Recent News

Germany is working on simplifying the acquisition of citizenship and the possibility of acquiring dual citizenship. This Wednesday (23/08/2023), the German government presented a new citizenship law. This initiative by Home Secretary Nancy Feather aims to make dual citizenship as well as naturalization easier for non-EU nationals. "We will attract the most qualified people in the world only if they can become a full part of our society with all democratic rights for the foreseeable future," emphasized Feiser. What changes are expected: Immigrants legally living in Germany will be allowed to apply for citizenship after five years instead of eight; and if they have special achievements - maybe in three Children born in Germany to at least one parent who has legally resided in the country for five years or more will automatically receive German citizenship; Immigrants over the age of 67 will be able to take an oral instead of a written exam in German; Multiple citizenships will be allowed. People living entirely on state support will not be eligible for German citizenship. German citizenship will be denied to people who have committed anti-Semitic,...

New regulation No. 01/2023 (replacing the old No. 23/2001) for Israeli taxpayers who wish to use the mutual agreement procedure in accordance with Israel's double tax treaties. What does this mean? A request to initiate a mutual agreement procedure must be filed with the ITA within 3 years from the date the taxpayer was first notified of the action that resulted in the assessment of tax not in accordance with the tax treaty; If the ITA decides to initiate a mutual consent procedure, it may require the applicant to provide guarantees for its tax payments; The ITA may agree to initiate a mutual agreement procedure also in the event of a dispute as to the applicability of anti-avoidance provisions (GAAR, in a tax treaty or in domestic law); The ITA will not conciliate disputes over the calculation of foreign tax paid, as such credit is governed by domestic...

In Singapore, MAS has completed work on a regulatory framework aimed at "ensuring a high degree of stability for the country's regulated stablecoins." The agency has defined stablecoins as digital payment tokens designed to maintain a stable value against one or more related fiat currencies. Singapore's new rules will apply to single currency stablecoins (SCS) pegged to the Singapore dollar or any G10 currency issued in the jurisdiction. After this news, local companies began to make plans to issue assets. Payments firms StraitsX and Circle Internet Singapore, as well as DCS Card Center, said they were exploring the possibility of issuing stablecoins. The first two companies are licensed by MAS to provide digital payment token services, while DCS is regulated under the Banking Act. StraitsX is considering receiving regulated status for its Singapore dollar-denominated stablecoin XSGD. The company also issues XIDR pegged to the Indonesian rupiah. Regarding the potential issue of stablecoins based on other currencies, the co-founder of the firm noted its good position as one of the leading issuers of non-dollar stablecoins. A spokesperson for Circle, which...

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...

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...