Jurisdictions news

10.01.2012 Capital of Russian banks must increase double in size
From 1 January 2012 the new minimum capital requirements for Russian banks came into effect.

29.12.2011 Parex banka has refused the license of the credit institution
Latvian Parex bank was founded in 1992. Today it is among the banks that used and continue to use governmental support because of 2008 and 2011 economic crises.

28.12.2011 Russia plans to introduce differential tax regimes
Recently the President of the Russian Federation Dmitry Medvedev declared about the practicability of differential tax regimes on the territory of all subjects of Russia.

27.12.2011 France accepts the austerity measures of the budget
In 2012 France plans to cut state budget deficit. The mechanisms of this reduction are based on strengthening the control over public spending and tax breaks cutting.

26.12.2011 Japan and China reached the agreement on the use of national currencies
25 December 2011 during the official meeting in Beijing Japan and China agreed to use national currencies instead of U.S. dollars in transactions between the companies of these jurisdictions. Such an agreement was reached between the countries due to the ongoing economic crisis that have already had global scales.

23.12.2011 Uruguay became the "white" jurisdiction in the OECD lists
The Organization of Economic Cooperation and Development (OECD) is an international economic organization of developed countries, carrying out extensive analytical work, it makes recommendations for member states.

22.12.2011 Lithuania has introduced new taxes
21 December 2011 Lithuanian Sejm introduced a new tax on luxury. The object of taxation is real estate valued at more than 1 mln. lit.

21.12.2011 The EU states will provide 150 bln. euro to the euro zone
19 December 2011 the eurozone member states concluded an agreement on the allocation to the International Monetary Fund (IMF) 150 bln. to assist the countries of the zone affected by the crisis.

20.12.2011 Liechtenstein joined the Schengen zone
From 19 December 2011 the effect of the Schengen Agreement will apply to the Principality of Liechtenstein.

19.12.2011 Ukraine decriminalized the crimes in the sphere of economic activity
17 December 2011 the Law № 4025-VI "On Amendments to Certain Legislative Acts of Ukraine concerning the humanization of responsibility for violations in the sphere of economic activity" ("Voice of Ukraine", No. 239) was published in Ukraine.

16.12.2011 Norway has a shortage of in butter
At the moment Norway that is one of the prosperous Scandinavian countries with high level of economy has a big problem with selling such an ordinary product as butter.

15.12.2011 The EU expects Russia to hold new the State Duma elections
Yesterday at the plenary session of the European Parliament it was said that the recent 4th December 2011 Russian parliamentary elections had a huge number of different disorders.

15.12.2011 A plan to cancel visas for Russia has been drafted
The EU agreed to discuss with Russia the plan to abolish visa regime.

14.12.2011 Facebook ends its work
Recently the founder of Facebook Mark Zuckerberg has announced the decommissioning of the project.

13.12.2011 BVI continues to hold strong positions
Financial Stability Board has recently made a statement that the British Virgin Islands at the moment is a jurisdiction which fully meets international standards for cooperation and exchange of information between countries.

12.12.2011 A new tax can appear in Austria
During the plenary session of the National Council of Austria, issues of taxation were covered.

09.12.2011 The EU will launch a new mechanism of financial stability
In 2011 a lot of meetings of EU member states on the issues of crisis overcoming were held.

08.12.2011 Russia will have a new specialized court
In 2012 – 2013 the court system of Russia will be changed.

07.12.2011 Greek parliament introduces austerity regime
Recently the Greek Parliament has approved the state budget draft for 2012.

06.12.2011 Italy strengthens the internal politics
Recently Italy has strengthened its internal fiscal policies because of the crisis. The EU fully supported such step taken by the Italian Parliament on the 4th of December 2011.