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Citi Bank запустив цифрову клієнтську платформу для клієнтів комерційного банку, об'єднавши всі продукти та послуги в одному місці. Source:https://t.me/uafic/2002 CitiDirect Commercial Banking обіцяє надати клієнтам консолідовану картину їхніх відносин на 360° за такими напрямками, як грошові кошти, кредити, торгівля, валютні операції, обслуговування та реєстрація. Система вже працює в США, де нею активно користується понад 2/3 клієнтської бази, а в другій половині року її випробують у Гонконзі, Індії, Сінгапурі та Великій Британії. За словами представників банку, CitiDirect дає змогу отримувати дані, необхідні для прийняття рішень та ефективного управління повсякденними...

The Singapore Revenue Authority announced several important changes to the Companies Act, passed in 1967. The amendments have already entered into force (since July 1, 2023), detailed explanations of the regulator's experts and the full text of the document are available on the official IRAS website. Source:https://internationalwealth.info/news-of-the-offshore/v-singapure-prinjaty-vazhnye-popravki-k-zakonu-o-kompanijah/ Initially, the 1967 law established a rule according to which the offeror had the opportunity to redeem the company's securities if the acceptance threshold was 90%. Securities owned by the offeror's face value or dependent structure were not taken into account in the final calculation. The document provided for the legal possibility to eliminate this restriction if such shares were included in special companies registered not for doing business, but for subsequent takeover. The new amendments add alternative criteria for excluding shares from the 90% threshold. Now they will not take into account the securities they own: close relatives; companies and other structures that are directly or indirectly controlled by the offeror; final...

Until at least the end of 2023, the operating conditions of companies with debts on two types of taxes - corporate and at the source (conditional withholding tax) - will remain at the same level. Source:https://internationalwealth.info/news-of-the-offshore/procentnaja-stavka-8-za-prosrochku-platezha-v-niderlandah-sohranena/ The conditions also remain unchanged in matters relating to tax refunds. So the business will be able to prepare in advance for future innovations and minimize possible negative consequences. Earlier, the country announced an increase in the interest rate to 10.5% from March 1, 2023. Almost 4 months have passed since that moment, but official clarifications on further interest rate prospects followed only on June 26, 2023. The reason for the possible changes is the increase in the refinancing rate set by the financial regulator of the European Union (ECB), up to 2.5%. Under these conditions, an increase in interest on overdue tax payments would be quite logical. But in the Netherlands, they still decided to keep the rate at the same level. The country's government says that a prerequisite for any changes in this matter are appropriate adjustments...

LHV UK received a UK banking license one year after applying. Source:https://www.altfi.com/article/10667_lhv-bank-lands-uk-banking-license LHV Bank, as it is now known, is the UK arm of the Estonian financial services giant AS LHV Pank, but will now operate as a standalone bank. The bank will start accepting retail customer deposits later in 2023 when it transitions from the temporary permit regime as a branch of an Estonian bank. LHV has been operating in the UK since 2018 and says it works with over 200 fintech companies including Airwallex, Currencycloud, Truelayer and Wise. It is a member of all major UK and EU payment schemes, allowing it to provide real-time multi-currency cloud payments as well as broader banking infrastructure services such as checking and savings accounts, acquiring, indirect scheme access, open banking and FX services. “In addition to our existing banking and SME lending services, we plan to begin accepting retail deposits later this year and expand our banking services to offer e-commerce businesses while maintaining the same level of convenience, reliability and security that our existing clients receive. ”, said Erki Kilu, CEO of...

The Financial Services and Markets Act, which affects the regulation of the cryptocurrency sector in the UK, has been finally approved. Source:https://www.gov.uk/government/news/rocket-boost-for-uk-economy-as-financial-services-and-markets-bill-receives-royal-assent The approval was preceded by the adoption of a comprehensive document that updated the supervision of the financial industry after Brexit. The Financial Services and Markets Act allows regulators to develop a framework for the digital asset sector. It aligns with Prime Minister Rishi Sunak's ambition to turn the UK into a global crypto hub. The document allows the creation of regulatory sandboxes that allow experimentation with blockchain use cases in financial markets. It also secures the status of a means of payment for stablecoins. After parliamentary consideration, the bill was amended to consider all cryptocurrencies as a regulated activity and give authorities the power to oversee their advertising. “The passage gives us control over the financial services rulebook – the law supports businesses and consumers, and also stimulates economic growth. Repeal of old EU regulations will attract...

A minimum corporation tax bill for large corporations was submitted to the House of Representatives of the States General on May 31, 2023. The document sets the minimum effective CIT rate at 15%, the qualifying condition is a minimum income of at least EUR 750 million. Source:https://internationalwealth.info/offshore-tax/v-niderlandah-predstavlen-zakonoproekt-vvodjashhij-minimalnyj-korporativnyj-nalog/ Extended obligations under CIT (Corporate Incom Tax) arise only if the corporate group in the Netherlands to which the foreign company belongs pays tax at a rate of less than 15%. The additional tax rate will be determined by the formula: The minimum corporate tax rate (15%) is the real tax rate in the country of incorporation of the subsidiary. For example, a parent company in the Netherlands has a subsidiary in a low-tax/tax-free zone where the CIT rate is below 15% (for example, in Gibraltar, where the CIT is 12.5% from August 1, 2021). If the bill is approved, then under the new rules, the amount of additional tax will be 15% - 12.5% = 2.5%. Why is there a minimum corporate tax for large corporations: active opposition to aggressive tax practices; ...

Participants of the Digital Money forum, organized by the Association of Ukrainian Banks, reported that after the full launch of the electronic hryvnia in Ukraine, a decrease in the volume of money transfers through commercial banks is expected. Source:https://t.me/uafic/1983 E-hryvnia should allow such transactions without the mediation of financial institutions, which will eliminate the risk of losing funds in the event of bankruptcy of the latter. At the same time, banks will still be able to provide customers with deposit, credit and other services, including using e-hryvnia. Also, banks will be able to develop modern financial products, such as: digital wallets for e-hryvnia; customer identification services; mobile service delivery platforms; new payment methods; investment advice; custodial and brokerage services for users of virtual assets; secure smart contracts and other software products for the digital economy. Forum participants believe that the banks most adapted to the new conditions will form a new niche of financial services, including the use of e-hryvnia and virtual...

When the Agreement enters into force, there will be grounds for Ukraine to join the mentioned EU program, the main purpose of which is cooperation between the tax administrations of its member countries in the fight against tax fraud, tax evasion and aggressive tax planning. Source:https://itd.rada.gov.ua/billInfo/Bills/Card/41851 Ukraine's participation in the Program should contribute to: combating tax evasion and improving tax administration in Ukraine; supporting the development of tax policy measures and the implementation of EU legislation on taxation; stimulation of cooperation between tax authorities of Ukraine and EU countries, in particular in terms of exchange of tax information, development of institutional capacity, human competence and information and electronic...

FATF at its third ordinary plenary meeting decided to include Croatia in the "grey list", along with Cameroon and Vietnam. Countries on the "grey list" are "highly monitored jurisdictions". Croatia thus became the only EU member on this list, and the stated reason is shortcomings in the prevention of money laundering and terrorist financing. Source:https://www.fatf-gafi.org/en/publications/Fatfgeneral/Increased-monitoring-june-2023.html The FATF has its own set of standards for assessing the legitimacy of each country's money transactions. The review process is based on the threats, vulnerabilities or special risks that arise in a given jurisdiction. T. Raja Kumar, chairman of the organization, said that Croatia had committed to develop an action plan to improve compliance with the organization's recommendations, and urged the country to implement this plan "as soon as possible". The Croatian Action Plan includes, among other things, an assessment of the risks associated with the misuse of legal persons and legal mechanisms and the use of cash in the real estate sector. What could be the consequences? The legislation of most European countries obliges financial...