Сергей Панов, Author at Finance Business Service

Suspension of tax increases in Japan

Published: Sergey Panov | 07/06/2016 | news

Moody’s said that the prime minister of Japane was delay raising of consumption tax rate. Eight percent of rate in Japane programmed special for incrising to 10 percent in October 2015. Also Moody’s said that In a statement, Moody's commented that "the combined move is credit negative as it raises further questions over the Government's ability and willingness to meet its stated fiscal consolidation goals. By delaying the tax hike, we estimate the administration will forego additional revenues worth around one percent of gross domestic product per year. The stimulus will constitute a further unknown cost." In Flitch Ratings also reported to have expressed some concern over the delay to the tax rate increase, as it could erode confidence in the Government's dedication to its fiscal consolidation targets. On the other hand, in an interview with CNBC, Kim Eng Tan, Senior Director of Sovereign Ratings at S&P Global Ratings, was more understanding of Abe's decision to postpone the tax rate increase. He said it "doesn't spell the end of efforts by the Government at fiscal consolidation," as the hike will still occur when Japanese economic conditions have...

General information about the global standard automatic exchange of information on accounts (AEOI & CRS)

Published: Sergey Panov | 06/06/2016 | news

What is the Global standard of automatic exchange of information about financial accounts (AEOI & CRS) (hereinafter - the "Global standard")? The global standard of automatic exchange of information on financial accounts (original title in English - Global Standard for Automatic Exchange of Financial Account Information in Tax Matters and Common Reporting Standard) is an international political initiative of the G20 member countries and countries participating in the Organization of Economic Cooperation and development (OECD / OECD), aimed at joint international fight against tax evasion and the illegal concealment of undeclared income in foreign financial institutions. How the requirements of Global standard implemented in real life? The OECD has developed and published the fundamentals and practical tools implementation of the Global standard, which were endorsed by the member countries of G20 at summit in September 2014. International obligations of countries participating in the global standard, in the vast majority are fixed in the form of accession to the Convention on mutual administrative assistance in the tax area on 25.01.1988 and by the signing and...

Changes in order payment of dividends by joint stock companies

Published: Sergey Panov | 03/06/2016 | news

May 27, 2016 came into force The order payment of dividends by joint stock company, which is approved by the National Commission on securities and stock market from 12.04.2016 number 391. In particular, on the relevant general meeting of shareholders is defined by a specific method of payment of dividends concerning the entire issue of shares - through the depository system of Ukraine or directly to shareholders. Implementation of dividend payments by joint stock company is going through the payment of the entire amount in full or in part, certainly if it is provided by the general meeting of shareholders or the supervisory board of the company. At the same time, in the case of decision-making by the joint stock company to pay dividends to shares, the payment could made proportionally and simultaneously to all persons who are entitled to receive dividends. Regarding the payment of dividends directly to shareholders. Payment of dividends to shareholders who are entitled, namely the transfer of the amounts of funds to all shareholders shall be effected by the transfer of funds to the shareholders during the relevant time and date that does not exceed six...

In Ukraine abolished the order of registration of public investment

Published: Sergey Panov | 03/06/2016 | news

31.05.2016 Supreme Rada of Ukraine approved at the plenary session a draft law number 2763 "On amendments to certain Legislative Acts of Ukraine concerning the abolition of mandatory state registration of foreign investments." The main purpose of this draft law is the maximum simplification of the investments order that are extremely important for entering to the Ukrainian market foreign investments. Obligation of such registration additionally made the barriers for doing business in Ukraine. The document is aimed before all at improving the promotion of foreign investments in Ukraine economy by simplifying the procedure of their involvement, including the introduction of application principle of state registration, that is supplying only appropriate forms and timing of statistical reporting of foreign investments which already done. However, achieving this goal is only possible through the abolition of the relevant articles regarding mandatory state registration of investments, including foreign ones. In this way, we can conclude that a draft law number 2763 will allow to attract foreign investments through the elimination of pre-registration, which will...

Real Estate Market Predictions for 2016

Published: Sergey Panov | 02/06/2016 | blog

"Forewarned is forearmed". This statement is suitable for majority fields in business area and for real estate market too. Where is planning price rising and where is reducing and why, market of what country choose, in what invest your money - long-term or short-term perspectives? To find the answers for all of this questions more easer when you keep a clear line of sight, what a real estate development for the coming year, experts predict... Bulgaria is European country and a big amount of foreign investment give an incentive for permanent development in all activity fields. A considerable share of investments directed to the real estate sector, what in turn give a good prospect. According to prediction - real estate market of Bulgaria will be rising in 2016. Unstable economic and political situation in Ukraine, conflict situation in Turkey ad Egypt play into the hands for Bulgaria. All this events induce interest among the citizen of these countries to the fallback maneuvers. Costumers of building company more often account a proposition for year-round stay, if so that in case of aggravation of the situation in the country could safely take the suitcase and...

Shorten said that the process of cutting income tax is difficult

Published: Sergey Panov | 02/06/2016 | news

The leader of labor party, Bill Shorten has said that his party would like to reduce Australia's marginal rates of taxation, but if only the budget can afford it. Shorten was quizzed according their position at «nearly 50%» top marginal income tax rate during a doorstop interview on the campaign trail in Cairns. Shorten replied that it would be great to cut marginal rates of taxation, but you can do it only if you can pay for it. Shorten said that the Prime Minister Malcolm Turnbull were returned to Government, all earning more than AUD1m (USD726,337) a year would "get a AUD17,000 tax cut." He argued that it is a bad idea...when you will cut benefits payments for people on AUD60,000 a year." Shorten also added: "Each one percent income for the very rich people to not well-off between AUD6bn and AUD7bn a year off the bottom line Author: Sergey Panovmanaging partner Finance Business...

The EU and Japan jointly declared the free trade agreement

Published: Sergey Panov | 01/06/2016 | news

The leaders of Japan, the European Union (EU), France, Germany, Italy and the UK have confirmed that the obligation to achieve a free trade agreement between the EU and Japan (FTA) "as early as possible in 2016 year." The obligation announced in a joint statement issued on the sidelines of G7 summit in Japan. The leaders said they instructed their respective negotiators to speed up negotiations that began in March 2013. "With our full support negotiators have to make efforts in the coming months to move forward with the process of negotiations, setting the way for an agreement that covers all types of tariffs and non-tariff measures on schedule," the statement said. The statement also said that the talks will be held "in a constructive manner based on mutual trust" to achieve "a comprehensive, high-level and balanced agreement, which further consolidates our strong trade and economic cooperation." Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Puerto Rico’s VAT plans was declined by lawmakers

Published: Sergey Panov | 31/05/2016 | news

Puerto Rico will no longer accept the value added tax, after lawmakers in the Senate voted in favor of the overthrow of the attempts of the governor of Puerto Rico, Alejandro Garcia Padilla, to veto the previously adopted law on the abolition. Puerto Rico was to introduce value added tax at the point of sales and use tax from 1 of June The Senate of Puerto Rico, May 5, 2016, unanimously supported the earlier legislation with the support of the lower house of Parliament on 2 May to prevent value-added tax from being introduced.. The governor then vetoed the legislation. However, the legislation is only necessary to collect two-thirds support to override this veto. May 26, 2016, the Senate voted to abandon plans for VAT 21 votes to 1. Author: Sergey Panovmanaging partner Finance Business...

Basic laws of Bulgaria

Published: Sergey Panov | 31/05/2016 | blog

In each developed country in the world, the main title documents, which shows all the state laws that have legal force, regulating the political, economic and legal system of the state is the Constitution. The main difference of Bulgarian legal system - transparency and accessibility. Before signing, the law is manifesting in the state newspaper "The State Gazette ". The newspaper publishing innovations, additional information on the laws; Ministries edicts; information regarding the opening of firms and changes in the authorized capital; proceedings in legal cases, etc. As soon as the laws came into force, they can be found in the city libraries, government organizations and companies. In addition, the information base can be removed from the Internet resources, specially designed sites. For the first time, the content of the legal part of the Constitution of the Republic of Bulgaria, was published in the "State Gazette" in 1991. To your review there is a brief summary legislative framework of Bulgaria below: «The law on the Bulgarian citizenship»; «Aliens Act»; «The Law on Local Taxes and Fees shall»; «The law on the right of ownership»; «Foreign...

Preparation of the EU Law on the tax deals

Published: Sergey Panov | 30/05/2016 | blog

The European Union, which is mired in tax disputes with large multinational companies like Apple Inc. and McDonald's Corp., has announced his intention to restrain the government, who are trying to win over multinational companies by means of favorable tax benefits, enabling the latter reduce their tax liability by placing profits abroad. The European Commission, which has the right to prohibit unfair tax breaks provided by multinational companies, has announced his intention to limit the ability of EU Member States to adopt provisions that allow reducing tax burden for foreign companies. A document published by the European Commission determines how the regulator will provide support to Member States, and is a warning shot in the direction of the companies that are engaged in deducing profits, insisting that the transactions between related parties should be carried out at market prices. The document specifies that any intentions to deviate from the certain market prices should be limited and proportional. This applies to situations where it is impossible to determine a comparable transactions, for example, in matters of profits produced using sophisticated...

Author: Сергей Панов