Micro News

Micro News

The England and Wales High Court has ruled that 3 former shareholders of the Russian bank National Bank Trust were involved in a scam that led to the bank's subsequent liquidation.  The businessmen ordered the bank to make unsecured loans of billions of rubles to overseas companies secretly controlled…


Ukraine's legislature has approved Law of Ukraine No 1210; implementing a bundle of anti-offshoring laws aimed at preventing profit-shifting by international corporations and Ukrainian Holding companies. From July 1st 2020, companies will be taxed if the company is majority owned by a foreign legal entity…


Gibraltar has implemented Council Directive (EU) 2017/952 (ATAD 2) to counter multinational tax avoidance using hybrid mismatch arrangements. It has also published legislation to implement the Council Directive (EU) 2016/1164 exit tax obligations.  The Anti-Tax Avoidance Directive (ATAD). The measures…


The Indian government have released the nation’s 2020 draft federal budget this week. The draft has 2 interesting proposals: 1) to abolish the current 15% tax on companies carrying out transactions as per dividend distribution. 2) to replace this dividend tax with a 10% withholding tax on recipient shareholders,…


Both France and the US have announced a series of stricter controls on inbound foreign investment. Earlier this month, the US Department of the Treasury employed new specialists to evaluate incoming foreign investment for national security concerns, establishing its jurisdiction over a foreign individual's…


The British Virgin Islands government has introduced a new type of collective closed-end investment vehicle, the Private Investment Fund (PIF), has been introduced in. PIFs are now to be lawfully recognised under an amendment to the BVI Securities and Investment Business Act 2010 (SIBA). Each PIF must…


MONEYVAL Releases New Ratings for Countries

MONEYVAL, the Council of Europe's money laundering oversight committee, has issued follow-up reports on Albania and Latvia. Both jurisdictions were awarded enhanced ratings, however, remain in the special measure’s category. Unconnectedly, the global Financial Action Task Force (FATF) have released…


The Hong Kong Legislative Council is considering imposing much stricter controls on organisations that process personal data of individuals located in Hong Kong. The implementation will arrive as an amendment to the Personal Data (Privacy) Ordinance that would, and theoretically outlaw the transferal…



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