Recent News

On August 3, 2023, BVI Prime Minister Natalio Whitley announced that the new tax administration system is ready for widespread practical application. He called on all BVI taxpayers to actively register in the new system, called SIGTAS 3.0 (Standard Integrated Government Tax Administration System). The main emphasis in the marketing promotion of the development is on the effective management of tax revenues and tightening compliance with the current fiscal legislation. The introduction of SIGTAS 3.0 is called the most important stage in the reform of the obsolete system of accounting for tax revenues. Expected benefits for taxpayers: redesigned interface; extended functionality; additional integration and automation tools. The key to a successful launch of development, according to Natalio Whitley, is the active registration of taxpayers. As of the date of writing, the procedure remains voluntary, but once SIGTAS 3.0 is launched normally, it will likely become mandatory. The basic condition for normal operation is that each payer has a personal identifier (Tax Identifier Numbers). Its power and call to get right...

On August 7, the government introduced a one-time bank profit tax of 40%. This move led to a drop in shares the very next day. It was expected that the tax would bring in about 2 billion euros to the budget. Source:https://www.mef.gov.it/index.html After the fall of stocks, on August 8, the Ministry of Finance announced that the tax will not be 40%, but will be limited to 0.1% of assets. Revenues from the tax should go to help mortgage holders and reduce taxes. Income from the difference between bank lending and deposit rates will be taxed. A windfall tax is a levy imposed by the government on companies that have benefited from external conditions or events (rising oil prices or rising interest rates that have resulted in significantly higher than expected profits). The introduction of the tax was preceded by an increase in interest rates by banks. This led to record profits for Italian banks, which was the impetus for the government to take a corresponding decision. Other European countries, including Hungary and Spain, have introduced similar windfall taxes for banks. In May, Lithuanian lawmakers approved a temporary tax on excess bank profits to finance...

Since the beginning of 2023, a total of about 13% of all crypto funds in existence have closed. What the 21e6 Capital AG report says. Source:https://www.bloomberg.com/news/articles/2023-08-04/crypto-hedge-funds-are-being-hit-by-shutdowns-lagging-returns-in-2023 Crypto funds returned an average of 15.2% in the first half of 2023. But Bitcoin has grown by 83.3% over the same period. Investment companies with market-neutral strategies showed the worst results at 6.8%. During the crisis at the end of 2022, many crypto funds held assets longer than usual. However, they lost most of their gains from Bitcoin's rise in 2023. Some organizations closed down after losing assets stored on collapsed platforms. The FTX exchange was a favorite for hedge funds and professional crypto traders. Some firms are "still trying to find new partners" in the banking sector. Connecting to the closure of crypto-friendly Silvergate and Signature Bank. Along with "regulatory uncertainty, the fight for safe exchanges and custodians," this situation has created a host of obstacles for venture firms. "Investor confidence has improved slightly, but the inflow of funds and the launch of...

On July 24, 2023, a bill was introduced that establishes clearer criteria for classifying an Israeli tax resident in order to determine whether a person is subject to income tax. The draft law introduces new criteria for tax residence, as the current definition based on the “centre of life” was often accompanied by a number of uncertainties. In order to provide clarity and clarity to taxpayers, the proposed bill introduces several irrefutable presumptions of tax residency that are based on how much time a person has spent in Israel. However, if none of the specific criteria for these presumptions is met, the existing "centre of life" test, together with the current rebuttable presumptions, will remain applicable. According to the bill, a person will be classified as a tax resident of Israel if he spent in the country: 183 days over two years; 100 days in a tax year and 450 days in a three-year tax period (except when a person spends more than 183 days in a country that has signed a bilateral double taxation agreement with Israel); 100 days, provided that the spouse of such person has residency. The bill is currently under consideration by the...

The Bank of England and Ripple have completed a pilot project investigating the synchronous movement of two different currencies in two different simulated real-time gross settlement systems (RTGS) using the Interledger Protocol. The RTGS system is the backbone of payments in the UK, with hundreds of billions of pounds settled every day. BofE has been working on a replacement for several years, which should add new functionality to support the "synchronization" of cash flows in RTGS with cash and asset flows held in other systems. As part of a technical feasibility study, the central bank's fintech accelerator, together with Ripple, developed a PoC for a high-value cross-border payment scenario in which transactions in two different currencies are carried out simultaneously in two different simulated RTGS systems representing two different countries. The Ripple project was based on the open-source Interledger Protocol, which enables payments to be made through various registries and networks around the world. Ripple Connect is also used as an interface that allows you to integrate the institution's internal systems with the company's network. This means that you can...

Changes have been made to ensure that only wealthy investors and individuals who value the citizenship of Saint Kitts and Nevis are attracted to the Program. The changes include the introduction of a new investment option called the Sustainable Island State Contribution (SISC). The SISC replaces the previous Sustainable Growth Fund (SGF), and investors contributing to this option will transform St. Kitts and Nevis into a sustainable island nation. Fees start at $250,000 for a single applicant and increase as a spouse or dependents are added. For a family of two, the contribution increases to $300,000 and for a family of three or four, the minimum contribution is $350,000. The minimum amount to invest in real estate is $400,000. The property must be owned for seven years and can be resold once to another buyer who wants to apply for citizenship by investment. To obtain citizenship through the purchase of a private house, the value of such real estate must be at least...

On July 31, 2023, the European Sustainability Reporting Standards (ESRS) were approved. Source:https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_4043 The ESRS will be mandatory for companies that are required by the Accounting Directive to share certain sustainability information (these are listed public companies). The Accounting Directive, as amended by the CSRD in 2022, aims to ensure that companies in the EU report comparable and reliable sustainability information. Based on these two directives, ESRS is introduced. The ESRS is based on a strategy of "double materiality", that is, they oblige companies to report both their impact on people and the environment, and how social and environmental issues create financial risks and opportunities for the company. There are 12 areas of the ESRS covering the full range of sustainability...

From August 1, banks, other financial institutions, non-bank payment service providers, issuers of electronic money must send a notification to the supervisory body about the opening and closing of accounts/e-wallets of taxpayers on the day of opening/closing of the account/e-wallet. No later than September 1, they need to send a notification to the supervisory authorities about the opening/closing of all accounts/e-wallets opened/closed to taxpayers in the period from the beginning of martial law to August 1, 2023. If, after September 1, 2023, the above-mentioned institutions do not have confirmation of taking account/e-wallet for registration with the supervisory authority, it is considered that such institution has started spending operations on the account/e-wallet of the taxpayer before receiving a notification from the relevant supervisory authority about taking account/e-wallet wallet for registration with regulatory authorities. Expenditure transactions on the taxpayer’s account/electronic wallet before receiving a notification from the relevant supervisory authority about taking the account into account with the supervisory authorities - entails the imposition...

The Serbian Parliament adopted amendments to the laws on foreigners and their employment. Now you can apply for citizenship after three years of living in the country. According to the amendments, it is possible to obtain a (residence permit) and a work permit at the same time by issuing a “single permit” document at the Ministry of Internal Affairs of Serbia. What other changes: the work permit will be valid for three years (currently one year); the maximum period of validity of a residence permit has been increased from one year to three years; a foreigner will be able to obtain a permanent residence permit (permanent residence) in Serbia after three years of residence in the country (now after five years); visas to Serbia will be issued in electronic format; it will be possible to apply for citizenship after three years of living in Serbia (now after five years). In the first version of the bill, which appeared in March this year, the Ministry of Internal Affairs of Serbia wanted to allow foreigners to apply for citizenship after a year of residence on a residence permit and with official employment in a Serbian company. However, the...