Swiss banking news
6.06.2014: According to the agreement signed by the United Kingdom and Switzerland, Swiss banks were required to provide information about deposit movements to UK authorities by May 31, 2014, in order to support UK efforts to track down untaxed income. The banks are to disclose the top ten locations to which moved funds were transferred.
The information was secured under a deal on undeclared Swiss bank accounts held by UK residents, which entered into force in January 2013. Individual accounts, open between December 31, 2010, and May 31, 2013, became subject to a one-off levy of between 21 and 41 percent. Account holders who failed to authorize full disclosure of their information to HMRC faced a withholding tax of 48 percent on investment income and 27 percent on gains.
HMRC is consulting on a new "strict liability" criminal offence for not declaring income derived from an offshore asset.
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16.06.2014: The Chinese Government published a White Paper named ‘The Practice of the 'One Country, Two Systems' Policy in the Hong Kong Special Administrative Region (HKSAR),’ where noted the success of Hong Kong under 'One Country, Two Systems' policy and supported jurisdiction’s autonomy in setting its own financial, taxation and trade policy.
The White Paper, which is the first one issued by China on HK’s position, notes China's support for Hong Kong as an international financial center, in particular through the internationalization of the renminbi, which has consolidated Hong Kong's position as the world's largest offshore RMB trading center.
In its turn, the Hong Kong Government welcomed the publishing of the White Paper, and confirmed that "Hong Kong has benefited from the unique advantages of 'One Country, Two Systems' and attained remarkable achievements in economic and social development."
26.06.2014: The lower house of Russian legislature, the State Duma, approved a bill to enable financial institutions to comply with the United States's Foreign Account Tax Compliance Act (FATCA), which will take effect from July 1, and will provide for US authorities to obtain information on US residents’ accounts in foreign financial institutions.
The bill adopted by Russia’s Duma allows Russian banks to transfer information about their customers to foreign tax authorities, and also requires overseas banks to provide information concerning their Russian account holders to the Russian Federal Tax Service.
US and Russia planned to sign an intergovernmental agreement (IGA) to facilitate the implementation of FATCA, but the United States blocked the agreement negotiations in March, after Crimea crisis. Russia launched new legislation to ensure that its financial institutions can still be compliant with FATCA.
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