Recent News

The Swiss Federal Council is concerned that the corporate tax system of the country no longer meets international standards, which is bad for its status. In connection with this, another attempt was made to improve the system, therefore a new package of reforms TP17 was designed to make the jurisdiction more attractive and competitive without damaging the state budget. We remind that in February of this year the government lost a referendum on the Corporate Tax Reform III package, which concept was in the cancellation of a number of tax benefits for the status companies in order to achieve compliance with changeful international requirements regarding unfair tax competition. After an unsuccessful attempt to revise the current system, a working group was convened to develop a new mechanism. The TP17 package was submitted to the Federal Council and approved by it in June. The reformation of the system includes the following activities: Special preferences for the companies regarding their cantonal status, under which they pay a reduced income tax or are exempt from taxation at all, will be canceled. The cantons will have to enter the "patent box" regime, according to which the...

In the night of Tuesday, September 12, the vote took place at the meeting of the House of Commons of the British Parliament, regarding the Bill of coming out of the European Union (European Union (Withdrawal) Bill), also so called the "Repeal Bill". The bill is based on the establishment of the primacy of national legislation in Britain over the European in the framework of Brexit, as well as coming out of London from the jurisdiction of the European Court. In addition, the document supposes the cancellation of the Act of the European Communities of 1972, containing the legislative base of about 12,000 provisions, which was developed before the entry of the UK into the EU. The purpose of Repeal Bill is to provide a fully functioning legal system in the country after its coming out of the European Union. The discussion of the document lasted about 13 hours. Based on the counting of votes (326 - for and 290 - against), the bill was adopted. However, for its entry into force, the approval of the House of Lords and the signature of Queen Elizabeth II are necessary. The Labour and many Conservatives are against the "law of...

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...

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...

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...

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...