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The struggle with the regulators for the license lasted more than three years. The company first submitted a request in early 2021, but faced numerous problems. Auditors warned that they could not fully verify the turnover figures in the group's 2021 accounts. The Bank of England required Revolut to simplify its share structure to qualify for regulation as a bank, sparking a dispute with Japanese investor SoftBank. Currently, Revolut is licensed with restrictions. But this is a common status for new lenders and allows them to develop their banking operations in the UK before they launch. Previously, Revolut received a European banking license from the authorities of Lithuania and also in Mexico. But the British license was key to the future prospects of the company. Revolut will now be able to expand the range of products and services in the country, including mortgage loans, increase trust in the company and protect deposits of up to £85,000. In addition, the company's chances of obtaining banking licenses in other important markets, such as the United States, will...

Ibrahim Tasyapan, Director General of the Civil Registry and Citizenship Department, explained that the department has increased security checks to include a two-stage Interpol check. The check also includes investigations by the National Intelligence Organization and the General Directorate of Security. He stressed that “there is also a condition of connection with the intelligence unit of the applicant’s country of citizenship.” The increased complexity of the process will not affect the number of documents required for an investor, but it may affect the timing of...

Fabian Picardo delivered a budget message based on which tax changes are coming to Gibraltar. It is about raising the corporate tax rate to 15% and also introducing VAT. Thus, Gibraltar plans to bring the rate in line with the OECD minimum corporate tax rate. Such a decision will increase tax stability and compliance with international standards. The bill on VAT should be presented already in September. In addition, the Government of Gibraltar will work on implementing the income inclusion rule in...

The Government allows for an increase in military duty and a number of innovations. The Verkhovna Rada must vote for the proposals. Legislators are considering establishing a special excise tax rate of 0.1 euros per 1 liter of drink. This includes both mineral waters and drinks with added sugar or sweeteners. In addition, discussions are being held about monthly contributions of half the minimum wage for fuel retailers. Military duty may also be charged in a new way. 1% for legal entities from income from any activity, corporate income tax payers and single tax payers of groups 3 and 4. 5% for individuals - entrepreneurs, single tax payers of the first, second and fourth groups. 15% for enterprises, institutions, organizations and individuals who acquire ownership of passenger cars subject to the first state registration in Ukraine. 30% for those engaged in the retail trade of jewelry made of gold, platinum and precious...

The OECD has already decided to start accession negotiations. Thailand is the second candidate for membership from Southeast Asia. Thailand actively participates in the OECD Regional Program for Southeast Asia. The OECD Secretary-General considers Thailand one of the most dynamically developing regions in the world. Joining the OECD could help increase Thailand's investment attractiveness. The Secretary-General must prepare a road map for accession, and Thailand will be subject to a 20-point check for...

Before this, it is planned to adopt a new law in the area of ​​the financial sector to attract foreign capital and investment in the economy. The bill could be introduced into parliament as early as the end of this year. The document provides for the creation of a new body - an agency for integrated financial services. The agency will regulate and license foreign companies to operate in Thailand in key financial areas - banking, securities and derivatives markets, digital assets and insurance. He will also work on various services for foreign businesses and deal with tax...

The bill introducing the new Patent Box regime in Hong Kong was passed on June 26, 2024. According to the bill, qualifying income will be taxed at a rate of 5%. The law will have retrospective effect for fiscal years ending on or after April 1, 2023. The concessional portion of taxable income from intellectual property will elect to be subject to a preferential tax rate of...

The zero VAT rate on basic goods, meat and vegetables will apply until September 30, 2024. Prior to this, the rate was extended until June 30, 2024. The zero rate applies to essential goods from 5 May 2023, with the exception of coffee and sugar, which are zero rated from 1 November 2023. The Cypriot government was in thought for a long time, conducting internal assessments. Adopting different VAT rates often places a large burden on businesses and tax authorities. And sometimes it even expands the possibilities for abuse on both...

The Corporate Income Tax Agency Act 2024 was introduced in the House of Assembly on July 12. The Act provides for the establishment of a Corporation Income Tax Agency as the authority to administer the corporate income tax regime in Bermuda. The agency must administer a new income tax (15%). The tax will apply from 1 January 2025 for Bermudian taxpayers subject to the Global Minimum Tax rules. The agency shall consist of a Board of Directors, as well as a Chief Executive Officer and staff responsible for efficient and proper tax administration and...