Back in the first quarter of 2018, namely on February 19, 2018, a draft of advisory document was published on the official website of the Organization for Economic Cooperation and Development (OECD), which called on all interested parties to join the discussion on the OECD strategy for combating the loopholes on using the Common Reporting Standard (CRS, Single standard of tax information exchange) in the ‚Äúcitizenship by the investment‚ÄĚ (CBI - granting citizenship in exchange for investments) and ‚Äúresidence by the investment‚ÄĚ (RBI - granting a residence permit in exchange for investments). To date, more than 70 jurisdictions in the world offer these schemes.
On April 17, 2018, a 96-page document was published on the OECD website (PUBLIC INPUT RECEIVED ON MISUSE OF RESIDENCE BY INVESTMENT SCHEMES TO CIRCUMVENT THE COMMON REPORTING STANDARD), which, in fact, summarized the first results of the discussion and the contents of the official letters to the organization. More than 20 structures were the speakers, including:
AFME office in London (Association of Financial Markets in Europe, it brings together the largest agents in the capital markets in the region);
Essence of the scandal
On April 29, a publication on the use of thousands of SLP in criminal activities appeared in the British newspaper The Times. According to the British officials, SLP was used through shills in complex schemes for money laundering. In particular, by means of the scheme, including more than 100 Scottish Limited Partnerships, about 58 billion pounds sterling, accumulated illegally, was withdrawn from Russia. More than 20 SLP was used in a fraudulent scheme, by means of which about 742 billion pounds sterling was withdrawn from Moldova. There is also a link between SLP and organized criminal groups from Eastern Europe for the purpose of conducting weapon delivery deals.
All this became a reason for the announcement of the beginning of struggle against fictitious companies by Britain. And on the next day, April 30, a consultative document was posted on the official website of the British government with a number of proposals on reforming the legislation on limited partnerships to reduce the risks of their use in criminal schemes.
Importance of Limited Partnerships
It is worth noting that a Limited Partnership (LP), including its Scottish form, continues to...
Recently, the Internet is full of information that 2018 is the latest year when it is possible to purchase a vehicle that has been used for ‚Äúpreferential excise tax‚ÄĚ.
As it is known, from 01.08.2016, the Law of Ukraine of May 31, No. 1389-19 on the stimulation and development of the market of second-hand vehicles, came into force. This law is valid until December 31, 2018 and provides for a significant reduction in excise tax rates for the import of used cars, subject to special conditions and restrictions.
We, in turn, are talking about the acquisition of a non-used and completely new car, using a ready-made business tool - a non-resident company.
The starting point of our acquisition is, in fact, the choice of a vehicle. In this case, the higher the cost of the car (its class), the more significant the saving will be.
So, in stages:
Choice of a vehicle. There are many online resources where you can have a great time choosing a vehicle. As an example, here is www.lexus.com. On this site, you can easily find the model you are interested in and choose the equipment that suits your needs. Perhaps, it will be necessary to enter the so-called postal code to search for the...
The newspaper ‚ÄúJournal du Dimanche‚ÄĚ previously published information about the intentions of the French President Francois Hollande to hold a meeting with the leaders of Germany, Spain and Italy on March 6 in Versailles, dedicated to the future of the European Union. This mini-summit, among other things, should have to demonstrate the unity of the leaders of the four major European powers of the euro zone in the face of the many threats and crises that the EU is currently facing. The agenda also included the study of the issues ‚Äúrelated to ensuring the strengthening of the development of the European Union‚ÄĚ.
On March 6, the government supported the changes to the Law on the Financial Instruments Market, the Law on Alternative Investment Funds and their Managers, as well as the Audit Services Act. What is the ultimate goal of these changes? They should make the EU financial market more transparent and stable, reduce systematic risks, protect depositors, and ensure the effectiveness of financial markets and reduce the costs of their participants. The changes in the laws have been designed to adopt the Directive of the European Parliament and the Council on the markets of...
On January 3, 2018, a new MiFIDII will come into force, significantly changing the existing requirements on regulating the financial markets in the EU. We will consider in today's blog what exactly is MiFIDII and how the regulation of the European financial markets will change.
The MiFIDII (Markets in Financial Instruments Directive) is the common name for a complex network of legislation, which includes two Directives and three EU Regulations, supported by a number of technical standards and guidelines of the European Securities and Markets Authority (ESMA). The measures provided for in the Regulations are directly applied in the EU member states. For the implementation of other standards and harmonization of the national legislation, the updated requirements are established by the competent authorities in each Member State.
The current MiFID was adopted in 2004 and it operates with small updates of the end of 2007. Thus, the MiFID not only preceded the financial crisis, but it also did not consider many business models and technologies, which today became a common phenomenon. Consequently, there was an extreme need for such an update. When developing the new provisions, the EU...
The technology of the distributed registry gives the potential to the companies in different spheres of activity to enable them to work more efficiently, create new business models and launch innovative products. But, naturally, the reasonable question arises: will the technology "Internet finance" be able to justify the arisen agiotage?
The Distributed ledger technology (hereinafter referred to as DLT), also known as Blockchain, refers to the innovations that can offer a tremendous potential to the large companies for more efficient operation and better customer service but it is not sufficiently developed yet for such applications.
The Distributed registries are common databases that contain digital lists of the transaction records. Their unique feature is that the identical copies of the registry are "distributed" between several hosting and information storage servers (hosts) that check transactions written in the form of "packages" by means of the agreed process. After checking, the "packages" are blocked with a cryptographic "hash" or an alphanumeric string of the fixed size, which allows the hosts to check incoming data but does not allow data recovery.
The developers, businesses and ordinary people are increasingly using the Initial Coin Offering, which is also called the ICO or the sale of tokens to raise capital. Such activities provide fair and legitimate opportunities to attract investment. Nevertheless, new technologies and financial products related to the ICO can be misused to attract investors with the promises of high profitability in the new investment space.
Providing this material, we begin a series of articles on crypto-currencies in order to acquaint you with the current issues of regulating a new and actively developing sphere of investment.
Virtual coins or tokens are created and distributed using the distributed registry technologies or distributed storage of reliable records (blockchain technology). Recently, the sale of virtual currency through the ICO is more and more popular. The buyers (investors) can use funds to purchase money (for example, US dollars) or virtual money to buy virtual coins or tokens. The creators (promoters) provide the buyers with the information that the capital raised from the sales will be used to finance the development of the digital platform, software or other projects of...
The government of New Zealand release 7 July 2016 discussion document contain proposals aiming for improving administrative invest tax.
These proposals can make easy a year process for taxpayers and increase in the system at the same time, Revenue Minister Michael Woodhouse said.
"Payers of interest, dividends, and taxable Maori authority distributions currently provide tax certificates to the recipients of the income. Need to gather all of this certificates from it different income sources to meet their end of year tax obligations." Woodhouse said. It would be better for income to collect that entire information collect that information direct from the payers and use it to pre-populate the recipients' tax records."
To get this target the discussion document proposes that:
All investment income payers will provide this information to the Internal Revenue often.
The deadline for feedback on the proposals on 19 August 2016.
Author: Sergey Panovmanaging partner Finance Business...
31.05.2016 Supreme Rada of Ukraine approved at the plenary session a draft law number 2763 "On amendments to certain Legislative Acts of Ukraine concerning the abolition of mandatory state registration of foreign investments."
The main purpose of this draft law is the maximum simplification of the investments order that are extremely important for entering to the Ukrainian market foreign investments.
Obligation of such registration additionally made the barriers for doing business in Ukraine.
The document is aimed before all at improving the promotion of foreign investments in Ukraine economy by simplifying the procedure of their involvement, including the introduction of application principle of state registration, that is supplying only appropriate forms and timing of statistical reporting of foreign investments which already done.
However, achieving this goal is only possible through the abolition of the relevant articles regarding mandatory state registration of investments, including foreign ones.
In this way, we can conclude that a draft law number 2763 will allow to attract foreign investments through the elimination of pre-registration, which will...
"Forewarned is forearmed". This statement is suitable for majority fields in business area and for real estate market too. Where is planning price rising and where is reducing and why, market of what country choose, in what invest your money - long-term or short-term perspectives? To find the answers for all of this questions more easer when you keep a clear line of sight, what a real estate development for the coming year, experts predict...
Bulgaria is European country and a big amount of foreign investment give an incentive for permanent development in all activity fields. A considerable share of investments directed to the real estate sector, what in turn give a good prospect.
According to prediction - real estate market of Bulgaria will be rising in 2016. Unstable economic and political situation in Ukraine, conflict situation in Turkey ad Egypt play into the hands for Bulgaria. All this events induce interest among the citizen of these countries to the fallback maneuvers. Costumers of building company more often account a proposition for year-round stay, if so that in case of aggravation of the situation in the country could safely take the suitcase and...