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Hong Kong, free trade negotiations with Georgia and the Maldives

Published: 11.05.2016 |

Tags:

#Georgia #Hong Kong

The government announced that in Hong Kong in the near future there will be an agreement on free trade after negotiations with Georgia and the Maldives. The government also prepared a document for consultation to interested parties could submit proposals for the areas to be covered in the two agreements. "Georgia and the Maldives is the emerging markets with the potential for further growth. The conclusion of free trade agreements with these two countries is of strategic importance for Hong Kong. These agreements after their signing will enhance Hong Kong's trade network in their respective regions, including Eurasia" the spokesman said. "In order to minimize the risk of marginalization, it is important for Hong Kong to participate in the negotiation of free trade agreements. The negotiations with the mainland of China which is our largest trading partner, accounting for about 50 percent of the total trade, have a special importance for maintaining Hong Kong's position as a major trade and logistics center, "he added. The provisions of the two new free-trade agreements will include the elimination or reduction of tariffs; the liberalization of non-tariff barriers;...

The Ministry of Finance has improved the procedure of registration of VAT payers

Published: 10.05.2016 | Без категории

Tags:

#Taxation #VAT

Ministry of Finance in his order of March 18, 2016 № 373 made new changes to the Regulations on registration of payers of value added tax approved by order of the Ministry of Finance of Ukraine from 11.14.2014, № 1130 (hereinafter - Regulation number 1130) that is simplified registration procedure for the future VAT payers. It has been established that if individual wants to register itself as a VAT payer then at first it must change the tax system taking into account the provisions of Article 293 of the Tax Code which sets tax rates for payers of the third group of the single tax providing for the payment of value added tax and do not provide the payment of the single tax. So now a VAT payer may indicate a new statement to the supervisory authority desired date of registration which was listed in the previous unaccepted application if eliminated all the shortcomings provided by the Regulation number 1130. In this case, a new application must be submitted no later than 3 working days before the beginning of the tax period when the such person shall be considered as a VAT payer. If a registration application to the supervisory authority is filed in electronic form, then to...

Another mitigating of the exchange restrictions on the monetary and foreign exchange markets of Ukraine by the National Bank

Published: 10.05.2016 |

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#Investments #NBU

National Bank of Ukraine mitigates previously established restrictions on certain foreign exchange transactions on May 11, 2016. Thus, in the decision NBU number 308 of May 5, 2016 "On amendments to some legal acts of the National Bank of Ukraine" (hereinafter - the "Decree № 308"), it is assumed that now the company does not need to sell in foreign currency received for foreign investment in Ukraine. So this operation does not apply to the requirement for compulsory sale of funds in foreign currency at a rate of 75 percent as it was before. This rule will be in effect until June 8, 2016. Also the Decree number 308 reduced time for operations to reserve funds authorized banks in the national currency and for the transfer of funds in national currency on correspondent accounts of foreign banks from four to three business days. So now inclusive of the June 8, 2016 the National Bank of Ukraine will confirm the information within 3 days that the competent authorized banks in foreign exchange transactions will make the register. Besides this lifted the ban on the purchase of foreign currency funds for the products that had been imported to Ukraine before January 01, 2015,...

Panama agreed to adopt international standards of tax reporting

Published: 05.05.2016 |

Tags:

#Panama #Tax reporting

After the European powers threatened to make a raid on tax havens, Panama agreed to join the global standards of tax reporting. Secretary of the Organization for Economic Cooperation and Development, Angel Gurria, said that Panama agrees to comply with international standards, in spite of the differences which have arisen in the press, which emphasized Panama's refusal to cooperate in international efforts to curb tax evasion. "We have just received information that a few minutes ago Panama gave publicity that they will join the common accounting standards," he said at a press conference during the spring meetings of the International Monetary Fund and the World Bank in Washington Gurria. "If this is so, then it's really good news, and we welcome this step. It is the silver lining of this incident" said Gurria. Adherence to the common accounting standards will come into force next year. "Panama's path to financial transparency is irreversible," said the Vice-President and Minister of Foreign Affairs of Panama Isabel de Saint Malo. "To this end we willingly and actively support the diplomatic dialogue and internal reforms to address this global problem." ...

The fight against tax evasion in Poland

Published: 04.05.2016 |

Tags:

#Poland #Taxation #VAT

The new amendment to the tax legislation, which introduced anti-avoidance applies to all types of taxes (excluding value added tax (VAT), which offers other provisions in order to prevent evasion of VAT). It prevents the taxpayer to obtain a tax benefit as a result of artificial transactions. According to a draft legal transactions aimed at obtaining tax benefits, contrary to tax legislation should not result in a tax benefit. The transaction is considered to be artificial if it is carried out by a taxpayer whose objectives are contrary to tax legislation. However, taxpayers have the right to use "fixing the opinion" to the Minister of Finance, which includes a description of the planned transactions and their economic objective in use. The Minister shall consider the application and decide whether the described transaction designed to evade tax. The main objective of this innovation - is a multinational company which minimize their tax liability in Poland, through the application of measures of tax evasion. Therefore, the Polish Government proposes duly documented business solutions and plan business considering the new amendments. Author: Sergey Panovmanaging partner...

Free Trade Agreement, EFTA – Philippines

Published: 29.04.2016 |

Tags:

#Iceland #Liechtenstein #Switzerland

Representatives of the European Free Trade Association (EFTA) - Iceland, Liechtenstein, Norway and Switzerland - and the Philippines signed a free trade agreement. The agreement was signed April 28, 2016 in the Swiss capital city of Bern. This agreement is based on a joint declaration on cooperation signed between EFTA and the Philippines in June 2014 in Iceland. And the negotiations on a free trade agreement began in March 2015. The agreement is comprehensive, covering: trade in goods, including industrial and agricultural, fish and other marine products; rules of origin; trade facilitation; sanitary and phytosanitary measures; technical barriers to trade; trade in services; investments; competition; protection of intellectual property rights; government procurement and sustainable development. According to the European Association of Free Trade, foreign trade in goods between the EFTA and the Philippines and increased by an average rate of 11 percent between 2005 and 2015. In 2015, total merchandise trade between EFTA and the Philippines was estimated at $ 863 million, with exports to the EFTA Philippines in the amount of $ 407 million, and exports from the Philippines -...

IT law conference of the Lawyers Association of Ukraine

Published: 28.04.2016 | news

The first conference on IT law in Ukraine was held on 8 April, 2016 which was attended by lawyers of our company. This unique event was devoted to the legal aspects of the activities of IT companies, as well as the various issues faced by the business. Leading experts of these sectors act as rapporteurs - lawyers who lead the practice in IT, as well as managers and heads of IT companies. Also at the conference attended by representatives of Ukrainian and foreign companies that are interested in the development of the segment of information technology. Such issues were discussed during the conference: Structuring of the business of information technology in Ukraine and in the world Electronic money, cryptocurrency Actions before, during and after the rummage? Contracts with customers IT and fiscal policy Solutions for domain disputes Author: Sergey Panovmanaging partner Finance Business...

Exchange corporate tax return in Europe

Published: 28.04.2016 |

Tags:

#EU #Exchange of tax information

The Committee on Economic and Monetary Affairs of the European Parliament voted in favor of the proposal for automatic exchange of country-by-country reports. MEPs approved a report on the proposal by 45 votes, with 11 abstentions. Dariusz Rosati, who prepared the report, said that the initiative is "an important step in the fight against harmful tax practices within the EU. This should increase transparency and reduce harmful tax competition." Under the proposal, multinational companies with total consolidated revenues of EUR 750 million or more will need to submit statements of EU countries. This rule will apply to all countries with which the company operates. The report stresses that the Commission should have full access to the information exchanged between the tax authorities of the countries to give the opportunity to assess whether they practice in accordance with the rules of state aid. This is especially important for small and medium-sized companies who work in one country only, as they "usually pay an effective tax rate which is much closer to the official rates than multinational firms." The Commission also added that "the domestic companies do not have to face...

Norway simplify VAT registration for non-residents

Published: 27.04.2016 | Без категории

Tags:

#Norway #VAT

Foreign companies in Norway will be able to choose to register or not to register for VAT through a representative in accordance with the amendments to the Law on VAT proposed by the Government. In a statement, the government said the proposed changes are designed to simplify the process of VAT registration and therefore reduce administrative costs for non-resident companies which carry out taxable supplies in Norway. As well as the use of a local representative is required for registration. Under the current VAT rules companies that do not have a permanent establishment in Norway but making taxable supplies worth more than $ 5,400 per year must register for VAT. However, the government intends to abolish this requirement and instead to allow non-resident companies to choose whether they want to register a VAT through a local representative. The new rules will apply to companies established in the European Union area. The Government has yet to decide when they introduced the proposed changes. Author: Sergey Panovmanaging partner Finance Business...

Gramegna confirmed corporate tax cut in Luxembourg

Published: 26.04.2016 |

Tags:

#Luxembourg #Taxation

Luxembourg's finance minister Pierre Gramegna confirmed that the government will gradually cut the corporate tax rate but the proposed changes to the restrictions on loss carry rules. Gramegna said that corporate tax will be reduced from the current rate of 21 percent to 19 percent in 2017 and further decline to 18 percent by 2018. Luxembourg's finance minister Pierre Gramegna confirmed that the government will gradually cut the corporate tax rate but the proposed changes to the restrictions on loss carry rules. Gramegna said that corporate tax will be reduced from the current rate of 21 percent to 19 percent in 2017 and further decline to 18 percent by 2018. In addition, the corporate tax rate for annual income of small businesses which do not exceed $ 28,000, will be reduced to 15 percent. Also Gramegna announced the adjustment of the proposed restrictions on transfer in front of past losses of the company. Initial proposals would allow loss carry forward for 10 years and used to compensate for a maximum of 80 percent of the profits. However, Gramegna informed Parliament that the losses will be "more strictly controlled" in 2017. And under the current rules the losses can...

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