On 7 and 8 July, a bill setting new transfer pricing rules in Russia was passed after its second and third readings by the lower chamber of the Russian Parliament, the State Duma.

Determined to ensure greater equity in its property tax provisions, to boost the attractiveness of the country as a location, and to encourage property investment, Monaco has passed a new law amending the taxation on the transfer and purchase of real estate.

ABLV Bank, AS has established ABLV Luxembourg, S.A., which is going to apply for a banking licence.

Switzerland’s Federal Council has announced plans to reform the lump sum taxation of wealthy foreigners in the Confederation, in a bid to strengthen fiscal equity as well as to improve acceptance of the system, while at the same time endeavouring to preserve the attractiveness of Switzerland as a location.

When Austin, Texas-based Freescale Semiconductor Holdings I Ltd. went public last month in the U.S., the company followed the footsteps of generations of American high-tech companies, including its former parent, Motorola Inc.

On Thursday, 7 July 2011, the European Central Bank decided to increase the interest rate in the eurozone by 0.25% to the level of 1.50%.

The Lord Mayor of London, Alderman Michael Bear, is in Russia with a delegation of city businessmen. He has a packed schedule in Moscow and St Petersburg but the pivotal day will be spent as co-chairman with Alexander Voloshin of the the first meeting of the UK – Russia Liaison Group on the development of Moscow as an international financial centre.

The European Union’s executive body is set to propose expanding its revenue-raising powers – including the introduction of EU-wide taxes – in its budget to be unveiled this week.

Marking a significant step forward, albeit largely symbolic, the French National Assembly voted almost unanimously in favour of a European resolution seeking to introduce at European level a tax imposed on all financial transactions.

During an official visit to Luxembourg by Tajikistan’s President Emomali Rahmon and accompanying delegation, the talks centred on strengthening bilateral relations, on human rights, as well as on economic and financial issues, culminating in the signing of a bilateral double taxation agreement (DTA) between the two countries.