Offshore News, Tax, Corporate Law - Finance Business Service

SFS held a seminar on the topic “topical issues of tax administration”

Published: 05.09.2017 | news

Seminar in the Main Department of the SFS of Kyiv on the topic "Topical issues of tax administration" On August 10, 2017, a seminar on the topic "Topical Issues of Tax Administration" took place at the Main Department of the SFS of Kyiv (Sholudenka street, 33/19). Needless to say that "blocking" of tax invoices was in the epicenter of the discussion - the most painful issue for the taxpayers today. The event announced the introduction of changes to the Order of the Ministry of Finance of Ukraine of 13.06.2017 # 567 regarding the criteria for the risks sufficient to "block" tax invoices. It was said that these amendments have already been submitted for the registration to the Ministry of Justice of Ukraine. Unfortunately, the representatives of the institution did not inform what changes had taken place and how weighty they were. Therefore, we are waiting for the official publication and we hope that innovations will make life easier for the taxpayers in the aspect of tax administration. Problem issues that were discussed at the seminar: 1. Non-acceptance ("non-consideration") of the "technological card of the enterprise": It was clarified that the "technological card" is...

Finance Business Service company opened a merchant account in the shortest time in one of the major European processing companies, as well as complete legal support was given to the client

Published: 05.09.2017 |

The client addressed the Finance Business Service company – the company providing online educational services in the field of trading- for opening a merchant account. It is worth noting that one of the reasons for appealing was the initial refusal of the processing company when the client attempted to register the account independently. The experts of the Finance Business Service carried out a detailed analysis of the documents and information to determine the reasons for the refusal. In the process of this analysis, a number of inconsistencies with the main requirements of the processing companies was identified, presented to the clients' websites. Among these inconsistencies were: the lack of basic rules and conditions on the client's website, the privacy policy, as well as the discrepancy between the English-language and Russian-language versions of the website. The lawyers of the Finance Business Service prepared basic rules and conditions, a privacy policy considering the specificity of the client's field of activity, and also it was pointed out at the inconsistencies with the purpose of its further elimination. After carried out changes in the work of the site of the...

Ireland amended the law on investment partnerships with limited liability

Published: 04.09.2017 |

Tags:

#Ireland

On July 18, 2017, the Irish government approved the drafting of a Bill on reforming the structure of partnerships with limited liability. This innovation will be an important step in the development of the financial services sector and it will contribute to the growth of the popularity of Ireland as the preferred jurisdiction for the registration of investment funds. Recently, the Minister of Finance and Public Expenditure and Reforms of Ireland, Pascal Donoho, made a statement regarding the Investment Limited Partnership (Amendment) Bill 2017 (the ILP Bill). The purpose of the bill is to amend the Investment Limited Partnership Act 1994 (Law on Investment Partnerships with Limited Liability) used for Limited Liability Companies (LP) and Limited Partnerships Act 1907 (Law on Partnerships with Limited Liability), which is used for unregulated LP structures . The amendments proposed by the ILP bill will help in bringing both regulated and unregulated LP in the line with other fund structures, and in the case of regulated LPs, with the standards set forth in the Alternative Investment Fund Managers Directive 2011/61 / EU), as well as other international standards regarding LP....

Traders of securities will be required to provide reports on the conclusion of “suspicious” contracts

Published: 04.09.2017 |

On June 22, 2017, by the Decision No. 460 of the National Commission on Securities and the Stock Market, the changes in the Regulations on the procedure for compiling and submitting of the administrative data on the activities of traders of securities in the NCSSM (Decision No. 1283 of the National Commission on Securities and Stock Market) were made. The innovations provide for the need to give the information on the conclusion of the "suspicious" contracts by the trader of securities. We remind that a "suspicious" contract should be understood as an agreement with the securities on the exchange or over-the-counter market, which price for listing securities and securities used to calculate the stock exchange index differs from the last calculated exchange rate by 20% or more, and for non-listed securities, it differs from the last calculated closing price of the trading day by 50% or more. In accordance with this definition, a "suspicious" contract can be a contract concluded both on the exchange and over-the-counter market. However, guided by the principle of the distribution of reports, according to which the stock exchange itself reports on exchange contracts, the trader of...

Malta made changes in law regarding tax credits

Published: 04.09.2017 |

Tags:

#Malta

Since the beginning of this year, Malta has issued a number of official notices, providing for the changes in the law regarding tax credits. Thus, the Official Notice No. 140 amended the Regulations on Tax Credits for Micro Enterprises and Private Entrepreneurs (Tax Credits for Micro Enterprises and the Self-Employed Regulations). In accordance with the revised provisions, the definition of "eligible costs" now includes family enterprises in the definition fixed by the Family Business Law. Yet, a clause was added to the Regulation, according to which since 2018, the family business can be granted a tax credit for an amount not exceeding 50,000 euros. The loan must be used during any 3-year...

Changes in Anti-Laundering Legislation of the EU Member States

Published: 04.09.2017 |

On June 26, 2017, the Directive of the European Parliament and the Council of the European Union "On preventing the use of the financial system for money laundering and financing of terrorism", signed on May 20, 2015, came into force. The document is aimed not only at improving the "anti-laundering" legislation of the EU member states, but also preventing of tax evasion. The last one is planned to be achieved by increasing the level of transparency of the corporate and financial information. Each country of the European Union is obliged to bring the local legislative base in the line with the provisions of the Directive, introducing a number of changes. Among them are: toughening of requirements for the banks, as well as companies providing accounting and legal services, regarding the analysis and assessment of the risks when dealing with the clients; organization of collection and centralized storage of the information about the beneficial owners of the companies (including trusts and funds) providing the access to the competent authorities; optimization of the cooperation and simplification of information exchange between the bodies of financial intelligence of the EU member...

Government of Great Britain plans to raise taxes

Published: 01.09.2017 |

Tags:

#Taxation #United Kingdom

The British government is concerned about the state budget deficit which currently reaches 2.5% of GDP. The authorities do not exclude the option to solve the current economic situation by raising the tax rates. The Chancellor of the British Treasury Philip Hammond hinted unambiguously with his statement: "We never said that we would not raise taxes". In the near future, a program will be developed to reduce the budget deficit, according to which the policy of the state can change in the direction of increasing taxes and reducing the financing of a number of industries. According to the official, reducing expenses and obtaining new sources of replenishment of the state treasury will allow the UK to solve the existing financial problems and renew the financing of the leading sectors of the economy of the...

Undistributed profit in Latvia is exempt from CIT

Published: 01.09.2017 |

Tags:

#CIT #Dividends #Latvia #Taxation

On the 4th and 11th of July, 2017 the Cabinet of Ministers of Latvia approved a number of draft laws providing for the significant changes in the tax legislation of the country which will enter into force on January 1, 2018. The most significant of them will be the application of the CIT 0% rate for the reinvested profits. In other words, the enterprise will be subject to the corporate income tax only if it pays dividends or other payments for the purpose of actual distribution of the profits (conditionally distributed profit). Therefore since 2018, the company's profits are exempted from CIT, but it has to pay 20% of the income tax from the amount of dividends. At the same time, the shareholders will not have to pay personal income tax (PIT). Although, according to the bill, the CIT rate is 20%, and the tax base should be divided by a factor of 0.8, the effective tax rate actually equals 25%. It is notably that CIT will be applied not only to the dividends in the traditional sense, but also to the "deemed dividends", which are considered a new concept in Latvian tax legislation, and comparable with the dividends to the costs. Here it is important to note that the last ones...

The register of data on beneficiaries of Hong Kong companies will be non-public

Published: 01.09.2017 |

Tags:

#Corporate law #Hong Kong

On June 23, 2017, the official government publication of Hong Kong published a draft amendment in the Ordinance on the companies (Companies (Amendment) Bill 2017). One of the changes it covered was the introduction of a requirement for the companies registered in Hong Kong to collect, store and provide up-to-date information on their beneficiaries for the verification. This refers to the so-called "Registers of people with significant control over the companies". This innovation was adopted within the framework of the international policy on combating money laundering and financing of terrorism and it is designed to bring the corporate jurisdiction legislation in the line with the standards of the Financial Action Task Force on Money Laundering. By analogy with the definition given by the FATF, in anti-laundering legislation of Hong Kong, "significant controllers" are defined as individuals and legal entities that: directly or indirectly own more than 25% of the company's shares; directly or indirectly have more than 25% of the voting rights of the company; directly or indirectly have the right to appoint or remove the majority of the members of the company's board of...

The cabinet approved the list of organizational and legal forms of non-residents who do not pay corporate tax

Published: 01.09.2017 |

We remind you that since January 1, 2017, the amendments to the Article 39 of the Tax Code of Ukraine, which describes the transfer pricing, came into effect. They provided for the expansion of the list of non-residents, with whom the transactions will be controlled. So, according to the pp. "d" cl. 39.2.1.1 TCU the operations are recognized as controlling if they are performed with non-residents who do not pay income tax, including income earned outside the state of their registration, and / or are not tax residents of the country in which they are registered as legal entities. In order to administer this norm, the Cabinet of Ministers of Ukraine approved the list of organizational and legal forms of such non-residents in the context of jurisdictions with the Decree dated 04.07.2017 No.480. Most of the list is partnerships, among which are popular partnerships in Germany, the Netherlands, Switzerland, the United Kingdom and the United States. The main criterion for assigning a business transaction with a non-resident counterparty to the controlled ones is the nonpayment of the corporate tax by the last one in the state of registration. Therefore, if this tax is paid by him in...

Recent News