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This unexpected step is intended to reduce the lack of budgetary funds. Source:https://www.bloomberg.com/news/articles/2024-02-28/hong-kong-hikes-tax-rate-for-high-earners-to-16-to-pare-deficit?srnd=homepage-asia&embedded-checkout=true A two-tier tax system will be introduced from April: income up to $640,000 will be taxed at a maximum rate of 15%, and anything above that will be taxed at 16%. Currently the rate for all individuals is 15%. The move will affect about 12,000 people, or about 0.6% of taxpayers. The deficit for the year ending March 31 is forecast at HK$101.6 billion, almost double the estimate a year ago. The last time Hong Kong raised its general payroll tax rate was in 2003, when it was increased to 16%. The rate was lowered to 15% from 16% in 2008 after the city reported a record budget surplus. The city has no GST or capital gains...

The selection of the city for the new AML agency is the latest step in European reform aimed at reducing the amount of “potentially dirty” money in the financial system. The main task of the new body will be to exercise control over banks and identify the risks of money laundering. The idea to create such an agency appeared after a series of banking scandals, primarily related to the banks Danske Bank (Branch in Tallinn), Pilatus (Malta), ABLV (Latvia). One of the main arguments for choosing Frankfurt as the headquarters of the AML agency is the availability of infrastructure and other tools that will help the new body begin work as soon as...

At the end of January 2024, a two percent tax on every transfer made by foreigners was rejected. This decision was made due to possible negative consequences for the country’s economy and society, as well as its inconsistency with international and constitutional norms. Also, the Bahrain authorities have made some changes to local fiscal legislation. For example, all citizens of Bahrain with an income of less than $1,600 will be exempt from all taxes, a 10% VAT has been introduced on all goods and services (except for some essential products), civil servants can conduct business activities, and the founders and directors of companies are now responsible with their property for any damage caused to the company or its partners. The country's authorities are considering the possibility of introducing a corporate tax, like in the...

Some sources report that Greek municipalities will be divided into three zones, each with different investment requirements. For example, the first zone (A) - the minimum investment threshold is €800,000, zone B - the minimum investment threshold is €400,000 - €500,000, zone C - the minimum investment threshold is €250,000. The effective date of the new rules is currently unknown. Last time, when the investment threshold was raised, a transition period was provided. Now experts suggest that the transition period could be up to 6 months. It is possible, as local lawyers report, that investors will not be able to rent out real estate located in the centers of large cities for short-term rent. But new opportunities will be available for applicants. For example, the updated golden visa will allow the investor and his family members to work. And also apply for citizenship seven years after receiving a residence permit, subject to passing the...

The Malaysian government has decided to partially introduce capital gains tax due to the deteriorating economic situation. The national tax filing program goes into effect on March 1, 2024. Companies, LLCs, trusts, and cooperatives must pay tax. Payers must assess the tax themselves. The tax came into force on January 1,...

The FMA is investigating Raiffeisen Bank International over anti-money laundering violations. The investigation concerns payments involving Russia and data disclosed by the International Consortium of Investigative Journalists as part of a project called Cyprus Confidential. The bank is also being probed by US sanctions agency OFAC, which is trying to “clarify the payments business that RBI conducts with US correspondent banks in light of events related to Russia and...

The digital nomad visa is primarily intended for remote workers who want to combine work and travel, for example. New visa offers will come from 5 countries in 2024. So, at the beginning of 2024, South Africa announced a new visa program. The launch date has not yet been announced, but those wishing to obtain a visa will have to have an income of at least 55 thousand dollars a year. The authorities believe that this amount will guarantee a good contribution to the economy. The visa period is 3 years. Japan will also offer a digital nomad visa at the end of March, but with strict requirements. The applicant's annual income is at least $68,300, and the visa itself will be issued for 6 months and only applicants from the list of countries that have signed a tax information exchange agreement with Japan will be able to participate in the program. South Korea joins the list of countries and offers a 2-year visa to applicants with an income of $65,000 or more. The visa program in the Philippines is still under development and details have not been disclosed by the authorities. But it is already known that the visa will be issued for a year with the possibility of extension...

The cryptocurrency exchange, aimed at experienced traders, is already in beta testing. Source:https://www.coindesk.com/business/2024/02/16/revolut-to-introduce-crypto-exchange-targeting-advanced-traders/ The trading platform works on deeper market analytics and lower fees than a digital bank app. The exact dates of testing and the start of the project are not disclosed. “We are launching a new cryptocurrency exchange built with advanced traders in mind. Deeper analytical tools and low commissions await you,” reads the letter received by one of the users invited to the test. According to CoinDesk, the letter also mentioned commissions ranging from 0% to 0.09% and the ability to trade using limit and market orders. Meanwhile, in December, Revolut suspended its cryptocurrency services to business customers in the UK due to new FCA...

Chinese authorities are concerned about the growing risks associated with the criminal use of virtual assets. The China Anti-Money Laundering Research Center has proposed addressing regulatory gaps in the fight against money laundering using virtual assets. The draft amendments to the anti-money laundering law have been preliminary approved by the relevant committees under the State Council and will soon be submitted for approval to the National People's Congress of China. The bill has already been approved by the Supreme People's Procuratorate. At the moment, the text of the law has not been fully disclosed, as it must be fully...