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Tag: #Legislation

Gaming business in Sweden

Published: Алексей Рабышко | 18.06.2018 | blog

The Government of Sweden has decided to review its policy on gaming by adopting a bill on the legal regulation of gaming, the entry into force of which is planned for January 1, 2019. The bill was supported by over 90% of the present members of Swedish Parliament. The only political force that voted against was the Left Party (ex-Communists). Nevertheless, it did not affect the final result. The result of the adoption of this bill was the transition of Sweden to a regulated market of gaming both online and offline. The new rules provide for changes in tax rates, increased requirements for operators and introduction of a licensing system in the country. The history of the development of gaming business in Sweden is very interesting. The control over gaming has been carried out and is carried out by the only state company Svenska Spel. The state owns all the rights to open and regulate the gaming business, private companies in Sweden are forbidden to make gaming business. The company Svenska Spel regulates the market of lotteries, poker, bingo, as well as the market of land casinos, which belong to its subsidiary company Casino Cosmopol AB. Initially, it was planned to open six...

Analysis of exchange of tax information and investment in exchange for citizenship, taking into account the first results of the discussion organized by the OECD

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 “citizenship by the investment” (CBI - granting citizenship in exchange for investments) and “residence by the investment” (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); Italian...

The Fifth Anti-Money Laundering Directive Has Been Adopted

Published: Olena Vydysh | 17.05.2018 | blog

After the approval of the agreed text by the Parliament on April 19, 2018, the European Council adopted a Directive on 14 May, 2018, regulating the European rules aimed at preventing money laundering and terrorism funding. These rules are the fifth in a series and the latest update of the European Anti-Money Laundering Directive, for which they have received the name 5AMLD. 5AMLD is aimed at improving the security in Europe by stopping the financing of criminal activities without preventing the normal functioning of payment systems. It is partly a response to the terrorist attacks in Europe in 2016 and introduces such major changes into the directive 2015/849: verification of the client for virtual currencies; public access to information about the real owners of companies; strengthening of transaction checks with the participation of third countries with a high level of risk; cooperation between financial intelligence units; reduction of the threshold for identification of owners of prepaid cards from 250 to 150 Euro; extension of the Directive to all tax advisers, agents, dealers, as well as suppliers of electronic wallets and cryptocurrency service...

The EU Financial Market after Changes in Legislation: Will It Become More Transparent and Stable?

The newspaper “Journal du Dimanche” 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 “related to ensuring the strengthening of the development of the European Union”. 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...

Reforming VAT Rules for Online Sales in the EU

Published: Olena Vydysh | 02.03.2018 | blog

On December 5, 2017, the European Council adopted amendments to the legislation regulating VAT rules for online sales of goods and services in Europe, developed by the European Commission a year ago. These legislative changes were adopted within the framework of the strategy of “single digital market” and aimed at simplification of the payment of VAT on purchases of goods and services on the Internet by the European consumers. The changes assume: simplification of the current Mini One Stop Shop (MOSS) mode for cross-border telecommunications, broadcasting and electronic services transition to taxation at the place of destination (location of the recipient) and simplified reporting through MOSS for remote sales of goods introduction of an obligation to pay VAT for electronic interfaces (for example, platforms) that facilitates the delivery of low-value goods imported or sold in the EU by the suppliers from outside the EU Since the new legislation consists of a two-tiered package of measures, it comes into force in two phases: in 2019 and 2021. From 2019, the changes will touch the MOSS system. There is an exception that allows micro-enterprises of the EU to pay for the...

European VAT on Provision of Electronic, Telecommunications Services, as well as Television and Radio Broadcasting Services

Published: Olena Vydysh | 19.02.2018 | blog

The format and methods of delivery of many goods refer them to the category of services, especially if they are transmitted over the Internet, such as e-books, music downloads, streaming of content. The regime of VAT for this particular subcategory of services provided electronically has undergone significant changes lately. In this blog, we will consider the requirements of the current European legislation, and we will try to cover the coming changes in this area in the next ones. In accordance with the European legislation, came into effect from January 1, 2015, telecommunications, television and radio broadcasting, as well as electronic services, are subject to VAT at the location of the client, whether it is a business or a consumer, located in or outside the EU . However, in order to ensure the correct taxation of these services, the supplier needs to determine the status of his client (whether he is a VAT payer), as well as his location. The easiest and most reliable way to define whether a customer is a business or a consumer is to ask him for a VAT number. Suppliers can check the VAT numbers of their customers using the website of the VAT Information Exchange System...

The European Parliament Will Undertake “Paradise Papers”

Published: Dmitriy Batrakov | 15.02.2018 | news

The European Parliament plans to create a new committee on financial crimes, tax evasion and tax planning. This decision was taken by the Chairmen of the factions of the European Parliament on February 8 and it is awaiting approval in the plenary vote. The main goal of the committee, which will last 12 months, will be the completion of work done by the members of the pre-existing TAXE 1, TAXE 2 and PANA committees, as well as focusing on the so-called “Paradise Papers” - recent information leaks. Thus, the co-chairman of the Greens / European Free Alliance (Greens / EFA) fraction, Philippe Lamberts, noted: “Paradise Papers demonstrated the existence of clear objectives and serious volume of work that we must do if we want to ensure fiscal justice throughout the European Union. We want to be sure that the national treasuries are able to collect funds which are necessary to maintain the common prosperity of the EU”. According to the official, the EU Parliament’s Panama Papers Committee has already developed a well-prepared plan of measures to reduce the cases of tax evasion. The new committee will ensure the maintenance of the progress achieved and the implementation of...

Verkhovna Rada Adopted the Law “On Limited Liability Companies and Additional Liability Companies”

Published: Olena Vydysh | 14.02.2018 | news

The Verkhovna Rada supported on second reading and in general the law “On Limited Liability Companies and Additional Liability Companies” (No. 4666) with technical and legal amendments. According to the Interfax-Ukraine Agency, 285 people’s deputies voted for the document. As the Chairman of the Verkhovna Rada Committee on Economic Policy Andrey Ivanchuk (the fraction “People’s Front”) has noted, presenting the law in the parliament, now this issue is regulated by the legislation adopted back in 1991. At the same time, according to the words of the official, limited liability company is the most popular type of Ukrainian companies, and today there are more than half a million of them. Andrey Ivanchuk also added that regarding the law No. 4666, they received 503 amendments on second reading, 360 of which were taken into account. The law provides that the value of the LLC’s share is established as of the day before the meeting of the LLC members, at which the decision to exclude the member from the LLC was made. The transitional provisions of the document also contain the provisions for the compulsory acquisition of a share by a...

Hong Kong Legislation on Significant Controllers Register Will Enter into Force in March 2018

Published: Olena Kamenetska | 05.02.2018 | news

On January 24, 2018, the Companies (Amendment) Bill 2017 was passed, which mandates incorporated companies of Hong Kong to keep a Significant Controllers Register (SCR). The new legislation will enter into force on March 1, 2018. The Hong Kong Companies Registry has set up a special section on SCR on its website containing, amongst others, a detailed Guideline on the Keeping of SCR and specific forms for the companies to use. The main requirements for the new SCR regime are listed below. Who are required to keep a SCR? All companies “formed and registered” in accordance with the the Hong Kong Companies Ordinance, including dormant companies, financial institutions, charitable organizations, companies limited by guarantee and any other types of companies incorporated in Hong Kong, except for the listed companies, and foreign companies registered under Part 16 of the Hong Kong Companies Ordinance, must keep a SCR. What should be contained in the SCR? The SCR must contain information on the significant controllers of the applicable company, namely registrable persons (i.e., a natural person or a specified entity such as a government and international organisation) and/or...

Since January 1, 2018, Amount of Official Payments Has Been Increased in the BVI

Published: Olena Vydysh | 25.01.2018 | news

In connection with the entry into force of amendments to the Law on Commercial Companies of 2004 (as amended in 2005), since January 1, 2018, the official fees have been increased in the BVI, levied from business companies in the Register of Corporate Affairs. These changes were adopted and published by the Government of the British Virgin Islands at the end of 2016. Initially, it was assumed that the amount of official payments will be increased from July 1, 2017, but in March of last year, the entry into force of the changes was postponed until January 1, 2018. The increase in the amount of following payments is among the most notable changes: Accordingly, the fines for late payment of annual fees have also been increased, since they are set as a percentage of the annual fee. The amount of payment for the restoration of the company in the Register has also been significantly increased. Some new duties have been introduced, including: for the primary registration of a copy of the register of company participants; for registration of changes in the register of participants; for registration of an application for consent to use a limited in the use word or a phrase in the...