Recent News

We are talking about Charter No. 7887, which makes changes to the requirements for the authorized capital of LLCs and JSCs. Thus, from January 1, 2024, the minimum authorized capital will increase 5 times. What will be the minimum amounts? For a joint-stock company the sum will be $8,700, for a limited liability company - $1,730, for non-public joint-stock companies - $17,400. This decision was made to improve the efficiency of business development in Turkey and stimulate the financial sustainability of companies. But still, it can have both positive and negative...

Back in February 2021, Saudi Arabia announced plans to stop awarding government contracts to companies whose regional headquarters are not located in the Kingdom as of January 1, 2024, barring some exceptions. Source:https://www.khaleejtimes.com/hi/business/saudi-arabia-offers-30-year-tax-break-for-companies-moving-regional-hqs-to-riyadh The Saudi program aims to attract international companies to establish regional headquarters in Saudi Arabia. Thus, it plans to make the Kingdom the first choice for companies in the Middle East and North Africa region, with benefits and unique support conditions. This is a joint initiative between the Ministry of Investment and the Royal Commission of Riyadh. Saudi Arabia's Minister of Investment, Khaled Al-Falih, said the program has attracted 200 foreign companies so far. And state news agency SPA announced that the package of tax incentives for regional headquarters includes a 0% corporate income tax rate and a 0% withholding tax rate on income from the approved activities of these companies for 30...

The country's government has adopted a rule designed to oblige every taxpayer to report in a declaration on the location and property of offshore companies. This is designed to improve honesty in income reporting and to toughen the fight against tax evasion. The bill was proposed by the Portuguese Tax and Customs Administration. It was approved during the adoption of amendments to the 2024 budget. Thus, taxpayers will be required to show all income sources when filing an IRS Model 3 return. It is mandatory to provide information on personal income taxes that exceed €500 and also on all other assets. The service believes that they do not receive enough information about the property and financial condition of the taxpayer, and the bill will help correct this. Reports are submitted from April 1 to June...

The world's largest crypto exchange Binance has entered into an agreement with an anonymous banking partner to attract large corporate investors and eliminate counterparty risks. Binance reports that the deal will allow institutional investors to continue OTC trading with collateral that will be under the control of a partner bank. The arrangement should work out counterparty risks, which today are of great concern to institutional investors. Thus, an infrastructure resembling a traditional financial market should be created. Investors will be able to prorate their crypto assets based on their level of risk tolerance. The collateral kept at the partner bank can be presented in the form of treasury bills. This will give an added advantage as the cash equivalent is an income asset. "Counterparty risks in the crypto industry have long troubled institutions. Our team of cryptocurrency and traditional finance experts has been exploring a possible three-way banking deal to solve the problem for over a year. We have developed a solution thanks to which large companies will be able to optimize cryptocurrency investments, working according to the model of trading behavior in...

Swift has already connected domestic payment systems across Europe to provide full transparency and end-to-end tracking of instant cross-border transfers destined for the EU. The European Payments Board's One-Leg-Out Instant Credit Transfer (OCT Inst) scheme was launched this week. It enables you to process payments to and from Europe 24 hours a day, 7 days a week. The launch of the system follows a successful proof of concept earlier this year, during which Swift partnered with European payment system Iberpay, Spanish banks BBVA, CaixaBank and Santander, commercial banks from Australia (ANZ and National Australia Bank), Brazil (Itaú Unibanco) and the Great of Britain (Lloyds Banking Group). Dozens of international payments have been successfully delivered to Spanish accounts within seconds. Financial institutions see OCT Inst as an opportunity to take advantage of domestic instant payment systems on a global scale. "Interoperability is at the heart of everything we do at Swift to deliver our strategy of frictionless instant payments for all, and will be key to achieving the G20's cross-border payments goals," said Marianne Demarchi, CEO of Swift Europe. - EPC's OCT...

Within six months, new versions of the law “On Virtual Assets” and the bill on taxation of cryptocurrency transactions should appear in Ukraine. People's Deputy of the Verkhovna Rada of Ukraine, Chairman of the Blockchain4Ukraine MFO Alexey Zhmerenetsky spoke about this during the Binance Super Meetup in Lviv. “Ukraine is not yet a member of the EU, and the regulation provided for in MiCA is more complex. In the current conditions, when Ukraine does not have a large crypto market and capital on it, the implementation of strict requirements will make our country less competitive,” Zhmerenetsky said. The working group plans to prepare a version of legislative regulation that will be a compromise between the proposals of the National Securities and Stock Market Commission and the Ministry of Digital Development and the wishes of the FATF and the European...

To promote international cooperation in the field of taxation, the UN General Assembly adopted a resolution establishing a UN tax convention. 125 member states voted for the resolution, 48 voted against and 9 abstained. The resolution calls for the establishment of an intergovernmental committee to develop protocols and measures to combat illicit tax-related financial flows. The Committee should consist of no more than 20 members, elected on the basis of balanced geographical representation to ensure equal representation of the five UN regional groups. This was preceded by a proposal from a group of African countries to create an alternative model of international cooperation in the tax field. Because, in their opinion, the OECD models have undermined the global tax system and allowed large companies to evade paying taxes at the expense of their own citizens. The US, UK and EU countries were against the resolution and proposed changes that would have reduced the proposal to a simple declaration, but all of them were...

The President of the Czech Republic signed a consolidation law, the main objective of which is to reduce the budget deficit. It is planned to amend 65 laws. Tax benefits will mainly be removed to reduce the burden on the budget. Most provisions are scheduled to take effect as early as January 1. The main changes in the tax sphere will affect corporate tax, VAT, personal income tax, social contributions, accounting, excise duty on alcohol and cigarettes, real estate tax, tax on gambling and slot machines. For example, it is expected that the corporate tax rate will increase from 19% to 21%, as well as the introduction of three VAT rates: 0%, a reduced 12% (instead of the previously existing 10% and 15%) and a basic...

From December 1, the Chinese authorities are introducing a visa-free regime for citizens of five EU countries (Spain, Italy, the Netherlands, France and Germany) and Malaysia. This was reported by the official representative of the Ministry of Foreign Affairs Mao Ning. "China has decided to expand the scope of the unilateral visa-free regime to facilitate the movement of people between China and the outside world for the benefit of intensive development and maintaining a high level of openness," Mao Ning said. Visa-free travel for these countries will be valid on an experimental basis until November 30, 2024. The official representative of the Ministry of Foreign Affairs added that representatives of the listed states will be able, having a regular passport, without a visa, to make business and tourist trips to China, and to visit relatives and friends for 15...