The bank was founded in December 1990 on the basis of the Monchegorsk branch of Promstroybank (Murmansk region). Its founders were RAO Norilsk Nickel, Severonikel, Kolstroy and others. In August 1995, it was transformed from a partnership into a limited liability company, and in September of the following year received a general banking license. Since 2002, it has been operating in the form of an open joint stock company. At the beginning of 2006, a controlling stake in Monchebank, which at that time belonged to Rosbank, was acquired by the Norwegian DnB NOR Bank*. For 97.3% of the shares, the Norwegians paid about $21 million (the ratio to capital was 2.2).
In July 2008 the Norwegian financial group DnB NOR Group became the owner of 100% of the shares by buying out the shares of minority shareholders. With the advent of a new shareholder, Monchebank changed its name to JSC " Commercial Bank DnB NOR Monchebank. In March 2012, the name of the credit institution was shortened to DNB Bank OJSC. At the end of April 2014, it became known that the structure of Mikail Shishkhanov (the company Asokerco Trading Limited, of which Shishkhanov is the beneficiary) would become the acquirer of 100% of the shares of the credit institution. According to Shishkhanov, this deal is aimed at expanding the regional presence of Binbank, which will cover the Murmansk region. The terms of the deal were not disclosed.
Currently, 100% of the bank's shares are owned by Asokerco Trading Limited, the ultimate beneficiary of which is the main shareholder of Binbank PJSC Mikail Shishkhanov.
The head office of the bank is located in Murmansk. In addition to it, the financial institution has three additional offices, four operating offices and one operating cash desk outside the cash center. The number of the bank's staff was 132 people (according to interim reporting under RAS for the 3rd quarter of 2015). The financial institution's own ATM network includes 30 ATMs. In addition, the owners bank cards, can withdraw cash without commission at all ATMs included in the Unified Settlement System.
The main major customers of the bank are: OJSC Flowers of the Polar Region, PJSC Murmanskavtotrans, OJSC Murmanskpromstroy, OJSC Olenegorsky Shchavod of silicate brick, OJSC Khlebopek, OJSC Central-Kola Expedition, OJSC Electron Store, PJSC Murmansk Trawl Fleet, OJSC Murmansk Shipping Company, OJSC Monchegorsk Mechanical Plant, OJSC Murmansk Fish Processing Plant, OJSC Sevzapstalkonstruktsiya.
The bank provides legal entities the following set of products and services: client-bank, settlement and cash services, lending, documentary operations, bank cards, investment and accumulation, currency operations. For individuals, the bank offers loans, deposits, bank cards, insurance, offers for salary projects, VIP services, Money transfers(“Zolotaya Korona”, Western Union), currency exchange, safe deposit boxes, payment of Tax Free checks, investments (in securities and currency). In 2014, the credit institution refused to sell low-yield loan products individuals, a moratorium was introduced on the issuance of mortgage and car loans.
Since the beginning of 2015, the net assets of the credit institution have slightly decreased by 3.24% (or 0.2 billion rubles) and as of January 1, 2016 amounted to 7.3 billion rubles. In the passive part of the balance sheet, the main reason for the decrease in the balance sheet currency was the complete refusal of the credit institution to raise funds in the interbank loan market, as well as partial redemption of the volume of own issued promissory notes (-61.9%). At the same time, the bank tried to compensate for the outflow by attracting an additional amount of client funds (mainly deposits from individuals). In the active part of the balance sheet, there was a decrease in the volume of the total loan portfolio (-34.87%), as well as the sale of the entire pool of securities, while the credit institution showed an increase in investments in highly liquid assets by more than two times.
The structure of liabilities is poorly diversified. The main source of funding for the credit institution is the deposits of individuals, whose share has increased significantly since the beginning of 2015 and amounted to 46.72% as of January 1, 2016 (31.62% as of the beginning of 2015). Also, a significant share in the structure of liabilities is occupied by own funds credit institution and funds of enterprises and organizations, the share of which as of the reporting date was 23.00% and 19.73%, respectively. The equity capital of the credit institution has grown since the beginning of 2015 by 12.41%, or 186 million rubles. The main source of capital growth was the profit received in 2015. The financial institution does not attract additional sources of financing in the form of subordinated deposits and loans. The Bank has a medium-sized, but rather active and stable customer base with a monthly turnover of 4.6-6.1 billion rubles on customer accounts. Dependence on the funds of individuals is assessed as high.
The main part of net assets falls on highly liquid assets (56.21%), which is not quite typical for a regional credit institution. Another 37.95% and 1.5% are occupied by the loan portfolio and fixed assets, respectively. The share of investments in IBC is minimal. As of the reporting date, the bank has no investments in the securities portfolio.
During the period under review, the loan portfolio, formed by 57.25% of retail loans, decreased by 34.87% or by 1.5 billion rubles in absolute terms, amounting to 2.8 billion rubles as of January 1, 2016. At the same time, during the analyzed period, the bank reduced the share of corporate lending. The loan portfolio is predominantly long-term, the share of loans issued for a period of more than 1 year is 82.64%. According to the annual reports for 2015, the main share of corporate loans falls on the following sectors of the economy: manufacturing (36.2%), transport and communications (19.5%), geological exploration (18.4%). Retail loans are dominated by residential mortgage loans (about 70%). The level of overdue debt as of January 1, 2016 amounted to 8.92% (at the beginning of 2015 - 4.75%). The level of provisioning for the portfolio is at the level of 21.76% (at the beginning of the period - 12.97%), which is indirectly explained by the fact that the loan portfolio is secured by property collateral only by 48.57% (in the amount of 1.4 billion rubles).
During the period under review, the credit institution's investments in highly liquid assets increased by 117.8% (or by 2.2 billion rubles), amounting to 4.1 billion rubles as of January 1, 2016. Nostro accounts account for about 86.9% (mainly in resident banks) of highly liquid assets, the rest is cash on hand and balances on correspondent accounts with the Central Bank of the Russian Federation. During 2015, the bank significantly reduced its activity in the interbank loan market, completely refusing to raise funds through this instrument placing sometimes small amounts of liquidity. At the same time, the bank is quite active in the Forex market. Turnover on conversion operations as of the reporting date amounted to about 2 billion rubles.
At the end of 2014, the bank made a profit of 136.6 million rubles (in 2013, the same indicator was 70 million rubles), and at the end of 2015, the bank earned 199.4 million rubles.
Board of Directors: Alexey Farafontov (Chairman), Konstantin Kalagin, Igor Belykh, Alexey Kalikin, Olga Prokopova, Victor Shilov.
Governing body: Dmitry Filippov (acting chairman), Svetlana Voronina, Yuri Sazonov.
* DnB Nor Group was established in 2003 through the merger of two of the largest financial concerns in Norway - DnB and Gjensidige Nor ASA. The state, through the Norwegian Ministry of Trade and Industry, owns 34% of the share capital of Dnb NOR Group Bank. The specialized investment fund Sparebankstiftelsen DnB NOR owns 10.03%, private foreign and Norwegian shareholders - the remaining 64% of the shares. DnB NOR is Norway's largest financial service group with total assets in excess of $200 billion. The group includes famous brands DnB NOR, Vital, Kapital and Skade. Currently, the financial group is included in the Top 500 largest companies in the world, has 2.3 million private and more than 200 thousand corporate clients. The number of employees of the group is more than 13 thousand people.
Alexander Kudryavtsev, banking analyst
JSC "DNB Bank" is a universal bank that carries out all major types of banking operations on the financial services market, including servicing private and corporate clients and investment banking business. The bank's offices are located in the cities of the Murmansk region - Murmansk, Monchegorsk, Polyarnye Zori, the operating cash desk is at the Kola NPP.
Performance indicators
As of April 1, 2014, the assets of DNB Bank amounted to 5.9 billion rubles, capital - 1.4 billion (data of the ranking of "Interfax"). 2 billion rubles were placed in the deposits of citizens.
Story
2006: Rosbank sells Monchebank to the Norwegian DnB NOR
On January 31, 2006, the purchase and sale transaction for the shares of OJSC "Monchebank" between JSCB "Rosbank" and Norway's largest bank DnB NOR was completed. JSC "Monchebank" became subsidiary bank Norwegian bank.
2011: Change of the name to "DNB Bank"
On November 11, 2011, the financial group DnB NOR was rebranded, it changed its name to DNB.
In previous years, DnB NOR has developed rapidly: the group is represented in 19 countries of the world, has several subsidiaries engaged in life insurance, leasing, and other areas. financial activities(Postbanken, Vital and others). In Russia, DnB NOR Group is represented by OAO DnB NOR Monchebank.
So far, all these companies have operated under different names. The shareholders decided that starting from November 11, 2011, the group will start operating under a single name - DNB - both in Norway and around the world, pursuing a unified strategy and marketing.
Rebranding of OJSC "DnB NOR Monchebank" as a subsidiary of DNB took place in the first quarter of 2012.
2012
Profit 80 million rubles
At the end of 2012, the bank's profit after taxes amounted to 80,477,080 rubles. 45 kop. The shareholders decided not to pay dividends on the bank's shares for the past year 2012 and leave retained earnings at the disposal of the bank.
The Annual Meeting of Shareholders of DNB Bank elected the Board of Directors of the Bank as follows:
- Arild Fredriksen,
- Jan Steinar Rognlid,
- Elina Scrumstad,
- Syndre Noss,
- Morten Stever,
- Terje Turnes.
Auditing company Ernst & Young was approved as the Bank's auditor for 2013.
The annual meeting of the bank's shareholders allowed DNB Bank to join the Murmansk Guild of Realtors non-commercial partnership.
63rd in terms of mortgage loans
According to the rating of the RBC agency, JSC "DNB Bank" as of 01.01.2013. ranked 63rd among all Russian banks in terms of issued mortgage loans in 2012 (659.8 million rubles). This is 86.6% more than the previous year.
According to the same agency, the number of active bank cards in circulation as of 01.01.2013 amounted to 14,784 pcs. According to this indicator, the bank took 89th place in the Russian Federation. As of June 01, 2013, 896 commercial banks operate in Russia.
2013: Assets of 6 billion rubles (+16%)
At the end of 2013, the assets of DNB Bank exceeded 6 billion rubles, having increased by 16%. The increase in the retail loan portfolio amounted to more than 32%, term deposits of individuals increased by 58%. DNB Bank has a stable base of retail and corporate clients. The cost/Income ratio (before reserves) at the end of 2013 was at the level of 60%.
2014: Norwegians sell "DNB Bank" to the owner of "Binbank"
In April 2014, it became known that Asokerco Trading Limited, whose beneficiary is Mikail Shishkhanov, the main shareholder of Binbank, is buying 100% of the shares of DNB Bank OJSC, located in Murmansk. At the time of the transaction, the owner of the bank is the Norwegian financial group DnB NOR Group. The terms of the deal were not disclosed.
- This acquisition is aimed at expanding the regional presence of Binbank - this is the best and most effective method entering the market of the Murmansk region, which allows you to get an instant loyal customer base and a stable profitable business- notes Mikail Shishkhanov. - DNB Bank, which has seven branches, is self-sufficient to continue operating in its region and at the same time is able to generate a positive financial result.
As Binbank explained to Izvestia, the parties intend to close the deal within the next 4 months.
× On May 13, 2015, the State Duma of the Russian Federation adopted in the first reading Draft Law No. 754388-6 “On Voluntary Declaration of Property and Bank Accounts (Deposits) by Individuals”, which has already been named the “Capital Amnesty Law”. The draft law contains norms for voluntary declaration of property and accounts (deposits) in banks. The appearance of this bill is connected with the Message of the President Russian Federation the Federal Assembly and clause 12 of the List of Instructions for the Implementation of the Address of the President to the Federal Assembly, according to which a one-time exemption of Russian persons from tax and criminal liability should be granted on the condition that “the said persons return to the Russian jurisdiction the incomes received by them previously withdrawn to foreign jurisdictions without paying the relevant taxes from sources in the Russian Federation”. However, despite the imminent adoption of the bill in the first reading, this document is the subject of discussion by the relevant committees of the State Duma and gives rise to a number of complaints and legal issues. On the whole, they agree that the draft law needs some revision before the second reading. In particular, the Legal Department draws attention to the fact that the relations regulated by Article 6 of the draft law and described in its other articles, from a legal point of view, are another attempt to introduce into domestic legislation such an institution of property management as trust (trust), which is typical for states Anglo-Saxon system of law (England, USA, Hong Kong, Cyprus and other "offshore" jurisdictions). This institution has little to do with Russian Institute trust management of property that appeared after the unsuccessful experience of introducing a trust into domestic law in the early 90s of the last century. In its conclusion, the Committee recalls that “the parties to these relations are not called “nominal owner” and “actual owner”, but the founder, trustee, beneficiary, protector (sometimes). The legal status of the property owner is not established by the adjectives “nominal”, “actual”. In general, attempts to introduce such a legal structure of the Anglo-Saxon system into domestic law related to the continental system of law break down on the fundamentally different approach of the two systems to the right of ownership, in particular, on the “duality” of the right to own property, which is unacceptable from the point of view of continental law. systems. By the way, it should be noted that the institution of the trust itself was formed under the influence not of common law, but of the so-called equity law, based on centuries-old English jurisprudence and the precedent of some of the decisions made. Another important point , which, in turn, draws the attention of the State Duma Committee on the Financial Market, is that “Article 4 of the draft law specifies a guarantee of non-criminal and administrative liability of persons who voluntarily declared property. However, the bill does not clearly define the range of criminal acts and offenses for which the declarant will be released from liability. In the opinion of the Committee, in order to prevent cases of arbitrary interpretation on the part of the law enforcer of the grounds for bringing the declarant (or his release) from criminal or administrative and administrative responsibility. It should be noted that the Civic Chamber of the Russian Federation and the responsible State Duma Committee on Budget and Taxes share a similar opinion. Such a list is likely to appear by the second reading. Given the close interaction of legislators with representatives of the FATF Group, it can be assumed that the provisions of the law will not apply to offenses related to fraudulent activities. It should be noted that the draft law already contains special provisions stating that it does not in any way affect, limit or provide for any exceptions in relation to the obligations of the Russian Federation provided for by international treaties of the Russian Federation, including obligations in the field of combating money laundering and the financing of terrorism. This is an important point, since for non-compliance with such provisions, Russia risks being blacklisted by the FATF, which it already managed to visit in 2000. Also, the draft law does not clearly define the circle of persons entitled to act as declarants. The State Duma Financial Market Committee draws attention to the fact that “reading part 1 of Article 3 of the draft law gives a certain idea that both the nominal and the actual owner of the property can act as a declarant. A number of other provisions of the draft law provide only indirect participation of the nominal owner in the declaration, often only with the simultaneous participation of the actual owner in the declaration procedure. Thus, in the opinion of the Committee, it is necessary, as part of the preparation of the draft law for the second reading, “to work out in detail the specifics of the procedure for declaring property and the participation of the parties in it, as well as the issues of concluding and observing an agreement on the transfer of property, since such aspects as the conclusion of an agreement and the subsequent transfer of property without a counter provision, the loss of guarantees by both parties in the event of dishonest actions of one of the parties create leverage and prerequisites for abuse of the right, including for illegal actions against owners using the institution of actual and nominal owners. Such a development of events is very likely, given that the structure of trust property (trust) that existed in the 1990s was often used for dubious operations of removing state property from ownership. In addition, according to the State Duma Committee on the Financial Market, the draft law contains provisions related to the mechanism for obtaining guarantees, which will clearly not contribute to the voluntary declaration of property from offshore. The provisions of Article 7, which condition the granting of guarantees on the fact of repatriation of offshore property, are ambiguous. The Committee points out that “Articles 4 and 7 of the draft stipulate that only repatriation and declaration of property (together) allow obtaining guarantees under the program, but on condition that no criminal case has been opened against the declarant as of the date of submission of the declaration or against property subject to declaration is not subject to a tax audit. As a result, filing a declaration without repatriating property from an offshore is actually meaningless, since before filing a declaration it is necessary to repatriate property. At the same time, in the period between the repatriation of property and the filing of the declaration, the declarant is not provided with any temporary guarantees that, for example, an inspection will not be immediately initiated in relation to the declarant or his repatriated property, which, in turn, eliminates all the guarantees provided for in Article 4. In view of the foregoing, it should be noted that despite the support from the involved Committees of the State Duma and the adoption in the first reading, this bill still leaves more questions than it answers how the state intends to “amnesty” the offshore capital of its citizens.
× The projected global increase in investment in alternative assets is expected to provide the Channel Islands - Guernsey, Jersey and Alderney - with significant preferences in the very near future. The corresponding forecast regarding the increase in the volume of alternative investments was given as part of the PwC report “Alternative Asset Management in 2020: Fast Forward to Center Stage” (Alternative Asset Management in 2020: a breakthrough to the leaders). According to the report, investment in alternative investments could double to $15.3 trillion by 2020 if strong returns from the capital markets continue to thrive on the back of supportive monetary policy and stable GDP growth in the region. By 2020, PwC predicts a fundamental increase in alternative investments from public and private pension funds. Thus, by 2020, the corresponding global assets of pension funds will reach 56.6 trillion US dollars, and alternative assets in their composition will play a much wider role. PwC expects alternative investment fund managers to continue to look into niches traditionally occupied by banks, i.e. to borrowing, securitization and financing. Others will start entering into partnership agreements with banks and major institutional investors, providing the latter with integrated expertise in managing new asset classes and building differentiated products.
× 12/01/2009 Legal Changes - Singapore, Jersey Singapore The Minister of Manpower, pursuant to the authority granted by section 7(8) of the Central Provident Fund Act, has issued the following Notice: Central Provident Fund Act (Amendment of First Schedule ) Notification 2009 This Notice announces minor technical amendments to the text of the First Schedule of the Central Guarantee Fund Law. Type of document - Notice Document number - S 581/2009 Date of issue - November 10, 2009 Effective date - December 1, 2009 Authority that adopted the document - Minister of Labor pursuant to the authority granted by section 13(1) of the Accounting Standards Act, has issued the following Order: Accounting Standards Act (Amendment of Schedule) Order 2009 Minor technical amendments are made by this Order to the text of the Appendix to the Accounting Standards Act. Type of document - Notice Document number - S 587/2009 Date of adoption - November 25, 2009 Effective date - December 1, 2009 Authority that adopted the document - Secretary of the Treasury Publication of the document - Singapore Law Watch Jersey granted by Section 2(1) of the Taxation (Implementation) (Jersey) Law 2004 and paragraph 1.8.5 of the Strategic Plan 2006-2011 (Strategic Plan 2006 to 2011), approved by the States on June 27, 2006, issued the following Regulation: Taxation (Exchange of Information with Third Countries) (Amendment No. 4) (Jersey) Regulations 2009 Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 2008). Document type - Bylaw Document number - R&O.118/2009 Date of adoption - November 18, 2009 Effective date - November 18, 2009 Issuing authority - Jersey States Printed publication of the document - Jersey Legal Information Board *** Jersey States pursuant to the powers conferred by Section 36(2) of the Proceeds of Crime (Jersey) Law 1999 (Proceeds of Crime (Jersey) Law 1999), issued the following Ordinance: Proceeds of Crime (Amendment of Schedule 2) (No. 2) (Jersey) Regulations 2009 This Regulation technically amends the text of Part A of Schedule 2 to the Proceeds of Crime (Jersey) Act 1999. Document type - Bylaw Document number - R&O.119/2009 Date of adoption - November 18, 2009 Effective date - November 25, 2009 Issuing authority - Jersey States Printed publication of the document - Jersey Legal Information Board *** Jersey States pursuant to the powers conferred by Sections 11(4) and 44(2) of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, issued the following Order : Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (No. 2) (Jersey) Regulations 2009 This Regulation technically amends the text of the Annex to the Proceeds of Crime (Supervisory Bodies) (Jersey) Act 2008 . Document type - Bylaw Document number - R&O.120/2009 Date of adoption - November 18, 2009 Effective date - November 25, 2009 Adopting authority - Jersey States Printed publication of the document - Jersey Legal Information Board
× According to a statement from the Danish Ministry of Finance, the Danish tax authorities adopted a number of fundamental, successfully implemented measures last year to combat tax fraud. According to the ministry, the damage from fraudulent activities - according to the estimates of the tax authorities - amounted to about 40 million euros, while 160 such cases are still being investigated: the predicted damage from them is approximately similar to the figure mentioned. The Danish Cabinet of Ministers, as part of its ongoing efforts to combat tax evasion, has planned the implementation of a number of new measures. These measures include plans to impose a fee of 150% of the total amount of violations from next year on repeated violations, as well as blocking profits if an individual fails to provide tax inspectors with details regarding the receipt of profits from abroad.
× After the third reading in the State Duma, the bill “On Amendments to the Tax Code of the Russian Federation in order to increase the responsibility of tax agents for non-compliance with the requirements of legislation on taxes and fees” was submitted to the Federation Council for consideration. The draft federal law was developed in accordance with the order of the Government of the Russian Federation dated January 29, 2014 No. ISh-P13-586. Deputy Minister of Finance of the Russian Federation Sergey Dmitrievich Shatalov has been appointed as the official representative of the Government of the Russian Federation during the consideration of this bill by the chambers of the Federal Assembly of the Russian Federation. The authors of the draft law in the accompanying note indicate that at present the problem of untimely and incomplete withholding and transfer of taxes by tax agents to the budget system of the Russian Federation has become significantly aggravated, as a result of which the budgets of the constituent entities of the Russian Federation suffer significant losses, which does not allow solving the socio-economic problems of the Russian Federation and subjects of the Russian Federation. Thus, in 2013 alone, the tax authorities conducted more than 20,000 on-site tax audits of tax agents and found more than 15,000 violations of the deadlines for transferring personal income tax by tax agents. As a result of the inspections, more than 30 billion rubles of personal income tax was assessed. The purpose of the bill is to "improve tax administration and increase the responsibility of tax agents for non-compliance with the requirements of legislation on taxes and fees." To solve the problems described, the authors of the bill propose the following measures: Establishing the duty of tax agents to quarterly submit to the tax authority the calculation of the amount of personal income tax calculated and withheld by the tax agent. The current lack of information from the tax authorities on the amounts of personal income tax calculated and withheld by the tax agent does not contribute to its full collection. The submission by tax agents of calculations of the amounts of personal income tax calculated and withheld by the tax agent will allow the tax authorities to promptly conduct cameral tax audits of the correctness of the calculation and withholding of personal income tax by tax agents and, in case of violations, bring them to justice. Introduction of responsibility of tax agents in the form of a fine in the amount of 1,000 rubles for failure to submit (late submission) to the tax authority the calculation of the amounts of personal income tax calculated and withheld by the tax agent. Suspension of operations of a tax agent on his bank accounts and transfers of his electronic funds in case of failure to submit the calculation of the amounts of personal income tax calculated and withheld by the tax agent to the tax authority within 10 days after the deadline for submitting such calculation. Establishing responsibility for the submission by tax agents to the tax authority of unreliable calculations of the amounts of personal income tax calculated and withheld by the tax agent and (or) information on the income of individuals in the past tax period and the amounts of taxes calculated, withheld and transferred to the budget system of the Russian Federation, necessary for tax control, in the form of a fine in the amount of 500 rubles for each submitted document containing false information. In addition, the draft law specifies the terms for calculating, withholding and transferring tax amounts to the budget system of the Russian Federation. As a measure aimed at supporting bona fide tax agents, as well as in order to implement paragraph 1.9 of the action plan (“ road map ”) “Improving Tax Administration”, approved on November 14, 2013 by the Supervisory Board of the Agency for Strategic Initiatives, it is also proposed to establish a single deadline for the transfer to the budget system of the Russian Federation by the tax agent-employer of the amounts of personal income tax withheld by him in relation to the payment of social benefits to his employees and vacation pay - no later than the last day of the month in which such payments were made. The preparation of the calculation of the amounts of personal income tax calculated and withheld by the tax agent does not require any additional accounting from the tax agent, since it is entirely formed from the data of tax accounting registers and can be done automatically. Thus, the proposed measures to introduce a new obligation for tax agents to quarterly submit the calculation of the amounts of personal income tax calculated and withheld by the tax agent, and the establishment of a single deadline for the transfer to the budget system of the Russian Federation by tax agents of the amounts of tax withheld in relation to payments to their employees of social allowances and vacation pay are generally balanced and should not lead to a deterioration in the rating of the Russian Federation. According to the authors of the bill, the implementation of the proposed measures will increase the efficiency of tax administration and their collection, as well as significantly increase the amount of income tax on personal income to the budgets of the constituent entities of the Russian Federation and local budgets. The State Duma Committee on Budget and Taxes, on the whole, supports the position of the authors of the bill. Based on the results of consideration of the draft federal law, the Committee notes the following. At the same time, the lack of up-to-date information from the tax authorities on accrued income, calculated and withheld tax amounts hinders the timely identification of unscrupulous tax agents. In order to strengthen tax control in relation to tax agents, the draft law proposes to establish the obligation to quarterly submit calculations of the amounts of personal income tax calculated and withheld by the tax agent. The Committee also notes that the amount of the fine proposed by the draft law for the submission by tax agents to the tax authorities of inaccurate information about the income of individuals in the expired tax period and the amounts of taxes calculated, withheld and transferred to the budget system of the Russian Federation (500 rubles for each document submitted containing inaccurate information) does not correspond to the amount of the fine established by the current version of paragraph 1 of Article 126 of the Code for failure to submit the documents and (or) other information provided for by the Code by the tax agent within the prescribed period (200 rubles for each document not submitted). The information obtained will allow the tax authorities to improve the efficiency of tax control, promptly conduct cameral tax audits of the correctness of the calculation and withholding of personal income tax by tax agents, which will lead to an increase in the collection of this tax. Simultaneously with the measure described above, the draft law proposes changes aimed at supporting conscientious tax agents by reducing their labor costs for the transfer of the amounts of withheld personal income tax to the budget system of the Russian Federation in relation to the payment of temporary disability benefits to their employees and vacation pay. In particular, it is proposed to establish a single deadline for the transfer to the budget system of the Russian Federation by the tax agent-employer of the amounts of personal income tax withheld by him in relation to these payments - no later than the last day of the month in which such payments were made. Considering that the measures proposed by the draft law should help to improve the completeness and timeliness of withholding and transferring taxes to the budget system of the Russian Federation, the Committee recommended that the State Duma adopt it in the first reading.
× The Government of Jersey has announced the start of public consultations regarding the regulation of virtual currencies such as Bitcoin. The government intends to create a business-friendly work environment that supports innovation, creates jobs, and accelerates the growth of the financial services sector and the development of digital infrastructure. According to the government, virtual currency systems can be fundamental components in the process of building a modern digital economy, and the introduction of an appropriate proportionate regulatory regime in this area will increase its credibility and direct it along an innovative development path. The published consultation paper highlights the most significant money laundering and terrorist financing risks associated with virtual currencies and the instruments most suitable for their regulation as an object of discussion. Methods successfully used by other jurisdictions are also taken into account.
× 11/17/2009 Legal Changes - United Kingdom United Kingdom Minister for Enterprise and Regulatory Reform under powers granted by sections 54(1)(c), 56(1)(a), 1193(1)(c), 1195 (1)(a) and 1292(1) of the Companies Act 2006 and sections 54(1)(c) and 56(1)(a) and 1292(1) of the Companies Act of 2006 in respect of limited partnerships under provisions 8 and 81 of the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 (S.I. 2009/1804), issued the following Regulations : The Company, Limited Liability Partnership and Business Names (Public Authorities) Regulations 2009 Under sections 54(1)(c) and 1193(1)(c) of the Companies Act 2006, a person is required to obtain permission from the Minister of Business and regulatory reforms in order to register the name I am a company or business in the United Kingdom under a name that characterizes the company or business as connected with a public authority. Column (1) of the Annex to this Ordinance sets out the public authorities designated for the above purposes by the Minister for Enterprise and Regulatory Reform. Type of Document - Ordinance Document Number - 2009 No. 2982 Date of Adoption - November 10, 2009 Effective Date - November 10, 2009 Authority that adopted the document - Minister for Enterprise and Regulatory Reform Print publication that published the document - Office of Public Sector Information * ** The Minister for Enterprise and Regulatory Reform, pursuant to the authority granted by sections 15 and 17 of the Limited Liability Partnerships Act 2000, issued the following Regulations: Limited Liability Partnerships (Amendment) (No. 2) Regulations 2009 This Ordinance amends the general rules for the application of section 54 of the Companies Act 2006 to limited partnerships. The above section of the Law was previously applied to limited partnerships through provision 8 of the Limited Partnerships (Implementation of the Companies Act 2006) Ordinance 2009, placing restrictions on the registered names of limited partnerships that indicate the association of such partnerships with public authorities. Section 9 of the Government of Wales Act 2006 (Consequential Modifications, Transitional Provisions and Saving) Order 2009 (S.I. 2009/2958) amended section 54(1)(a) of the Companies Act 2006 in relation to companies to reflect references to the Welsh National Assembly. This Resolution expands the scope of the above amendments to limited partnerships. Type of Document - Ordinance Document Number - 2009 No. 2995 Date of Adoption - November 11, 2009 Effective Date - December 14, 2009 Authority that adopted the document - Minister for Enterprise and Regulatory Reform Print publication that published the document - Office of Public Sector Information * ** The Treasury, pursuant to the authority granted by section 263(1) and (3) of the Banking Act of 2009 (Banking Act 2009), issued the following Order: Banking Act 2009 (Commencement No. 4) Order 2009 Is hereby effective a number of different provisions of the Banking Act 2009. Thus, Section 3 establishes that Part 6 of the Act (sections 207 to 227) comes into force on November 23, 2009. Part 6 of the Act abolishes the existing provisions regarding the authorization of the issuance of banknotes in Scotland and Northern Ireland, and also replaces the provisions for banks holding permission to issue banknotes. Section 4 establishes that the remaining provisions of Part 5 of the Act (interbank payment system) will come into force on 31 December 2009 Part 5 of the Act contains provisions for a new regulatory regime for the Bank of England to oversee interbank payment system designated by the Treasury as recognized under section 184(1) of the System Act. Document type - Order Document number - 2009 No. 3000 (C. 129) Date of adoption - November 11, 2009 Effective date - November 11, 2009 Authority that adopted the document - Treasury Publication that published the document - Office of Public Sector Information ** * Treasury under powers granted by sections 41(1) and 42 of the state budget of 2008 (Finance Act 2008), issued the following Regulations: Offshore Funds (Tax) Regulations 2009 Sections 41 and 42 of the Public Budget Act of 2008 (c. 9), (as amended and supplemented by the provisions of Part 1 of Schedule 22 to the Public 2009 Budget (c. 10) contain provisions regarding the tax treatment of offshore fund participants.Section 41(1) of the State Budget Act 2008 provides that the Treasury may, by ordinances, establish provisions regarding the treatment of offshore fund participants for the purposes of entry into force. Section 42(3) of the above Act provides that the previous regulations relating to offshore funds (Chapter 5 of Part 17 of the Income and Corporation Taxes Act 1988 (c. 1) ) may be abolished. This Regulation contains provisions corresponding to all of the above. Type d Document - Decree Document number - 2009 No. 3001 Date of adoption - November 12, 2009 Effective date - December 1, 2009 Authority that adopted the document - Treasury Printed edition that published the document - Office of Public Sector Information and customs duties pursuant to the authority granted by section 129(4) and (5) of the Public Budget Act of 2008, issued the following Order: Finance Act 2008, Section 128 and Part 2 of Schedule 43 (Appointed Day, Transitional Provision and Savings) Order 2009 This Order sets November 23, 2009 as the effective date for Section 128 and Part 2 of Schedule 43 of the Public Budget Act of 2008. Type of document - Order Document number - 2009 No. 3024 (C. 131) Date of adoption - November 9, 2009 Effective date - November 9, 2009 Authority that adopted the document - HM Revenue and Customs Office of Public Sector Information *** The Financial Services Authority (FSA) announced changes made to some of the FSA Handbook's guidance tools (October 2009 review): Handbook Notice, 94 Among other things, changes were made to the Handbook through the following tools (Appendix "A" to the Notice): expanding the meaning of the term "EEA authorized payment institution" (FOS 2009/5, FSA 2009/57); prolonging the so-called. "Basel I capital floors" for the period from 2009 (FSA 2009/58); excluding certain types of investment firms from the high credit risk regime from 2011 (FSA 2009/59); modernizing the requirements for basic equity capital of insurers in order to comply with the latest changes in a number of requirements of European directives and introduce technical amendments to the procedure for determining equity capital and premium reserves (FSA 2009/60); adjusting equity requirements and rules on professional liability insurance for investment firms (FSA 2009/62). Type of document - Notice Document number - 94 Date of adoption - 5 November 2009 Effective date - 6 November 2009 Authority that adopted the document - Financial Services Authority Press that published the document - UK FSA official website
× Custodial custody and monitoring of government debt securities under the client service was initiated by the Central Registry Agency in accordance with the decision of the Capital Markets Board of the Republic of Turkey. Previously, the process of storage and supervision of government securities was entrusted to the Central Bank of the country, which in fact was the central depository of debt instruments issued by the Republic. Under the current system, each of the members - intermediary institutions from among banks and brokerage firms - had their own separate account; however, despite the system introduced by the agency, clients' assets were kept in an account with different pools without the possibility of their further segregation (for example, in the structure of sub-accounts) at the investor-client level. Further segregation of client funds was reflected in the respective member's books. The new system provides greater comfort to investors in cases of insolvency of participating banks or brokerage firms. Debt securities are segregated from the assets of intermediary institutions, thus they can no longer be included in the assets of bankrupt institutions, thus preventing the problems that investors have faced in the past.
× Over the past few years, the word “microfinance” has been heard more and more often. In the West, more and more large international banks are participating in microfinance programs. The point of microfinance is to provide unsecured loans to small companies, individual entrepreneurs, or even just individuals who cannot provide standard collateral such as collateral. Moreover, in microfinance, collateral may not be of great value to lenders because the cost of foreclosing and selling such collateral may exceed the value of the loan itself. The absence of collateral, however, increases the cost of financing, as the lender bears the risk of non-payment and difficulty in obtaining payment in the absence of collateral. Very often, microfinance interest can be several times higher than the interest paid for conventional lending. Microfinance is provided for up to one year and very often for less than 90 days. Interest periods are also set to be shorter - for example, one week. Products that may be offered under microcredit include: loans; saving; insurance. Microfinance initially appeared in developing countries where access to banks is limited and a small amount can help you start your own business, but at the moment it is also being successfully implemented in developed countries. This, for example, has a positive effect on the development of small businesses in Europe. Bank involvement in microfinance International banks are rarely involved directly in microfinance. It is not the legislation that prevents this, since the legislation does not prohibit banks from providing small loans. However, there are several practical reasons why large banks are not directly involved in microfinance: banks, when providing financing, want to be sure that the borrower will be able to return the funds provided to him. There is no such certainty when granting a loan to a small company or individual entrepreneur, which can disappear at any moment; For many types of financing, banks require collateral. The absence of collateral often results in banks having to build up more reserves than in secured transactions. In addition, the collateral serves as a guarantee for banks that the funds will be returned. In the absence of collateral, banks do not provide financing; many clients with small loans create a large organizational burden for the bank. Not every bank can bear such expenses for servicing a large number of small loans, despite the fact that the income from this business is insignificant; the establishment of special favorable conditions for microfinance (lack of collateral, etc.) can be regarded as discrimination against other persons - the bank's clients. All of the above are reasons why large banks are not directly involved in microfinance. However, they often participate in such programs through some local organization that also provides microfinance. Organizations providing microfinance B different countries organizations providing microfinance exist in different organizational and legal forms. These can be: credit unions, commercial banks, non-governmental organizations, leasing companies, state-owned banks, associations, self-organizing groups, suppliers, traders, etc. Given the growing role of microcredit organizations, the problems of such an organization can lead to serious social upheavals for the territory covered by the activities of microfinance organizations. Different countries regulate microfinance organizations in different ways: (a) Some countries have self-regulation of microfinance organizations This does not mean that microfinance organizations exist on their own. They usually approve internal control rules, corporate governance and information disclosure rules. However state regulation is not introduced, as usually micro-agencies do not entail potential systemic risk, so attempts to regulate and monitor the market will not be justified in terms of its cost. In such cases, reporting may also exist, but reporting is not for prudential oversight but for statistical purposes. (b) other countries regulate only large microfinance institutions whose activities may Negative influence to the entire market. Selective regulation of microfinance organizations is used, among other things, in order to reduce the burden of maintaining an additional state apparatus on taxpayers. (c) total government regulation of all microfinance organizations. In such a case, all organizations operating in the field of microfinance are regulated. Regulatory Issues in Microfinance Due to the specific nature of microfinance - i.e., the issuance of many small loans without collateral - the provision of microfinance focuses on various important issues related to microfinance: responsible management, clear goals for action, accountability for failure to meet the set goals; developing a standard accounting system for a microfinance organization to be transparent and simple; effective internal control; development of an effective mechanism for the protection of depositors; development of an effective information system, financial and operational standards; right choice organizational and legal form of organizations that provide funding; taxation of microfinance organizations and taxation of its clients, as well as taxation of investments of foreign funds and other agreements in such microfinance organizations; body and procedure for regulating microfinance organizations.
× British Chancellor of the Exchequer George Osborne has unveiled the details of the budget for the next five years, which includes a surprise reduction in the corporate tax rate, the removal of the status of "resident without domicile" and an increase in the taxable ceiling for income and inheritance taxes. Today, with a corporate tax rate of 20%, the UK ranks first among the Group of Twenty (G20) countries as the country with the lowest tax rate. However, according to Osborne, the government will move forward with plans to cut the tax rate to 19% in April 2017 and 18% in 2020. In addition, as part of the work to simplify the taxation of dividends, the corresponding tax credit will be replaced by a new tax-free quota of £5,000 ($7,693) for the dividend income of all taxpayers without exception. Dividend tax rates will be set at 7.5%, 32.5% and 38.1%. Also, the government plans to abandon the tax status of "resident without domicile", ie. in practice, any resident of Great Britain for any 15 years out of the previous twenty will be obliged to pay the full amount of taxes levied on the territory of the country on all world, i.e. received outside the country, income. This measure is due to be implemented in April 2017, and the profit for the treasury from its introduction is estimated at 1.5 billion pounds by 2020.
× 03.11.2009 Changes in legislation - Republic of Cyprus, United Kingdom, Guernsey Republic of Cyprus securities and Exchanges (CySEC), pursuant to the powers conferred by section 144 of the Investment Services, Investment Activities, Regulated Markets and Related Matters Act of 2007, has issued the following Directive: Directive DI144-2007-04(C) Regarding charges and annual fees payable to the Commission The amendments made by this Directive to the text of Directive DI144-2007-04 concerning the fees and annual fees payable by investment firms to the Commission increase the previously established amount to be paid by the applicant company when applying for an exercise permit. activities of a Cypriot investment company, from two (2) to three (3) thousand Euros (? 3,000). Document Type - Directive Document Number - DI144-2007-04(C) Effective Date - October 30, 2009 Issuing Authority - Securities and Exchange Commission Publication of Document - Official Gazette United Kingdom Financial Services Authority ( FSA) announced changes made to some of the tools of the FSA Handbook (review No. 2 September 2009): Handbook Notice, 93 Among other things, changes were made to the Handbook through two tools that together establish new liquidity rules for foreign banks, building cooperatives and investment firms, as well as UK-based branches of foreign banks, including new, adjusted requirements to implement the new liquidity regime for the above-named firms established by the Financial Services Authority (FSA 2009/55 and FSA 2009/56 tools). Type of document - Notice Document number - 93 Date of issue - 30 September 2009 Effective date - 5 October 2009 Authority that issued the document - Financial Services Authority Publication of the document - UK FSA website *** HM Revenue and customs duties under the authority granted by section 393B(3)(d) and (4A) of the Income Tax (Income and Pensions) Act of 2003, issued the following Ordinance: Employer-Financed Retirement Benefits (Excluded Benefits for Tax Purposes) (Amendment) Regulations 2009 This Regulation amends the text of the Employer-Financed Retirement Benefits (Excluded Benefits for Tax Purposes) Regulations 2007 to exclude specified non-monetary benefits, provided to retirees and current employees under the Pension Benefit Scheme Employer-funded care from taxation of the above employer-funded benefits under section 394 of the Income Tax (Income and Pensions) Act 2003. In addition, this Regulation includes in the text of the 2007 Regulation an exception for screening and medical preventive examination. Thus, the exemption applies if the screening and preventive checks meet the requirements for the exemption from tax liability under section 320B of the Income Tax (Income and Pensions) Act of 2003, as well as if certain payments are made before the onset of retirement age. Type of document - Decree Document number - 2009 No. 2886 Date of adoption - October 28, 2009 Effective date - December 1, 2009 Authority that adopted the document - Her Majesty's Office of Revenue and Customs Printed publication that published the document - Office of Public Sector Information *** Treasury under powers conferred by sections 7(8) and (9), 11(1), (5) and (6), 12(3) and (4), 65(1) and (7) and 67 of the Tax Credits Act 2002 (Tax Credits Act 2002) and HM Revenue and Customs under the powers conferred by sections 4(1)(b), 65(2) and (7) and 67 of the foregoing of the Act, Issued the following Regulations: Tax Credits (Miscellaneous Amendments) (No. 2) Regulations 2009 This Regulation amends the text of the Working Tax Credit (Entitlement and Maximum Rate) Regulations of 2002 (Working Tax Credit (Entitlement and Maximum Rate) Regulations 2002), P Tax Credits (Definition and Calculation of Income) Regulations 2002 and Tax Credits (Claims and Notifications) Regulations 2002) . Document type - Decree Document number - 2009 No. 2887 Date of adoption - October 28, 2009 Date of entry into force - November 21, 2009 Authority that adopted the document - HM Treasury / Office of Tax and Customs Printed edition that published the document - Office of Public Sector Information *** The Treasury pursuant to the authority granted by section 318D(2) of the Income Tax (Earnings and Pensions) Act 2003 and following the relevant provisions of the Regulations issued on pursuant to section 12 of the Tax Credits Act of 2002, in relation to the provision of a tax credit to a child custodian, issued the following Regulation: Income Tax (Qualifying Child Care) (No. 2) Regulations 2009 This Ordinance amends section 318C of the Income Tax (Income and Pensions) Act 2003 to include provisions regarding the interpretation of the term "qualifying child care" for the purposes of section 318A of the Act. Type of document - Decree Document number - 2009 No. 2888 Date of adoption - October 28, 2009 Date of entry into force - November 21, 2009 Authority that adopted the document - Treasury Printed edition that published the document - Office of Public Sector Information tax and customs duties under the authority granted by section 182(1)(a) of the Public Budget Act of 2002 (Finance Act 1993), section 229(1)(a) of the Public Budget Act of 1994 (Finance Act 1994) and paragraph 3(14) of Schedule 11 to the Finance Act 2007, issued the following Regulations: Lloyd's Underwriters (Tax) (Amendment) Regulations 2009 This Regulation amends Lloyd's Underwriters (Tax) Regulations 2005 year (Lloyd's Underwriters (Tax) Regulations 2005 (S.I. 2005/3338)) for the purpose of applying the provisions of paragraph 2 of Schedule 11 to the Public Budget Law of 2007 to the general agents of the Lloyd's syndicates. Thus, Paragraph 2 of Schedule 11 to the above Law gives the right to an employee of the Revenue and Customs Administration to require a general insurance company to provide a report regarding the amount of technical reserves reflected in the accounts of this company. This Regulation amends paragraph 2 of the above Schedule for the purpose of applying it to the technical reserves of Lloyd's syndicates. Type of document - Decree Document number - 2009 No. 2889 Date of adoption - October 28, 2009 Date of entry into force - December 1, 2009 Authority that adopted the document - HM Revenue and Customs Printed edition that published the document - Office of Public Sector Infirmation Guernsey The Department of Treasury and Funds, pursuant to the authority granted by section 62A(4) of the Income Tax (Guernsey) Law, 1975, has issued the following Ordinance: The Income Tax (Deemed Distributions) (Exemptions) Regulations 2009 This Regulation contains provisions regarding the exemption from taxation of hidden dividends under Chapter VIIIA of the Income Tax (Guernsey) Act 1975. The above exception applies to companies intending to distribute at least 65% of trading profits. Type of document - Decree Document number - 2009 No. 50 Date of adoption - October 6, 2009 Effective date - November 25, 2009 Authority that adopted the document - Treasury and Cash Department Printed publication that published the document - Guernsey Legal Resources *** The Department of Treasury and Funds, pursuant to the powers conferred by sections 127, 144, 535 and 538 of the Companies (Guernsey) Law, 2008 (Companies (Guernsey) Law, 2008), has issued the following Ordinance: The Companies (Inspection and Copying of Documents) (Fees) Regulations, 2009 This Regulation, for the purposes of the Companies (Guernsey) Act 2008, provides for the fees payable by a person who checks a company's share register and by a person requesting a copy of that register. Document Type - Decree Document Number - 2009 No. 54 Date of Adoption - October 6, 2009 Effective - December 1, 2009 Authority that adopted the document - Department of Treasury and Cash
× Mississippi Gov. Hayley Barbour published an op-ed calling on French entrepreneurs to move their businesses to his state's jurisdiction. “My message to companies creating jobs and wanting to get out of the French tax regime: Mississippi welcomes you,” the governor wrote on a website dedicated to foreign policy state. “If you think that the French tax everything that moves, then you are not far from the truth,” the Republican added in his article. This is not the first news of its kind. In France, the memory of Prime Minister David Cameron's proposal to the national banks, put forward in January of this year, is still fresh. "The door is open and we can welcome French banks, businesses and other financial market players to the UK," the British politician said at the time.
× Since November 2014 European Commission working on the creation of the Capital Markets Union. The Union of Capital Markets should contribute to the creation of a single stock market in the 28 countries of the European Union. Within the framework of the Capital Markets Union, it is expected: closer cooperation in the market between large and small companies; providing more opportunities in the stock market; strengthening cross-border cooperation and capital flow; improving access to finance for commercial companies, especially for small companies. Consultations In order to determine the specific measures to be taken in connection with the establishment of the European Stock Market Union, the European Commission has initiated consultations with the authorities and the public. In the advisory proposal, the European Commission noted that European business still relies heavily on banks for financing and, to a lesser extent, on the stock market; This dependence of the European economy on bank lending, especially to small businesses, makes them exposed to additional risks during financial crises, when lending levels plummet. new investments are needed for all companies, including small enterprises, and infrastructure projects; it is necessary to attract more investments to the European Union from other countries of the world; In the United States, the level of foreign investment is about twice as high as in Europe. make the financial system more stable by opening up more funding opportunities. As part of the creation of the European Union for the stock market, it is planned to: prepare proposals to stimulate securitization and release bank balance sheets for lending; Securitization can help transfer risks and increase the ability of banks to provide new financing. It is planned to introduce simple, transparent and standardized securitization instruments to the market. revise the Prospectus Directive to make it easier for firms, especially small firms, to obtain investment and access foreign investors; The aim is to achieve such a status that small enterprises can receive financing as easily as large companies, so that the cost of accessing such financing is not high, and the amount of administrative barriers is minimal. In particular, in order to carry out the placement of securities, the company must prepare a detailed document - a prospectus, which reflects information about the companies, conditions and risks for investments. At present, preparing a prospectus for small and medium-sized enterprises is a cumbersome task. In this regard, the European Commission will revise the existing regulation on prospectuses in order to simplify some of its parts, facilitate the procedure for accepting a prospectus, exempt the company from the approval of the prospectus in some cases. make credit information about small businesses more accessible to make it easier for investors to invest; Access to finance during a crisis for small businesses becomes even tougher than for large companies. Usually information about small businesses is limited and can only be found in banks. Therefore, when small businesses want to access a wider range of investors, they do not always succeed. Increasing the availability of credit information, developing a minimum set of information that is provided for assessment and reporting, and standardizing such information can help develop financial instruments for refinancing small businesses. It is also expected to work on a credit scoring system, which could be used to assess the creditworthiness of small enterprises. Currently in Europe, 75% of companies run by their own owners do not have a credit score. introduce a European regime for private placements to make direct investment in small businesses more attractive; One form of financing is private placements, where companies offer securities to individuals or a small number of investors outside of public markets. Private placements may be more cost effective for smaller companies. Problems here arise in the lack of insolvency laws, standardized processes and documentation, and information on the creditworthiness of issuers. to support new European long-term investment funds through which investments in infrastructure and other long-term projects are possible. For these purposes, long-term investment funds (so-called ELTIFs) will start operating in the European Union, which are designed to make long-term investments and finance the economy. The European Stock Market Union is expected to help create more jobs; will attract new investments and develop the economy; expand the range of retail investment; will promote greater European integration, eliminate interstate barriers; create an effective level of consumer and investor protection. As part of the creation of the European Union for the stock market, it is planned to adopt legislative measures in such areas as the stock market, insolvency, corporate law, taxation, and non-legislative market methods aimed at increasing the efficiency of the market. For example, the development of standard forms and rules, increasing competitiveness in the market, facilitating access to the market, confirming the principle of free movement of capital.
× Apparently, the PRC's plans for a 5% increase in tax revenue this year are not destined to come true, according to the statement of officials from the Ministry of Finance of the state. According to a government report, tax revenues to the budget for the first five months of this year amounted to 402 billion US dollars, which is only 2% more than in the same period in 2014. The current situation determines the continuing slowdown in the growth of the Chinese economy. In addition, recent government decisions aimed at reducing the tax burden on businesses (primarily small businesses) have made their contribution. Despite the above, the PRC government intends to continue reforming the country's tax system. In the near future, further relaxations in the taxation of economic activities, improvement of customs policy, as well as a new round of tax policy reform in the resource and mineral extraction industry are expected. Moreover, the Chinese authorities are considering changes to property tax and personal income tax.
× 10/20/2009 Legal Changes - United States of America, United Kingdom United States of America The Securities and Exchange Commission (SEC) has submitted the following Proposed rules: Rules Requiring Internet Availability Of Proxy Materials Through this document, the Securities and Exchange Commission and exchanges proposes amendments to federal regulations issued under the Securities Exchange Act of 1934 (Securities Exchange Act of 1934) in order to improve the procedure for providing shareholders of the company with relevant materials before the general meeting (proxy materials). In particular, the Commission proposes to reconsider existing rules in order to provide additional "flexibility" regarding the format of the notice of availability of materials sent to shareholders regarding the upcoming general meeting via the Internet (Notice of Internet Availability of Proxy Materials). In addition, the Commission proposes the inclusion of a new rule giving issuers the right, as well as requiring shareholders to include explanatory information regarding the process of receiving, reviewing the materials distributed and further voting. Document Type - Regulations Document Number - 33-9073 Date of Adoption - October 14, 2009 Effective Date - Under Review Authority that adopted the document - Securities and Exchange Commission Printed publication that published the document - US SEC official website *** Commission The SEC has proposed the following Rules: Extension of Filing Accommodation for Static Pool Information in Filings with Respect to Asset-backed Securities The Securities and Exchange Commission (SEC) proposes amendments through this document to rule 312 of the S-T Regulation, which provides a temporary exception to the filing of a report on asset-backed securities, in order to grant the right to publish information on a static pool (static pool), previously published in prospectuses issue, on the Web site, subject to certain conditions. Under rule 312, such information must be included in the prospectus contained in the registration document for asset-backed securities. This rule applies to asset-backed securities reports filed on or after December 31, 2009. Thus, the Commission is proposing an adjustment to the above rule to extend the specified period by one year: under the proposed extension, rule 312 would apply to reports of asset-backed securities filed on or after December 31, 2010. Doc Type - Regulations Doc Number - 33-9074 Adopted Date - October 19, 2009 Effective Date - Pending Adopting Authority - Securities and Exchange Commission community and local government issues, pursuant to the powers conferred by sections 74(2), (4) and (6), 178(1) of the Commonhold and Leasehold Reform Act of 2002 (Commonhold and Leasehold Reform Act 2002), issued the following Regulations: RTM Companies (Model Articles) (England) Regulations 2009 Subject to Chapter 1 of Part 2 of the Public and Leasing Property Reform Act 2002, a company referred to in that Chapter as an RTM company, can ensure the acquisition and use of rights in relation to the management of the premises. Section 73(2) of the said Act contains provisions establishing that a company is a company with the right to manage designated premises if it is a private company limited by guarantee, and its articles of association clarify that the purpose , or one of the goals of the company is to acquire and use the right to manage the above premises. This Ordinance, whose provisions shall apply exclusively in England, establishes the form and content of the articles of association of RTM companies. In addition, this Regulation abolishes the RTM Companies (Memorandum and Articles of Association) (England) Regulations 2003. Subject to the provisions of this RTM Bylaw, companies incorporated prior to November 9, 2009 may continue to operate within their charters until September 30, 2010. Alternatively, such companies may harmonize their charters in accordance with the provisions of this Bylaw. Type of document - Ordinance Document number - 2009 No. 2767 Date of adoption - October 13, 2009 Effective date - November 9, 2009 Authority that adopted the document - Minister of Communities and Local Government Publication that published the document - Office of Public Sector Information
