Jurisdictions news

07.02.2014 Double agreements between Singapore, Austria and Poland come into force

Revised version of a double taxation agreement between Poland and Singapore came into force on the 6^th of February, 2014. The agreement will allow countries to exercise tax information exchange. The above-mentioned act applies to the following taxes: income tax, corporate profit tax (residents of Poland) and income tax (residents of Singapore). 

06.02.2014 National Bank of Ukraine imposes restrictions on foreign exchange transactions

On the 6^th of February, 2014 information according to which the Management Board of the Bank of Ukraine passed the Resolution №49 "On measures for banks and currency transactions" appeared on the official website. As the press service of the NBU states, this ruling is temporary and only proactive.  

05.02.2014 The scope of the FATCA has expanded to Canada and Hungary

On the 5^th of February, 2014 the U.S. Treasury Department stated that the United States signed an intergovernmental agreement (IGAS) with Canada and Hungary to implement provisions of Foreign Account Tax Compliance Act (FATCA). In the middle of December 2013 the U.S. Treasury Department signed several agreements, including treaties with Italy and Mauritius 

04.02.2014 Hungary and Jersey entered into a tax treaty
On the 3th of February, 2014 MFA State Secretary of Hungary Zsolt Nemeth made a statement that Hungary has an aim to build economic and trade relationships with countries of North America. One of the tools that allow building confidence with future partners is a growing number of tax treaties. 

03.02.2014 China and Liechtenstein signed a tax treaty

January 27, 2014, Martin Frick, the head of the Department of Foreign Affairs of Liechtenstein, and Liang Tsianhan, the General Consul of China in Zurich, signed a double agreement on the exchange of tax information. As Martin Frick stated, provisions of the treaty meet completely the OECD standards. The treaty provides an exchange of tax information upon request of a Contracting State.    

31.01.2014 Bank of Cyprus unfreezes a part of the deposits
On 30 of January, 2014 the Board of Directors of Bank of Cyprus was held. On this meeting a decision to unfreeze accounts that had been frozen in July 2013 was made. Soon these deposits will be available for depositors. 

14.01.2014 The bill “National company” for LLC, ALC, Joint-stock companies is considered in Duma

Russian State Duma reviews a bill related to obtaining legal status of national company by the following businesses: limited liability companies, additional liability company, and joint - stock company.

10.01.2014 The Central Bank of Russia: no one will block banking cards

The Central Bank of Russia published information “Requirements of article 9 of the federal law “The national cash register system” with reference to the publications by mass media that there is a possibility banking cards will be blocked by banks starting from January 1^st, 2014. The Bank of Russia stated that all banking institutions have a required level of information of their clients.

18.12.2013 The International Monetary Fund has conducted the review of Switzerland’s financial policies

From December, 4 till December, 17 of 2013 the delegation of the International Monetary Fund (IMF) headed by Charles Enoch, Deputy Director of the Monetary and Capital Markets department, spoke with representatives of the Swiss Bank, the Swiss Financial Market Supervisory Authority FINMA, the Federal Department of Finance and the private sector.

17.12.2013 Russian minister of finance talks about deoffshorization and Cyprus

Minister of finance of Russia stated that according to passing a raft of legislation related to Russian business deoffshorization, proposed by Vladimir Putin the budget revenue will increase by dozens of billion rubles.

15.12.2013 An interview of the European central bank president Mario Draghi with Le Journal du Dimanche

This Sunday Mario Draghi, the president of the European central bank, gave an interview to the French newspaper Le Journal du Dimanche. Mario Draghi remarked that monetary policy which is held since 2011 is still bearing fruit: the refinancing rate was reduced to 0,25% and thus stimulates banks to loan.

27.11.2013 Switzerland prepares for automatic exchange of tax information with the EU

The Swiss Minister of Finance Eveline Widmer - Shlampf announces that the Confederation negotiates actively with the EU about signing a framework agreement on the automatic exchange of tax information. In her speech at the conference, organized by the Financial Academy, Widmer- Shlampf laid out that Switzerland intended to move towards disclosure of tax information to the authorities of the EU countries to strengthen its credibility as a financial center.

06.11.2013 Double taxation agreement between Hong Kong and Canada

The agreement on the avoidance of double taxation and prevention of fiscal evasion in respect to taxes on income between the Government of Hong Kong and the Government of Canada finally came into force. The agreement was signed on 11 November 2012 and now it was ratified.

01.11.2013 The United Kingdom wants to make a list of beneficiary owners open

The list of beneficiary owners of companies in the United Kingdom became open since November, 1 2013. Forum Open Government Partnership took place on October, 31 2013 and prime-minister of the UK David Cameron made an acknowledgment that the novelty will influence positively on business development.

25.10.2013 The UK signed agreements of automatic exchange of tax information with Jersey and Guernsey

On the 22^nd day of October, 2013 the United Kingdom signed agreements of automatic exchange of tax information with Guernsey and Jersey.

24.10.2013 European Union had decided to introduce a single form for VAT return

The Commission of European Union presented a draft of single form for VAT return, which allows businesses located within EU to reduce costs up to 15 billion euros by year. The aim of the project is easing tax compliance for companies and also reducing red-tape for business.

22.10.2013 Ukraine participated in Global Forum on tax transparency and tax information exchange in the framework of OECD

Ukraine became a full-fledged member of Global Forum on tax transparency and tax information exchange, which was established as a part of the Organization for Economic Co-operation and Development.

08.10.2013 The Cyprus government reduces the size of the state budget

October 28 The government and the Central Bank of Cyprus awaiting official visit of the delegation of representatives of the Troika of international lenders to the Republic. The topic of the forthcoming negotiations will be conducting the second phase of the financial and economic evaluation of Nicosia and the allocation of the second tranche of the package of financial aid.

07.10.2013 Changes in the Civil Code of The Russian Federation – part I

Review of Russian civil legislation touched on rules of private international law. The Federal Law dd 30.09.2013 N 260- ФЗ "On Amendments to the third part of the Civil Code of the Russian Federation" will enter into force on the 1 day of November 2013. It is should be said that the section VI in a less degree will be subjected to changes than the rules of other sections of the Civil Code.

03.10.2013 Credit Suisse is going to close around 50 branches in different countries

In the end of September official representative of the bank Mark Dosch has confirmed the intention of Credit Suisse is fully or partially closes their branches in 50 countries.

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