Комиссия рынка финансов и капитала Латвии (КРФК) в минувшую пятницу оштрафовала SEB Bank на 1 793 824 евро за нарушения в области борьбы с легализацией преступно нажитых средств и недостатками в контроле за исполнением международных санкций. К примеру, в банке был обнаружен клиент, являвшийся дочерним предприятием компании, попавшей под санкции ЕС. Его счет не был заблокирован, по нему прошли несколько транзакций (592 евро — на вход, 712 евро — исходящий платеж).
В то же время в КРФК отметили, что клиентская база SEB имеет низкий уровень риска отмывания денег, а сам банк уже предпринял ряд...
On February 25, the Latvian bank ABLV Bank published supplementary information for the depositors on its official website in the form of the most common questions and answers to them.
“What should the depositors and clients of the bank do, holding funds at ABLV Bank at the moment?
At the moment, clients do not have access to their funds either in the branches or through the Internet bank. The card system of the bank is turned off, therefore the customers cannot pay by bank cards and cannot withdraw cash from ATMs. Customers can freely transfer securities from their accounts of financial instruments to the bank.
What sum will be paid by the state to the bank’s clients?
The state guarantees each client 100 000 euros in any Latvian bank. In case of the moment of inaccessibility of deposits, payments are made from the funds of the Deposit Guarantee Fund.
ABLV Bank has enough liquid assets to return all sums paid from the Deposit Guarantee Fund!
What funds of the bank’s customers are guaranteed payment?
The guaranteed payment covers all deposits in any currency on all accounts, including time deposit accounts, current accounts, salary accounts, savings accounts,...
The Government of Ukraine has amended Art. 5 of the Law “On Court Fee”, providing for the expansion of the list of applicants and claimants, who are exempt from paying court fee. The changes are confirmed by the Law of Ukraine “On the features of the state policy on securing the state sovereignty of Ukraine in the temporarily occupied territories in the Donetsk and Luhansk regions” and came into force on February 24, 2018.
So, Part 1 of Art. 5 “On Court Fee” is supplemented with clauses 21 and 22 of the following content:
“21) the applicants - in cases on applications for establishing facts of legal significance filed in connection with armed aggression, armed conflict, temporary occupation of the territory of Ukraine, natural or man-made disasters that led to forced relocation from the temporarily occupied territories of Ukraine, death, injury, imprisonment, unlawful deprivation of liberty or abduction, as well as violation of property rights on movable and/or immovable property;
22) the claimants - in cases on suits against the aggressor state, the Russian Federation, on the compensation of property and/or moral damage caused by the temporary occupation of...
On February 21, 2018, the Resolution of the Cabinet of Ministers of 7.02.2018 No. 85 came into force, approving the procedure for granting an installment plan for VAT payment when importing the equipment for own production into Ukraine (hereinafter - Procedure) in accordance with clause 65, subsection 2, section XX of the TCU, No.2245-VIII of 07.12.2017.
The Procedure provides that in order to receive an installment plan for the payment of value-added tax, when importing equipment into the customs territory of Ukraine, the payer is obliged to submit an application to the customs office, which form must be also approved by the above-mentioned resolution. The application must specify the term of the installment plan, name, quantity, cost and code of the the UCG FEA of the imported equipment, its location, the purpose of importation, the CFEA of the payer, etc. The payer must attach the following to the application:
business project, business plan or other document with a detailed description of the technological process (with economic calculations) and expected performance;
available conclusions of state bodies, expert institutions, organizations, state standards and...
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...
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...
The United Kingdom of Great Britain and Northern Ireland has introduced new requirements for registration and reporting regarding the trust management mechanisms both within the state and outside it. The introductions stipulate that British and non-British trustees are obliged to register all corresponding to these requirements trusts in the new service (register) on disclosing information on Trust Reporting Service by March 5, 2018, in accordance with these requirements. Otherwise, there is a threat of imposing fines.
The scope of application of the rules is quite wide. Thus, all the so-called “express trusts” (trusts established according to the intentions of the parties and recorded verbally or in writing, in contrast with the trust by court order) created anywhere in the world that have undertaken the corresponding tax liabilities under the UK law within the tax period (April 6 - April 5) and meet a number of other conditions, are demanded to register and report the information about the trust, its founders, beneficiaries and assets. These data will be kept in the registry of the UK government, which is available to law enforcement and tax authorities. The following taxes...
The Ministry of Finance of Ukraine has developed a draft Resolution on the further operation of the VAT risk system. This mechanism is a necessary measure aimed at the prevention of VAT embezzlement schemes and uninterrupted process of automatic VAT refund.
We remind that in December last year, the work of the VAT risk system was suspended in order to develop a coordinated effective solution which would not entail new risks.
So, the MFU together with the SFS have developed and agreed upon a decision that was made public on the official website of the Ministry on February 9, for public discussion.
Now the draft Resolution is under consideration of people’s deputies of the Tax and Customs Policy Committee. It includes the following changes:
In order to reduce the cases of suspension of the registration of tax invoices, a “cutoff criterion” of 3% and a threshold of the volume of supply for the month of 500 thousand UAH are established.
Earlier, the coordination of evaluation criteria continued for some time, that allowed some payers to use a fictitious loan. It is proposed the SFS to establish criteria for risk assessment for a prompt response. In order to ensure the...
On February 2, 2018, the Hong Kong Special Administrative Region officially formalized the process of ratifying the OECD’s Multilateral Competent Authority Agreement (MCAA). That means that the jurisdiction will join soon the existing multilateral network of data exchange between the tax authorities of many countries and territories around the world.
The Hong Kong Tax and Fees Department introduced the Ordinance on Automatic Exchange of Information on Financial Accounts (AEOI), which will optimize the process of obtaining information by the countries with which the jurisdiction agrees to exchange. This refers to the exchange both under the Common Reporting Standard (CRS) and the intercountry reporting exchange under the BEPS Plan.
After joining of Hong Kong the Multilateral Agreement, the authorities of the country will be able to pass a rather formal procedure for finalizing the relations with other participants through the OECD secretariat.
If we compare this process with the conclusion of separate bilateral agreements with a number of the countries, it is much faster and easier.
It is important to note that until the end of this year, the old (bilateral) rules for automatic...
On January 31, at the meeting of the Ukrainian government, it was decided to exclude 5 countries from the list of offshore companies, namely Estonia, Latvia, Georgia, Malta and Hungary.
We remind that on January 19, the Ministry of Finance of Latvia announced that the inclusion of this country in the list of offshore zones was unreasonable.
Earlier, Ukraine included Estonia in the list without notification of the Estonian government, so the Prime Minister of the state Jüri Ratas reacted by a statement on the need to remove the jurisdiction immediately from the offshore list. It took place on January 26, during his meeting in Davos with the Prime Minister of Ukraine Vladimir Groysman and the Minister of Finance of Ukraine Aleksandr Danilyuk.
In total in 2017, Ukraine expanded the list of the countries, the operations with counterparties of which are subject to control in the administration of the law of transfer pricing, to 25 countries. Guadeloupe, Guatemala, French Guiana, the Commonwealth of Dominica, the Dominican Republic, Estonia, Iran, Cuba, Laos, Latvia, Lebanon, Mauritius, Malta, Morocco, Monaco, the United Arab Emirates, Singapore, Georgia and Hungary were added to the...