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As the press service of the NBU reported, in accordance with the Law of Ukraine "On Protection of the Interests of Subjects of Submission of Reports and Other Documents During the Period of Martial Law or State of War", the NBU extended the period of non-application of influence measures for untimely submission of financial statements and consolidated financial statements by non-banking institutions for 2023. Source:https://bank.gov.ua/ua/news/all/natsionalniy-bank-ne-zastosovuvatime-do-nebankivskih-ustanov-zahodiv-vplivu-za-porushennya-strokiv-podannya-finansovoyi-zvitnosti-u-2023-rotsi This also applies to the rules regarding the deadlines for submitting consolidated financial statements in 2023 due to the gradual implementation by insurers of IFRS 17 "Insurance Contracts". After all, from January 1, 2023, International Financial Reporting Standard 17 "Insurance Contracts" is mandatory for use in the insurance market. "In the conditions of martial law, the financial and time resources of insurers, necessary for the development and implementation of new procedures, IT solutions, processes for the purpose of implementing IFRS 17 "Insurance Contracts", are limited. Most of...

The innovation under the rules for the payment of corporate tax in Singapore will not spread. However, it always arouses close interest from the business community. The Singapore Revenue Authority (IRAS) carefully considers all changes in an effort to minimize potential harm, and therefore they almost never pose a threat to stability and security. This is confirmed by the new guidance on filing corporate income tax returns. Which areas of domestic tax policy in Singapore are covered by the updated guidance: submission of corporate income tax returns; rules and recommendations for preparing a tax report; declaration status; the subtleties of the interpretation of the current tax code in Singapore In general, there were no global changes, but a certain "work on the bugs" was done. Clarifications on the submission of the declaration: updated regulations through the IRAS web portal; clarification regarding the declaration (C-S, light C-S, C); the need to file a declaration for 2023 (fiscal year 2022). Explanations on the specifics of preparing a declaration/tax report: qualification of income subject to taxation; ...

On May 12, the press service of the State Tax Service of Ukraine published a reminder on the taxation of income of resident individuals received from sources outside Ukraine. Source:https://tax.gov.ua/media-tsentr/novini/676493.html What should you pay attention to? Individuals with permanent residence on the territory of Ukraine have the right to carry out foreign economic activity if they are registered as entrepreneurs. The principles of currency regulation provide for the right of resident individuals and legal entities to conclude agreements with residents and (or) non-residents and fulfill obligations associated with these agreements in national currency or foreign currency, including opening accounts in financial institutions of other countries. Residents, subject to the restrictions determined by Law No. 2473 and other laws of Ukraine, have the right to open accounts with foreign financial institutions and carry out currency transactions through such accounts. Settlements on foreign economic transactions are made exclusively through bank accounts, funds from a non-resident on the operations of a resident on the export of goods are subject to crediting to a...

On July 25, Cyprus will join the Schengen Information System (SIS). SIS is an information exchange system for security and border control. It contains more than 90 million files on wanted persons, missing persons or illegal migrants. In September, the final check of the country for compliance with the criteria necessary for joining the Schengen area should begin. Why is it important? One of the positive aspects is that after joining the Schengen area, holders of a residence permit in Cyprus (including holders of "golden visas") will be entitled to visa-free travel to 27 European countries. Cyprus has been a member of the European Union since 2004, and at the same time assumed obligations to join the Schengen area. In 2014, the Republic allowed holders of a Schengen visa of category C to enter the island, but even neighboring European countries cannot provide a visa-free regime, since Cyprus is still a candidate, not a member. In order for a country to be accepted into the Schengen area, it must meet the following criteria: Protection of personal information The interaction of the Cypriot police with the police departments of the Schengen countries ...

Singaporean banks will be able to exchange information on potentially risky clients next year. The move aims to curb illicit flows amid the city-state's growing role as a key financial and wealth hub. Source:https://www.bloomberg.com/news/articles/2023-05-09/singapore-to-allow-banks-share-client-data-to-fight-crime?srnd=premium-middle-east On Tuesday, Parliament passed a bill that paves the way for the Monetary Authority of Singapore to establish and maintain a secure digital information exchange system. The platform, called Cosmic, aims to make it easier for financial institutions to detect and stop activities in areas such as fraud, money laundering and terrorist financing. The system will be introduced in the second half of next year in six banks. DBS Group Holdings Ltd., Oversea-Chinese Banking Corp., United Overseas Bank Ltd., Standard Chartered Plc, Citigroup Inc. and HSBC Holdings Plc will be the first group to gain access to Cosmic. Currently, financial firms are prohibited from sharing customer information, and are mostly able to do so following police investigations and court orders. "A clean and sound financial sector is the foundation upon which...

From May 1, 2023, the Ukrainian WayForPay service could not accept payments, because the NBU did not issue a new license to FC WAY FOR PAY LLC, which owns the service. Source:https://finclub.net/ua/news/wayforpay-vidnovliuie-robotu-cherez-poserednyka.html The founder and CEO of WayForPay Gennadiy Vasyukov said that the system resumes accepting payments through third-party services. According to him, the company does not know what exactly is the problem with the license. The NBU extended the licenses of 21 companies, the remaining 126 are awaiting a decision. WayForPay is still undergoing relicensing by the NBU. The term of the license is still unknown, but there was no refusal from the regulator. In order to receive payments, current customers were offered to temporarily connect LiqPay or the Raiffeisen Bank service. This will enable you to accept payments via WayForPay; view payment statistics in the office; returns, holds, write-offs will also be available. Technical support of the service promised to help connect to an...

The Montana Senate passed a law to protect cryptomining from discrimination. Source:https://incrypted.com/montana-prinyala-zakon-o-zashite-kripto-majnerov/ Project 37-13 is designed to protect domestic mining and enterprises. It prohibits operators from introducing "discriminatory utility tariffs." And mining companies are protected from taxation on mined cryptocurrency. Supporters of the bill believe that the mining business is good for the state's economy. Mining creates new jobs and brings income to the budget. Of course, there were those who opposed the adoption of the law. Traditionally, their arguments have been that mining is bad for the environment and consumes too much energy. Despite the debate, the bill passed first the state House of Representatives and then the Senate. It was signed by Montana Governor Greg Gianforte on May 2. The law was authored by Dennis Porter and the Satoshi Action Fund. In general, Montana has become a popular region for cryptocurrency mining. Two factors coincided here — low electricity tariffs and favorable climatic conditions for equipment operation. It is important that the state approves the development of the crypto...

The Verkhovna Rada adopted in the first reading draft law No. 8137 aimed at improving the procedures for the administration of taxation of controlled foreign companies (CFCs). The explanatory note to the bill states that it aims to make the administrative procedures for disclosure of information about controlled foreign companies simpler and more sophisticated, which will ultimately ensure a better balance between public and private interests. What is interesting? Notification of KIK Fines for failure to submit CIC notifications for the period from January 1, 2022 to the date of entry into force of the draft law shall not be applied. The fine for failure to submit a notice of CIC was reduced from 300 to 50 minimums (from 802 to 134 thousand). Please note that a fine has been introduced for late submission of the notification. For each day of delay, you will have to pay 1 minimum (2,684 UAH in 2023), but the maximum fine is no more than 25 minimums. That is, if the notification is overdue by 100 days, the fine will be a maximum of 25 minimum - UAH 67,100. The acquisition of ownership and/or control over KIK must be reported within 60 calendar days. Previously, there was no...

The Executive Board of the World Bank has approved Ajay Banga as President. Interestingly, this is the former CEO of Mastercard. He was Chairman Emeritus of the International Chamber of Commerce, serving as Acting Chairman for 2020-2022, and co-founded the Cyber Readiness Institute and served as Vice Chairman of the Economic Club of New York. Source:https://finbalance.com.ua/news/novim-hlavoyu-svitovoho-banku-stav-eks-kerivnik-mastercard "I sincerely congratulate Ajay Banga on his election as the president of the World Bank. Ajay Banga will bring to this important position the necessary leadership and management skills, experience of living and working in emerging markets, as well as knowledge in the financial sphere," said the head of the US Treasury Department. She also added that Ajay Banga is leading the World Bank at a critical moment in its existence: "Ajay understands that the challenges we face - from tackling climate change, pandemics and fragility, to eradicating extreme poverty and promoting shared prosperity - are deeply interconnected." The candidacy for the position of the head of the World Bank is proposed by the President of the United States, and...