Jurisdictions news

05.12.2011 Guernsey will retain 0% corporate tax rate
Guernsey - one of the Normand Islands that are under the jurisdiction of the United Kingdom has recently confirmed the application of 0% corporate tax rate within its territory.

02.12.2011 The EU has set strict conditions for Ukraine
On the 1st of December 2011 the European Union adopted a resolution on the issues of cooperation possibility with Ukraine and its adoption to the EU.

01.12.2011 Cyprus is ready to increase VAT rate
Cyprus Ministry of Finance declared the necessity to increase VAT tax rate from 15% to 17%. The country's budget can’t cope with the repayment of external debt.

30.11.2011 Switzerland is in the process of four new tax agreements drafting
Soon to the Swiss Parliament four new projects of international agreements in the tax sphere should be submitted for approval.

29.11.2011 The project of a new tax introduction in the Russian Federation
Although there is no certain project of amendments to the Tax Code of the Russian Federation, officials of the country have already shared their opinions on the new kind of luxury tax introduction in Russia.

28.11.2011 Foreign banks can leave Cyprys
During the parliamentary debates Cyprus Minister of Finance declared the necessity of tax burden increase for foreign banks on the island.

25.11.2011 Ukraine is getting ready for reforms
A few days ago the Government of Ukraine declared its firm intention to introduce further effective measures to control the operations involving offshore companies.

25.11.2011 Russia and Luxembourg signed the Protocol to the Agreement on Double Taxation Avoidance
On the 21th of November 2011 the officials of two powers - Russia and Luxembourg - signed the protocol to the existing agreement between countries on double taxation avoidance.

24.11.2011 Cyprus is ready to adopt the new package of anticrisis measures
Cyprus is drafting new measures aimed to overcome the negative consequences of the crisis. Officials of the country declare that these changes will not affect companies that do not lead activities in the state.

23.11.2011 The process of Latvijas Krājbanka nationalization has started
Bank Latvijas Krājbanka has serious difficulties. Due to lack of capital the bank failed to pay its customers money owed to them in accordance with deposits.

22.11.2011 Hungary needs financial assistance
Recently Hungary asked the EU and IMF for help. The country continues to suffer from the negative impact of the crisis.

21.11.2011 The Supreme arbitration court of the Russian Federation made an important decision in the case of the Tax Code non-discriminatory provisions application
On the 15th of November current year the SAC considered the case concerning the possibility of application of thin capitalization rules and, in particular, non-discriminatory provisions to the taxpayer - the Russian company.

18.11.2011 The Government Russian Federation holds active discussions concerning the sales tax return
Recently the Prime minister V. Putin  unequivocally stated that the retirement age in Russia in the foreseeable future will not increase.

17.11.2011 The Bank of Lithuania appointed temporary administration for SNORAS bank management
November 16, 2011 the Board of the Bank of Lithuania has decided to appoint temporary administration of SNORAS bank as well as take temporary preventive measures to protect the bank's assets.

16.11.2011 Austria passes budget for 2012
November 18 2011 Austrian Parliament will vote for passing 2012 national budget. The budget draft provides tax revenues of EUR 64.41bln, as well as expenses in the amount of EUR 73.58bln. Thus the planned budget deficit in 2012 is 2.6% of GDP.

15.11.2011 Russia will suggest new incentives for investors
In spring 2012 FFMS is going to bring to the State Duma the draft of amendments to the legislation in tax sphere.

14.11.2011 The EU has made up autumn forecast of economic development
On the basis of the autumn forecast made by the EU the financial sector has been gradually improved.

11.11.2011 Russia is at the final stage of World Trade Organization accession
On 10 November 2011, at the referendum of WTO member-states the Working Party on the Russian Federation accession to World Trade Organization presented a package of documents (including protocol on accession and its appendixes) and declared the conditions that Russia is obliged to fulfill.

10.11.2011 France is planning to hold reforms
France is discussing the package of measures to overcome the crisis. These steps relate to tax and budget spheres.

09.11.2011 Hong Kong and Malta have signed DTA agreement
On the 8th of November the officials of Malta and Hong Kong signed DTA agreement between the appropriate states.