NEWS

By Baron Laudermilk England new immigration laws that went into force on December 13 2012 will decrease the English language requirements for entrepreneurs, and lower the first initial investment for business owners, and also ease the requirements to obtain a permanent residence card. These new changes will ultimately make the immigration rules more clear, comprehensible and encourage foreign investment to stimulate England economy. The lowering of the English level requirement from the advanced CI level to the intermediate B1 level will encourage more entrepreneurs to come to the UK to establish a business. There were concerns that the high English...

NEWS 2020

By Tendai Musakwa The French government has proposed an across-the-board increase of the taxes levied on capital gains deriving from the sale of real estate in the country. The proposals are currently being debated by the French parliament and, if passed, would become effective in 2014. Christian Eckert, the parliamentary budget spokesman of the ruling French Socialist Party, proposed the following increases in taxes levied on capital gains from sale of second homes: • An increase in taxes from 19 percent to 22 percent for capital gains of between 110,000 Euros and 150,000 Euros. • An increase in taxes from 24...

NEWS 2020

By Leo Zhang Thanks to strong economic expansion and favorable policies, BRICS nations - Brazil, Russia, India, China and South Africa have seen the number of high net worth individuals (HNWIs) rise sharply in the past few years. The trend could continue though some challenges lie ahead. According to the latest report issued by research firm WealthInsight, the total number of HNWIs in the BRICS region is forecast to grow by 76 percent to reach 3.4 million by 2016. But the repot also noted that the ongoing global economic slowdown and weak stock market performance could have a significant impact...

NEWS 2020

By Anas Almasri On the backdrop of changing political parties at the helm of Bermuda's government, the island seems set to finally change a law banning all gaming and casino activities on the island as well as onboard of cruise ships docked in any of its ports. The only exception to that being in case the entertainment is provided by Bermudians. An attempt to adjust the regulation was rejected by Bermuda's Parliament in 2009. In December of last year however, the One Bermuda Alliance (OBA) won the elections and took the reins from the Progressive Labor Party (PLP), which had...

NEWS 2020

By Courtesy of Lorys Charalambous The Cyprus Parliament has voted to raise corporation tax by 2.5%, to 12.5%, to increase the bank levy on transactions by credit institutions by 0.04%, creating a new rate of 0.15%, and to double the tax rate collected via the Special Defense Contribution on bank deposit interest and dividends to 30%. The head of Cyprus's Economic Policy Council, Christopher Pissarides, indicated last month that Cyprus would be willing to accept the rise in corporation tax, so long as it did not rise any further for at least a decade. President Nicos Anastasiades also recently raised...

NEWS 2020

By courtesy of Ulrika Lomas European Union (EU) banks will be made to reveal details of their tax affairs as part of a legislative package voted in by the European Parliament.The rules will require all 8,200 EU banks to disclose profits made, taxes paid and subsidies received on a country by country basis. Turnover and the number of staff employed will also need to be divulged. The changes will apply from January 1, 2014, when banks will begin reporting these figures to the European Commission. The details will be made fully public from 2015. The legislation also places a cap...

NEWS 2020

By Anas Almasri On Monday April 15th, Iceland became the first European nation to ink a Free Trade Agreement with China. The deal came following almost six years of negotiations between the two sides. The agreement will remove tariffs on most traded goods and grant China a foothold in the Arctic as it aims to gain more influence in the northern territory by joining a new non-profit forum called the Arctic Circle, a venue to discuss the fate of the Far North. China's trade with Iceland is relatively small when compared to trade volumes with major European economies. The North...

NEWS 2020

Explosive Tax Haven Leaks Rock Financial Centers By Courtesy of ONE News Cook Island authorities are defending their banking system after being named as a top offshore tax haven in what is claimed to be the biggest financial leak in history. Millions of documents have been released exposing the identities of politicians, celebrities and business people out to avoid paying tax. Journalist Nicky Hager helped organize the investigation which revealed how thousands of government officials and wealthy families around the world have stashed cash in secret island trusts to avoid paying tax. "Tax havens are the great black holes of...

NEWS 2020