Recent News

The European Commission has registered an initiative to introduce a 1% wealth tax in the European Union. The idea came from the European Citizens' Initiative. The organizers call on the Commission to establish a single European wealth tax in the interests of environmental and social well-being. The goal of the initiative is to contribute to the fight against climate change and inequality in the EU and developing countries. The initiative must collect at least one million signatures in at least seven EU member states in order for the European Commission to respond to it. In the case of collecting a million signatures, the European Commission will be obliged either to create appropriate legislation, or to motivately refuse the initiators. Interestingly, only 9 initiatives have collected a million signatures in the entire history of the European Union. If the European Citizens' Initiative manages to garner a million votes, it still can't be argued that the tax will be implemented quickly. The issue of inequality in the EU is very acute and many countries are trying to respond to it at the local level. According to official figures, the richest 1% of Europeans own a...

Payoneer Singapore has received a major payment institution license from the Monetary Authority of Singapore (MAS). The license will allow Payoneer Singapore to expand its range of products and roll out several new services in Singapore, especially in the areas of billing, cross-border money transfers, domestic money transfers, e-money issuance and point of sale acquisitions. Source:https://ffnews.com/newsarticle/payoneer-singapore-secures-major-payment-institution-license-to-empower-smes/ The successful approval of the Payoneer Singapore license followed a rigorous application and verification process, demonstrating the company's compliance with the rules and standards set by MAS. With the new license, Payoneer Singapore can accelerate its expansion in Singapore by bringing in new partners as companies are allowed to engage in higher value transactions. “We express our gratitude for the endorsement from MAS Singapore. This is certainly a testament to our commitment to building a trusted and transparent platform that delivers the best service to our customers and partners,” said Nagesh Devata, Payoneer Senior Vice President, Asia Pacific. “Singapore plays a key role...

Payment giant PayPal plans to launch a cryptocurrency hub for select users. That is, a service for storing and interacting with digital assets on the platform account. Source:https://t.me/uafic/2059 Cryptocurrencies Hub will enable: make purchases by converting digital assets to fiat; receive/send cryptocurrencies; view market information and educational materials. The service will be essential for conversion between PYUSD stablecoin and other digital assets. “Any balance in your Cryptocurrencies Hub reflects your ownership of the amount of each cryptocurrency. You will not hold the digital assets themselves on your digital asset balance.” To connect to the service, a PayPal user must have a "personal account and balance account in good standing." The company will verify the necessary personal information: name, physical address, date of birth and taxpayer identification number. Cryptocurrencies Hub will be linked to your PayPal account. Access to the service will be possible using existing credentials. The dates for launching the service for all categories of users are not...

The Ministry of Finance of China, together with the State Administration of Taxation (STA), announced the extension of several tax incentives to support small businesses. Benefits extended until the end of 2027. The concessional tax policy is being extended to stimulate the economy after the severe restrictions of the COVID-19 pandemic. Due to weak domestic demand and rising unemployment, China's economic recovery is slower than expected. The Chinese authorities have taken measures aimed at supporting small businesses. What benefits are provided by the Chinese government? Reduced corporate income tax (CIT) rates All types of small businesses in China can enjoy a reduced CIT rate of 20% combined with a reduction in their tax base. The standard income tax rate is 25%. VAT exemption for small taxpayers Value Added Tax Relief is available to small taxpayer companies. That is, whose annual sales volume subject to VAT does not exceed 5 million yuan. A range of incentives for small businesses Previously, in accordance with Announcement No. 10, small taxpayers, small and low-profit enterprises, as well as individual entrepreneurs, could receive a reduction in...

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...

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 Capital Market Authority of the Sultanate of Oman (CMA), which regulates and develops Oman's financial markets, has announced its plans to create a new regulatory framework for virtual assets (VA) and virtual asset service providers (VASPs). The CMA is developing a regulatory framework that will include a new regulation covering all VA activities, a licensing system for all VASP categories, and an oversight system to identify, assess and mitigate risks. The new regulatory framework is expected to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin...

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...