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JPMorgan has expanded its project to introduce blockchain technology into traditional banking services and began to conduct payments in euros for corporate clients in the digital currency JPM Coin. Source:https://www.bloomberg.com/news/articles/2023-06-23/jpmorgan-jpm-switches-on-jpm-coin-payments-system-in-euros#xj4y7vzkg JPM Coin was launched in 2019 to transfer dollars. The digital currency has now begun supporting euro transactions, Basak Toprak, head of Europe, the Middle East and Africa at JPMorgan Coin Systems, said. The German company Siemens has already made the first payment in euros on the bank's platform. The system allows the bank's corporate clients to transfer funds between different JPMorgan accounts around the world or make payments to other clients using the blockchain. Transactions in JPM Coin are carried out around the clock and are faster than regular payments. The stablecoin is part of the Onyx blockchain-based platform. It was launched in 2020 to improve the quality of bulk transfers. As of April 2023, with the help of Onyx, the bank has issued short-term loans in the amount of about $700 billion. Note that in June 2023, JPMorgan entered into...

Presidential Resolution 7300, which was recently announced, extends the deadline for applying for a tax amnesty for outstanding government receivables. Reported by the Turkish Tax Authority (TRA). Source:https://internationalwealth.info/offshore-tax/turcija-objavila-o-prodlenii-sroka-priema-zajavok-na-nalogovuju-amnistiju/ According to Law No. 7440 of March 9, 2023, Turkey has a tax amnesty regime for persons with tax arrears. Initially, applications for participation were accepted until May 31 of the current year. However, the Turkish authorities decided to meet the needs of private business representatives and extend the deadlines: acceptance of applications - until June 30 inclusive; payment of the first installment - until July 31 inclusive. The new tax amnesty program regulated by Law No. 7440 covers the following government fees and requirements: taxes; insurance premiums; customs duties; administrative fines. As part of the tax amnesty, taxpayers have access to: restructuring of outstanding tax and payables to the state; settlement of current tax disputes; voluntary increase in the tax base in exchange for a ban...

The Verkhovna Rada reported that from July 1, no changes will be made to the tax policy. What does it mean? "single tax 2%" will not be canceled; will not cancel tax benefits for the 1st and 2nd groups; will not resume documentary checks; will not return penalties for violation of the use of cash registers. Tax refund is one of Ukraine's obligations under the memorandum with the IMF, but it is still unknown when exactly they will become "pre-war"...

The Spanish State Tax Agency published Order HFP/523/2023 dated May 22, 2023, approving the forms of declarations for corporate and income tax from non-residents for 2022. Source: Document HFP/523/2023 regulates the filing of tax returns for the last year by permanent establishments and organizations registered abroad but operating in Spain. It describes the conditions and procedure for submitting documents in electronic form. Order HFP/523/2023 comes into force on 1 July. In addition, the order includes samples of: forms provided for the provision of information on certain corrections and deductions in the profit and loss account in an amount not exceeding 50,000 euros; an annual report on the work performed, projects and studies that are subject to social security bonuses; reserve for investment in the Canary Islands. The Order contains the following forms (modelos) of tax returns: Form 200 - Declaration of corporate and income tax from non-residents, permanent establishments and organizations established abroad, but operating in Spain; Form 206 - Declaration of payment or refund of income tax from a non-resident; Form 220 -...

Swift has partnered with more than a dozen financial institutions and market infrastructures to test the use of its messaging network as a means of transferring tokenized value across a range of public and private blockchain networks. Source:https://t.me/uafic/1940 The initiative arose after last year's proof-of-concept with Chainlink for the development of a Cross-Chain Interoperability Protocol (CCIP) that would connect Swift to multiple blockchain networks. Tom Zschach, Swift's Chief Innovation Officer, said that there is unlikely to be one dominant blockchain network: "We expect many different platforms to emerge, each of which will serve different customer segments with their own individual capabilities and requirements," he said. - In such a highly fragmented ecosystem, it simply does not make sense for financial institutions to connect to each platform separately. That's why the community is working with Swift to create an interoperability model that will provide access to different platforms on a global scale." As part of the new experiments, Swift will collaborate on a number of potential implementations with Australia and New Zealand Banking Group, BNP...

The UAE announced the introduction of its first corporate tax last year. Previously, there was no such tax in the UAE, and therefore Dubai and Abu Dhabi were attractive destinations for international companies. Instead, the UAE relied on VAT as well as commissions paid by companies. The tax was introduced as the UAE, like other Gulf countries, seeks to reduce its dependence on oil and gas. Corporations and businesses in the UAE pay a new tax every year starting June 1. What rates? 0% of taxable income up to AED 375,000 (approx. USD 100,000); 9% on taxable income above AED 375,000. The UAE introduced an income tax after consultations with the OECD, the project itself aimed at reducing tax evasion. The tax will apply to all companies registered in the UAE, as well as to banking operations, foreign entities and individuals doing business in the UAE "in the ordinary course" and businesses in the UAE's "free...

The main difference from its neighbors in the region and from similar programs in the world is that in Uruguay there are no minimum income requirements for a nomad. All that is required is not to be a citizen of Uruguay, not to have a criminal record, to work in a foreign company or to be a freelancer. Workers in the technology industry will be completely exempt from paying taxes. The only catch is that the form fee, which is only $11, cannot be paid from a foreign bank account. In other words, you will most likely have to travel to Uruguay before applying. A visa is given for six months, but it can be extended for another 6 months, and after that you can already get a residence permit to stay in the...

The National Bank of Ukraine, in accordance with the requirements of the Law "On Currency and Foreign Exchange Transactions", has worked out the procedure for the exchange of information by authorized institutions on the hryvnia accounts of their clients or users who are non-residents. Source:https://finclub.net/ua/news/nbu-vdoskonaliuie-systemu-valiutnoho-nahliadu-za-operatsiiamy-nerezydentiv-u-hryvni.html To do this, an automated information system "Register of Non-Resident Accounts" was introduced on the Hyperledger fabric blockchain platform. According to the law on currency, a transfer of funds in hryvnia with the participation of a non-resident is a currency operation subject to currency supervision. If information about the residence of the recipient is not available, the authorized institution serving the payer cannot clearly identify whether such a transaction is a currency transaction or not. This leads to the risk that this institution will not perform the functions of an agent of foreign exchange supervision. The functioning of the Register is necessary to minimize the above risks and improve the conditions for conducting currency supervision by authorized...

Next month, HSBC plans to change the brand of the UK branch of SVB (Silicon Valley Bank) to HSBC Innovation Banking, Sky News reports. This follows the private purchase of SVB UK by HSBC in March, an agreement facilitated by the British government and the Bank of England, aimed at protecting deposits without the help of taxpayers. Source:https://ffnews.com/newsarticle/hsbc-to-rebrand-uk-division-of-silicon-valley-bank-as-hsbc-innovation-banking/ SVB Financial Group, a lender focusing on startups, has earned the unfortunate title of the biggest bank to collapse since the 2008 financial crisis. Its sharp drop in March rattled global markets, leaving billions of dollars of corporate and investor funds in suspension. Silicon Valley Bank then filed for bankruptcy after it was shut down by regulators in California, who subsequently appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. An agreement was then reached for the regional lender to acquire First Citizens BancShares Bank Silicon Valley...