Recent News

The bill provides for changes in several areas of the tax system. Most of them concern the regularization of tax assets. For example, the document proposes that persons with tax or customs obligations be given the opportunity to apply for a regularization regime and the disclosure of undeclared assets. Taxpayers can apply from the effective date of the country's Federal Tax Administration regulations. In addition, these individuals will have access to a number of tax benefits. Even if individuals were not tax residents of Argentina on December 31, 2023, or if they were registered as taxpayers with the Federal Tax Administration, the asset regularization regime may apply to individuals, undivided assets and corporations. There are also tax changes that provide for changes in excise taxes and the abolition of the tax on the transfer of real estate for individuals. It is envisaged, among other things, to introduce certain export duties. The bill is currently under...

In 2022, 112,700 Moroccan citizens received EU citizenship, ranking first in terms of naturalization rates. Syrians took second place with 90,400 people. Third - Albanians - 50,300. Romanians ranked fourth in obtaining citizenship of another EU member state. By the way, it is Romania that in 2022 has the highest naturalization rate throughout the EU. The naturalization rate is the ratio of the number of persons who received citizenship of the country in which they lived during the year to the number of non-citizens living in the same country at the beginning of the year. In 2022, Romania's naturalization rate was 26.8 citizenships acquired per 100 non-citizen residents. Next in the ranking is Sweden with 10.6, the Netherlands with 4.4, Italy with 4.2. With the lowest coefficients are Latvia and Estonia (both 0.4), Austria and Bulgaria (0.7), Malta and the Czech Republic...

HitPay is a Singapore-based commerce and payment processing startup for small and medium enterprises. The startup recently received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution (MPI) license. The MPI license from MAS will enable HitPay to provide secure and compliant transactions for all merchants on its platform. HitPay aims to use the MPI license to develop new services, facilitating seamless payment processing for merchants and enabling SMEs to take advantage of cross-border opportunities. Since 2016, HitPay has been providing a full-featured, no-code commerce infrastructure built for small businesses. The company is popular among investors. It is backed by Tiger Global, Global Founders Capital, HOF Capital and Y...

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...

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 Bahamas and Turks and Caicos Islands were completely removed from the list, Belize and the Seychelles were moved to Annex II (grey list). The OECD Global Forum has provided Belize and Seychelles with additional verification, which will be carried out in the near future. 6 jurisdictions are excluded from the “grey list”: Albania, Aruba, Botswana, Hong Kong, Dominica, Israel. As of February 20, the “black list” includes 12 jurisdictions: US Virgin Islands, American Samoa, Anguilla, Antigua and Barbuda, Vanuatu, Guam, Palau, Panama, Russia, Samoa, Trinidad and Tobago, Fiji. The “Grey List” includes 10 jurisdictions: Turkey, Costa Rica, Belize, Malaysia, Armenia, Eswatini, Vietnam. The list is usually updated twice a year: in February and...