tourism sectors due to the new budget measures which were announced to replace the proposals including direct taxes on workers – expatriates (expats).

13.08.2012 Trade policy review of WTO: Singapore
The sixth review of the trade policies and practices of Singapore takes place on 24 and 26 July 2012. The basis for the review is a report by the WTO Secretariat and a report by the Government of Singapore.

10.08.2012 Controlled Foreign Companies on the horizons of the Russian legislation
First of all, it should be noted that controlled foreign companies are the most transparent forms of business in order to prevent avoidance of offshore’s withholding tax payment.

09.08.2012 Amendments to the BVI Business Companies Act 2012: dissolution of company stuck off the Register
July 2012 was marked the BVI new amendments to The BVI Business Companies Act 2004. In addition to the amendments in respect of bearer shares

07.08.2012 BVI Business Companies Amendment Act 2012: new powers of alternate directors
Continuing the set of news devoted to the BVI Business Companies Amendment Act 2012, such novel as introducing of new powers to alternate directors should be considered.

07.08.2012 Amendments to the business regulation of segregated portfolios companies.
The extensive reform of corporate law on the BVI affected the activities of segregated (separated) portfolios companies.

07.08.2012 Amendments to the BVI Business Companies Act 2012: shares and shareholders
It was already mentioned earlier that in July 2012 the amendments to the BVI Business Companies Act 2004 for example

06.08.2012 Registration of an additional foreign character name for a BVI company
In July this year a Bill to amend the BVI Business Companies 2004 (“the BC Act”) and the BVI Business Companies Regulations 2012 (“Regulations”) have been introduced. The resulting BVI Business Companies (Amendment) Act 2012 (“Amendment Act”), along with the Regulations, is expected to come into force towards the end of this year.

06.08.2012 Amendments to the BVI Business Companies Act 2012: bear shares
Vast amendments to the BVI Business Companies Act 2004 were made and published in July, 2012. According to this Act bear shares must be kept by custodian who is authorized by BVI’s Commission.