Сергей Панов, Author at Finance Business Service

Accepted the order for identifying the banks risk operations

Published: Sergey Panov | 29/08/2016 | blog

National Bank of Ukraine has established an order for identifying the banks risk operations From the first in September 2016 comes into force, established by the Board of the National Bank of Ukraine №369 from 15.08.2016, the order of the document analysis and verification by banks (information) on financial transactions and their participants (hereafter - the Order). In particular, the list of indicators of risk operations, as well as change some existing ones. Just would like to draw your attention that prior to the adoption of the above order, the identification of risk transactions were settled a few officials of the National Bank of Ukraine letters. This Procedure adopted in order to prevent the commission of risky activities by banks, threatening the interests of depositors or other creditors of the bank and increase the effectiveness of risk management. It should be noted that the provisions of the Order are binding on all banks in Ukraine, as well as all the branches of foreign banks in Ukraine. On the basis of the provisions of the Order, any bank is obliged to provide a comprehensive analysis and verification of documents (information) on financial...

Ireland drew US attention to changes in the agreement on double taxation

Published: Sergey Panov | 29/08/2016 | news

Department of Finance of Ireland began meeting on the changes in the tax agreement with the United States. The Department explained that the update is seen as necessary in accordance with the decision of the United States to upgrade its model tax treaty. The United States took into account the recommendations on the update within reduce their tax base and shift profits. For example, in 2016, the model does not reduce withholding taxes on payments to highly mobile income - income that taxpayers can easily shift around the globe through deductible payments such as royalties and interest rates - which are made by persons who enjoy low or no tax in respect of income in accordance with the preferential tax regime. In addition, a new article obliges the partners to the extent necessary to make changes to the contract, if the changes cause a doubt one of the partners in the domestic law. Model 2016 also includes measures to reduce the tax benefits of corporate inversions. The update also included the US regulations, which provide that disputes between countries in the application of a double taxation agreement should be resolved through binding arbitration through...

Canada attempts on free trade agreement with EU

Published: Sergey Panov | 26/08/2016 | news

On the level of precipitation about free trade agreement between Canada and EU the government of Canada claimed about envoy infliction who will speed this talks. The government claimed that the infliction on envoy has a high preoritet for signing free trade agreement. In this year, it will be Pierre Pettigrew who will release this deal during one year. Pettigrew will meet with stakeholders in the provinces and territories of Canada, as well as with senior business and government leaders of the EU member states. Pettigrew said: "The agreement between Canada and the European Union sets a new world standard for commercial transactions and positions Canada as an innovative country and the new international norms of free agreement will create economic opportunities, and I am eager to help advance the deal." In July, the European Commission formally proposed the signature and conclusion of free agreement. The Commission should receive the support of the Council of Europe and the European Parliament. Once this process is completed, the agreement will be provisionally applied. The Commission hopes that an agreement will be signed during the next Canada-EU summit to be...

The liberalization of the requirements of the NBU continues

Published: Sergey Panov | 26/08/2016 | blog

In August 2016 the Board of the National Bank of Ukraine has taken a number of decisions, which are quite important. In particular, significant changes have touched: the procedure for the exchange of currency, lending practices by non-residents and residents of the order of transfer of funds, both in national and in foreign currency to non-residents. Next, we will focus in more detail on each of the following changes. Currency exchange An important and fundamental change, published 03.08.2015, the Instruction on the organization of currency exchange operations in the territory of Ukraine is the abolition of the requirement of a resident of documents confirming identity in carrying out various operations on the exchange or conversion rates. However, I would like to clarify that the changes do not cancel, and allow banking institutions not to require proof of identity of the resident in the commission of the following operations: Sale of foreign currency in the amount not exceeding the equivalent of 150 000 (one hundred and fifty thousand) hryvnia; The purchase of foreign currency in the amount not exceeding the equivalent of 150 000 (one hundred and fifty...

Australia claims new tax code frameworks

Published: Sergey Panov | 25/08/2016 | news

Australian Tax Organization (ATO) made available a new voluntary tax transparency code (TTC) a range of principal and minimal standards for middle and big companies. The Tax Code was developed by the Board of Taxes and Duties, and must be entered ATO. Adoption of this Code is voluntary and is intended to complement existing measures of tax transparency in Australia. Within the scope of the tax code, companies are encouraged to be more transparent, especially in terms of their international tax affairs, in order to improve the public's understanding of how they comply with the tax laws of Australia. The minimum level of information required in accordance with the tax code depends on the size of the business. A "medium business" is a business with Australian Code aggregate turnover of at least 100 million Australian dollars, but less than 500 million Australian dollars. A "big business" has aggregated TTC Australian turnover of 500 million Australian dollars, or more. Companies can choose to meet the minimum standards of the Tax Code by publishing an improved disclosure of tax information in their general purpose financial statements, taxes paid reports or other...

UK changes Inheritance Tax Rules for non-doms

Published: Sergey Panov | 23/08/2016 | news

The government of GB published more detail information about proposal to change Inheritance Tax for non-doms. The changes has been claimed based on 2015 budget summer and also permit to prevent avoidance of non-doms from inheritance tax in Great Britain because of using offshore structure. According to consultative document "people, who do not live in Great Britain in present time using a big amount of advantages as against to another in IHT." Any residential property in Great Britain owned by non-dom persons immediate exists in IHT frames. Nevertheless, the government said that it is a standard practice for such persons in Great Britain to provide residential property through foreign companies or at the same way transfer money. The government are planning to output residential property in Great Britain, the operations provided through foreign structure. This payment will be used as for persons who lives not in UK and for trusts with mediators or beneficiaries who are non-domiciled. The changes will go into force 6 of April, 2017 year. The government will remove accommodation building in Great Britain owned oblique through offshore structure from current...

German bankers enter tax plea

Published: Sergey Panov | 22/08/2016 | news

The head of German Banks Association asked to government to improve tax range for banks operating in Germany. Michael Kemmer, the general manager of Germann Banks Association made announce and in his announce he asked the government to take a clear political improvement to Frankfurt as financial center, in consequence of the voting of the United Kingdom they left the EU. "We need bright signal that Frankfurt, financial center of Germany is ready take on board the services and the supplier of services from Great Britain. It will make possible to create a new jobs and economic growth," Kemmer stressed. In the tax area, Kremmer said that the government could make German banking sector more competitive by allowing banks to deduct bank levy payments from the their taxable income. All credit institutions in Germany were as objects of every-year levy balances since January 2011. The levy starts at 0.02 percent for banks with a balance between EUR300m (USD340m) and EUR10bn, and rises in stages to 0.06 percent on balances in excess of EUR300bn. "As any other European country the banking levy must be tax as operation expenses", Kemmer said. He also ask Germany...

UK: Inheritance Tax get record rate

Published: Sergey Panov | 19/08/2016 | news

The Inheritance Tax in UK get the highest rate GBP4,7bn (USD6.1bn) in 2015-16 years, according to Wilson words, client of private law firm. This tax raised on 17 percent from 2014-15 and on 91 from 2009-10, when the tax was rise the last time. From 2017 year, the government will gradually goes into force a new rate in GBP175,000. A new allowance will approved in rate at GBP100,000 in 2017-18, GBP125,000 in 2018-19, GBP150,000 in 2019-20, and GBP175,000 in 2020-21. This rate will rise according to the Consumer Price Index. It will be available as attachments to existing rate GBP325,000 of Inheritance Tax and will be lasting to 2020-21 years. Both allowance can be transfer to a spouse or partner. Wilson said that for rate in 325,000 to be agreeable to inflation from 2009, it might be increase to GBP391,000. At the present time this tax is 0,87 percent from all taxes incomes in United Kingdom, comparably with 0,57 percent in 2009-10 years. Tim Fullerlove, the partner of Wilson, commented: "This inheritance tax gradual will transfer into general tax for "middle England" and as long it last as harder will be to will be for the Treasury to let that income go. With...

UK announced exemption from the quarterly report

Published: Sergey Panov | 18/08/2016 | news

The UK government announced that unincorporated businesses with turover more than GBP10,000 (USD12,970) will not be subject to new rules which they introduce like their making tax digital. The government published six consultive documents wich have attitude to the project. Previously they confirm that to 2020 year the majority of enterprises, self-employed persons, and landlords will be required to "keep an eye on their tax affairs in digital form and to update HM Revenue and Customs (HMRC) at least once a quarter with your digital tax records." The proposal has been criticized by tax experts and a special committee of the Treasury, they have expressed concern about the amendments aimed at simplification of tax reporting. The government prove now that the reforms won't use according to uncorporative unincorporated businesses or landlords with an annual income of below GBP10,000. Unless a business has been explicitly exempted the providing og ta digital will be assumed methods wich help to manage their own taxes. Companies with income taxes, national insurance, taxes, value added tax, or corporation tax liability all come within the scope of the new...

Australian Tax Department warns about false deductions

Published: Sergey Panov | 17/08/2016 | news

The Australian Tax Organization (ATO) warns taxpayers about false deductions bounded with job and remind employee about using a new checking regime in real time deductions and about tax declarations electronically. Australian confirm that more than AUD21bn (USD16.2bn) it’s a disbursements connected with work in every year. Assistant Commissioner Graham Whyte said that ATO see mistakes when the same time sum if individual disbursements not so huge but in general amount it has bigger meaning. Whyte also explained that ATO would use efforts against tax agents who make returns more essential and advice to taxpayers that they need to be sure that their agents are registered. ATO in this year go into force checks of deductions in real time for tax returns in filed electronically. Whyte said: "If your claims essentially higher than any other in the same occupation with the same income in that case will be some notification and it need to pay attention on this and check it out." This new process only need to help you to check your own returns. Whyte recommended to taxpayers inquire according to three rules: "First, be sure that you didn't spent this money and it...

Author: Сергей Панов