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Recent News

Oman may Introduce Income Tax

Published:   08.07.2024 | news

To diversify sources of income for the budget, the Omani authorities are planning to introduce an income tax. The bill has already been submitted to the State Council. This is how the country is trying to achieve economic stability. Currently, taxes are withheld only from corporate income (15% rate). Taxes are also levied on special payments for non-residents (10% rate). Oman may become the first Gulf country to adopt an income tax. In general, the rules are aimed at individuals who have a high income. The thresholds are $100,000 for non-residents and $1,000,000 for...

Wise warned of the possibility of customer data leakage

Published:   05.07.2024 | news

Evolve Bank was recently hacked, which is associated with a possible threat. Wise explained that they had previously cooperated with the specified bank and provided data on dollar accounts. Employees are concerned that some customers' data may have been compromised. The company is currently conducting an investigation and plans to contact all potential customers whose data was at risk of disclosure. Wise believes that it takes every precaution to protect its customers' data and reduce the impact of a breach. It is also working to improve its security system to prevent such cases from happening in the...

Multinational corporations will be subject to reporting in Malta

Published:   04.07.2024 | news

Malta has introduced public Country-by-Country Reporting. This significant step is aimed at combating tax evasion. It is believed that this can increase the transparency of the activities of large corporations. This form of reporting introduces a requirement for multinational corporations to provide reporting for each country in which they operate. Reports must include data on income, taxes, employees and activities. Companies with revenues of €750 million or more must disclose their financial data. Reports must be posted within 12 months of the end of the financial year, access to reports must be unimpeded, and additional translation into one of the official languages ​​of the EU countries is...

FlowBank’s activities are terminated by FINMA

Published:   03.07.2024 | news

On June 13, 2024, the Swiss Financial Market Supervisory Authority FINMA opened bankruptcy proceedings against FlowBank SA. The bank no longer has the minimum capital required for commercial activity. In addition, there is a possibility that the bank is over-indebted. Bankruptcy proceedings can help protect depositors. According to current calculations, preferential deposits can be fully repaid with the help of the bank's free funds. The first enforcement measures against FlowBank SA were implemented in October 2021, when serious violations of supervisory legislation were detected, in particular with regard to capital requirements, adequate organization requirements and risk management. In October 2022, FINMA ordered measures to restore compliance with the law and appointed an independent auditor to monitor their implementation. Repeated coercive measures against the bank were taken in June 2023. The controller found that FlowBank SA repeatedly violated capital requirements, while the organization remained imperfect in various areas of the bank. The investigation showed that the bank entered into a large number of high-risk business relationships....

A new crypto license will appear in Hong Kong

Published:   02.07.2024 | news

Hong Kong is preparing for the introduction of a special licensing system for the exchange of cryptocurrency for fiat. Hong Kong's main difference is the absence of capital gains tax on cryptocurrencies and other virtual assets. With its tax advantage, Hong Kong's crypto market can attract more investors. Therefore, such a move is aimed at making the city an attractive place for investments in virtual assets thanks to a favorable tax policy. For investors who prioritize yield, Hong Kong's low tax regime is a significant advantage. The attitude of the banking sector to virtual assets also plays a decisive role. Hong Kong may soon introduce a licensing system for cryptocurrency exchanges. The government has already taken steps to combat money laundering and cyber threats, demonstrating its commitment to promoting standardization and exploring regulatory options for this market. Unlike jurisdictions such as Singapore and the US, where licenses typically cover either cryptocurrencies or security tokens, Hong Kong licenses allow trading of both at the same time, so this dual capability simplifies transactions compared to the need to obtain separate licenses for...

The US Internal Revenue Service has almost completed development of new rules for tax reporting on cryptocurrencies.

Published:   01.07.2024 | news

It is planned that from 2026, crypto platforms will be required to report transactions to the Tax Service. And decentralized platforms that do not store assets will be exempt from paying the tax. The new rules go some way to implementing a provision of the Infrastructure Investment and Jobs Act. At the same time, despite the new rules, income from the sale of cryptocurrency and other digital assets is subject to tax. Covering transactions in 2025 and beginning in 2026, crypto platforms must provide a standard 1099 form similar to those sent by banks and traditional...

Türkiye and Jamaica removed from FATF gray list

Published:   28.06.2024 | news

FATF has removed Turkey and Jamaica from its list of jurisdictions that are under enhanced surveillance - the "grey list". This decision was made at the FATF plenary meeting held in Singapore from June 26 to 28, 2024. But the “gray list” was replenished with new countries: Monaco and Venezuela were included in it. To make a decision, a majority of the organization's members, including 37 jurisdictions and two regional organizations, including the European Commission, must vote. The “grey list” includes about twenty countries that are considered risky by the FATF. In February, the UAE was removed from the list. FATF sanctions have serious consequences: they affect the banking system, since transactions with a country on the “grey list” require more careful control. This also has an adverse effect on the investment climate, as foreign investors are afraid to do business in such...

In Great Britain, the number of people who do not pay taxes on a large scale has increased

Published:   27.06.2024 | news

Compared to 49 people last year, their number has now increased to 91 people. In addition, the number of cases handled by HMRC's dedicated crime investigation service has increased from 437 last year to 539 this year. The Tax Office pays increased attention to those with a net worth of more than £10 million. HMRC's success in tax investigations has increased its budget from £975 million to £1.1 billion. Improved information exchange between tax authorities of other countries thanks to the Connect system, which operates on the basis of artificial intelligence, has led to such...

Companies in the UAE must become corporate tax payers by June 30

Published:   25.06.2024 | news

Failure to pay taxes on time will result in penalties and problems with the tax office. All companies that conduct business in the UAE must register as a taxpayer. Companies that received permission to operate in March or April must apply for registration. In addition, residents whose income exceeded AED 1 million during the year must also submit an application no later than March 31, 2025. And non-residents who received an income of 1 million dirhams in 2024 must also register within 3 months from the date of receiving 1 million. There is a special platform “Emarat Tax” for filing a corporate tax payer application. A fine of Dh10,000 will be applied to anyone who is not...

With whom will Ukraine exchange CRS data?

Published:   24.06.2024 | news

The first automatic exchange of financial data with other countries will occur in 2024. This is one of the obligations to the EU on the path of integration. First reporting period: 07/01/2023-12/31/2023. Recently, the State Tax Service published a list of countries that participate in data exchange. The list includes 118 countries: Albania, Andorra, Anguilla, Antigua and Barbuda, Argentina, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Barbados, Belgium, Belize, Bermuda, Brazil, Virgin Islands, Brunei Darussalam, Bulgaria, Canada , Cayman Islands, Chile, China, Colombia, Cook Islands, Costa Rica, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Dominica, Ecuador, Estonia, Faroe Islands, Finland, France, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guernsey, Hong Kong (China), Hungary, Iceland, India, Indonesia, Ireland, Israel, Isle of Man, Italy, Jamaica, Japan, Jersey, Kazakhstan, Kenya, Korea, Kuwait, Latvia, Lebanon, Liberia, Liechtenstein, Lithuania, Luxembourg, Macau (China), Malaysia, Maldives, Malta, Marshall Islands, Republic of Mauritius, Mexico, Moldova, Monaco, Montenegro, Montserrat (UK), Morocco, Nauru, Netherlands, New...