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    Recent News

    Amendments to the polish law on gambling entered into force

    Published:   06.09.2017 |
    Tags:
    #Poland

    The amendments to the Polish Law on Gambling, adopted on November 19, 2009, entered into force in two parts in April and July, 2017. The changes imply new obligations for Internet providers and payment service operators with respect to online betting. According to the Amendments, as of April 1, 2017, the Ministry of Finance of Poland is obliged to create a special register of prohibited Internet domains, which includes the domains used for the unauthorized organization of gambling in the country. The register is available following this link: https://hazard.mf.gov.pl/ In accordance with the changes, since July 1, 2017, Internet service providers are required to block access to the websites using the domain names entered in the registry of prohibited domains. The Internet providers have to remove the domain names of unlicensed operators from IT systems within 48 hours after the appearance of the domain name in the registry. The amendments to the law also prohibit the operators of the payment systems to provide the services on the websites that use "prohibited" domains. In the case of providing payment services on such sites, the suppliers are obliged to cease the cooperation with...

    The “blocking” criteria and conditions for submitting documents to the SFS have undergone changes

    Published:   05.09.2017 |
    Tags:
    #Tax disputes

    On July 21, 2017, the Ministry of Finance of Ukraine approved changes to the Criteria for assessing the degree of risks that is sufficient to stop the registration of a tax invoice / adjustment calculation in the Unified Register of Tax Invoices. The innovations will come into force at once after the official publication of the Order of the MFU No. 654 by which they are stipulated. The changes mainly concerned the subparagraph 1 of the paragraph 6 of the Criteria, which will introduce the following: "The volume of delivery of goods / services specified in the tax invoice / adjustment calculations submitted for the registration in the Register is 1.5 times greater than the amount that equals to the remainder of the difference of the volume of the acquisition in the customs territory of Ukraine of such goods / services (except for the volume of purchase of goods / services on the operations exempted from taxation and subject to taxation at zero rate) and / or import of such goods into the customs territory of Ukraine specified since January 1, 2017 in the received tax invoices / adjustment calculations, registered in the Register and customs declarations and the volume of...

    NBU simplified the conditions for banks to purchase eurobonds

    Published:   05.09.2017 |

    On August 8, 2017 in order to improve the licensing regime of foreign exchange operations the National Bank of Ukraine adopted the Resolution # 77 "On the amendments in the Instruction on the procedure for issuing individual licenses for investing abroad." By this decision, the NBU has simplified the conditions of purchase of debt securities (Eurobonds) by the banks issued abroad to finance the credit granted by non-residents. We remind that earlier carrying out such operations assumed the receipt of the individual license by the bank. Since the date the amendments came into force, that is on the 10th of August, the acquisition of Eurobonds is possible within the framework of a general license to conduct foreign exchange transactions in the area of ​​raising and placement of foreign currency on the international markets. It is expected that innovation will enhance the effectiveness of liquidity management of the banks and will not lead to negative consequences for the currency...

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

    Published:   05.09.2017 |

    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 | news

    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...