News

News

18.08.2014

Financial experts have broadly welcomed plans by Prime Minister Nikola Gruevski to set up tax havens that will boost employment in the financial and legal sectors.

05.08.2014

Germany's Ministry of Finance announced that a law enabling the implementation of the United States' Foreign Account Tax Compliance Act (FATCA) has come into force. The law entered into force on July 23, 2014.

01.08.2014

A new law aimed at considerable improvements to Kazakhstan’s investment climate introduces new tax incentives for foreign investors. The law came into force on 24 June 2014 and will apply as from 1 January 2015.

22.07.2014

The UK government has recently announced to make Companies House data to be fully open and available free of charge. In doing this the UK will be the first country (Denmark publishes most of its information as open data, but not yet accounts data) publishing the company register including information not only about a company structure, information on appointments and charges, but also accounts information.     

Electronic documents will also be free for all the users whereas it is currently required to pay up to 1 pound per search.

The change will come into effect from the second quarter of 2015. 

04.07.2014

On June 21st, the National Assembly approved amendments to the turnover tax regime. Based on these amendments, starting from October 1st, the turnover tax for trading and manufacturing activities will be lowered from 3.5% to 1%.

Also economic entities whose business is registered as family business and whose annual turnover doesn’t exceed AMD 12 million will be exempted from taxes.

02.07.2014

Under the Russian Presidency, the third FATF Plenary meeting of FATF-XXV was held on 25-27 June 2014.

As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have no longer be subject to the FATF’s monitoring process:

  • Kenya,
  • Kyrgyzstan,
  • Mongolia,
  • Nepal and
  • Tanzania.
01.07.2014

On 1 July 2014 in Bern, Switzerland and Uzbekistan signed a protocol amending the agreement for the avoidance of double taxation (DTA) with respect to taxes on income and capital. This protocol brings the administrative assistance clause into line with the applicable international standard for the exchange of information upon request.

 

The protocol of amendment has to be ratified by both countries before it can enter into force.

30.06.2014

The Netherlands updated its guidelines on advance tax rulings (ATRs), advance pricing agreements (APAs) and substance requirements. 

27.06.2014

As previously reported, the law to approve the multilateral Council of Europe – OECD Mutual Assistance Treaty has been sent to the lower chamber of the Parliament (State Duma) for ratification. Based on the law, Russia will ratify the treaty with several reservations summarized below:

 

26.06.2014

UK government introduced to Parliament a draft Bill to set up a registry of the real owners of companies and trusts.

It should be noted that the original target of 'beneficial ownership' transparency does not appear in the legislation. Instead, the bill introduced the notion 'people with significant control' or PSCs defined as those who have 'significant influence or control' over the company.

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