Our UAE and UA offices

 
Ask a question 

News

Cyprus. “Shell Companies and Entities” by the Cyprus Central Bank
On November 2, 2018, a Circular came into effect in Cyprus, which clarify the definition about the “shell companies and entities” in Cyprus and how banks and service providers should deal with them.
26.11.2018read more...
European Union. Resolution of European Parliament on distributed ledger technologies and blockchain
On 3 October 2018, the European Parliament issued a resolution recognizing distributed ledger technologies (DLT) and blockchain, as well as sectors in which they can be used along with inherent risks.
14.11.2018read more...
OECD. List of jurisdictions providing Residence/Citizenship by investment schemes
The OECD has analysed over 100 CBI/RBI schemes, offered by CRS-committed jurisdictions, identifying the following schemes that potentially pose a high-risk to the integrity of CRS.
29.10.2018read more...
UK. Tax Digital for VAT operating system opened for business
From April 1, 2019, in accordance with the Tax Digital Edition, about 1 million enterprises registered for VAT with a taxable turnover of more than £85,000 will have to keep their VAT records in digital form and file their income using Tax Digital Compatible Software.
16.10.2018read more...
Hong Kong. Mainland tax pact in force
Hong Kong and Mainland China adopted a regulation for performing the automatic exchange of financial account information in tax matters, which entered into force on September 6, 2018.
26.09.2018read more...
UAE. Law on special residency-visa privileges for expat retirees approved
On 16 September 2018, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, has approved a law to provide special residency-visa privileges for expats retirees over the age of fifty-five years for a period of five years, with the possibility of renewal, according to specific conditions. The law will come into force as of 2019.
17.09.2018read more...
EU. Directive against tax evasion effective from 2019
On 28 January 2016 the Commission presented its proposal for an Anti-Tax Avoidance Directive (ATAD) as part of the Anti-Tax Avoidance Package. On 20 June 2016 the Council adopted the Directive (EU) 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the internal market.
29.08.2018read more...
Hong Kong. BEPS & CDTA
On 4 July 2018, the legislative Council passed the third and final reading of the Inland Revenue (Amendment) (no.6) Bill 2017
17.08.2018read more...
Hong Kong. Blockchain trade finance setup
The Hong Kong Monetary Authority (HKMA) and seven banks of Hong Kong, including HSBC and Standard Chartered, will start up a trade finance platform using blockchain Technology that underpins digital currencies such as bitcoin.
07.08.2018read more...
The Principal purpose test or the value of Substance
According to Article 7 (Prevention of Treaty Abuse) of MULTILATERAL CONVENTION TO IMPLEMENT TAX TREATY RELATED MEASURES TO PREVENT BASE EROSION AND PROFIT SHIFTING (BEPS) “Notwithstanding any provisions of a Covered Tax Agreement, a benefit under the Covered Tax Agreement shall not be granted in respect of an item of income or capital if it is reasonable to conclude, having regard to all relevant facts and circumstances, that obtaining that benefit was one of the principal purposes of any arrangement or transaction that resulted directly or indirectly in that benefit, unless it is established that granting that benefit in these circumstances would be in accordance with the object and purpose of the relevant provisions of the Covered Tax Agreement”.
30.07.2018read more...
European Union Continues Push for Digital Tax
At a G20 meeting held in Argentina earlier this week, the European Union’s finance ministers continued their push to implement a digital tax on major US tech companies.
26.07.2018read more...
UK Moves to Ratify the MLI as Part of BEPS Plan
Kazahkstan, Peru, Estonia and the UAE have been the latest group of countries to sign onto the OECD’s Multilateral Instrument (MLI) as part of the Base Erosion & Profit Shifting (BEPS) project.
13.07.2018read more...
US Federal Reserve releases results of the annual Comprehensive Capital Analysis and Review (CCAR)
For eight consecutive years, the capital planning processes and capital adequacy of the largest U.S.-based bank holding companies are evaluated, including their ability to pay dividends and redemption of shares with the help of the US Federal Reserve's CCAR. Such an assessment confirms the ability to compensate for losses and enable banks to provide loans to households and enterprises, even in times of a crisis (stress).
28.06.2018read more...
UAE. Changes in legislation
100% Foreign ownership into UAE mainland entities
BEPS
Resident visa changes
VAT
24.05.2018read more...
Hong Kong. Bank rule amendments
On May 4, 2018 in Hong Kong the Banking (Disclosure) (Amendment) Rules 2018 and the Banking (Specification of Multilateral Development Bank) (Amendment) Notice 2018 were published to implement recent international standards on banking regulation. They were tabled at the Legislative Council on May 9 for implementation on June 30.
11.05.2018read more...
Hong Kong. Two-Tiered Profits Tax Rates System entered into force
With the Inland Revenue (Amendment) (No. 3) Ordinance 2018 gazetted on 29 March 2018 further to the Inland Revenue (Amendment) (No. 7) Bill 2017 gazetted on 29 December 2017, the two-tiered profits tax rates regime will be effective from year of assessment 2018/19 (i.e. any year of assessment commencing on or after 1 April 2018).
20.04.2018read more...
Cyprus. New Double Tax Treaty with United Kingdom
On March 22, 2018 Cyprus and the United Kingdom signed the new double tax treaty.
04.04.2018read more...
OECD. Preventing abuse of residence by investment schemes
In February 2018, the organization OECD published a report "Preventing abuse of residence by investment schemes to circumvent the CRS."
20.03.2018read more...
Hong Kong. Economic and financial position
On January 23, 2018 International Monetary Fund published the latest report which notes the city was well positioned to navigate external and domestic challenges, helped by strong fiscal reserves and robust regulatory and supervisory frameworks, which have been strengthened in the past decade.
01.02.2018read more...
UAE removed from EU “blacklist”
On January 23, 2018 the Council of EU agreed to remove eight jurisdictions from the EU's list of non-cooperative jurisdictions for tax purposes, following commitments made at a high political level to remedy EU concerns.
24.01.2018read more...
Hong Kong. Tax treaty with Belarus
Hong Kong signed the Comprehensive Avoidance of Double Taxation Agreement (CDTA) with Belarus in January 2017 and after the completion of ratification procedures on both sides it came into force on November 30, 2017.
15.01.2018read more...
BLACK LISTS – COUNTRIES, LEGAL ENTITIES AND INDIVIDUALS
In order to structure a large amount of information regarding changes in the field of international trade, we suggest you to get acquainted with the article “Black Lists – Countries, Legal Entities and Individuals” written by José María García-Aranda Alvarez.
21.12.2017read more...
EU published the list of non-cooperative tax jurisdictions
On December 5, 2017 during the meeting in Brussels the Finance Ministers of EU Member States agreed the first EU list of non-cooperative tax jurisdictions.
08.12.2017read more...
International Monetary Fund. World Economic Outlook
According to the latest report published by International Monetary Fund
http://www.imf.org/external/datamapper/PPPPC@WEO/OEMDC/ADVEC/WEOWORLD/ARE
the richest country in the world per capita is Qatar with the total GDP (Gross Domestic Product) of approximately $124,930 per person. GDP per capita is based on purchasing power parity, which compares the currencies of countries in relation to the cost of goods and is used to weigh a country’s economy in relation to others. A major revenue source for Qatar is export of natural gas, oil and petroleum products.
01.12.2017read more...
Cyprus. Double Tax Treaties with Iran and Luxembourg
Double Tax Treaties signed earlier with Iran and Luxembourg will come into force on 1 January 2018.
23.11.2017read more...
Hong Kong. New tax system announced
On October 23, 2017 the Government of Hong Kong held the Summit on New Directions for Taxation today, attracting more than 400 participants, such as government officials, business leaders and tax professionals During the Summit were discussed the formulation of forward-looking tax policies and measures, which will enhance Hong Kong's competitiveness and economic development.
06.11.2017read more...
UAE VAT Law comes into effect from January 1, 2018
President of the United Arab Emirates (UAE) , Sheikh Khalifa Bin Zayed Al Nahyan, has issued Federal Decree-Law No. (8) of 2017 for Value-Added Tax (VAT Law) on August 23, 2017 which comes into effect from January 1, 2018.
26.10.2017read more...
United Kingdom. Implementation of BEPS Plan Action 13
The Base Erosion and Profit Shifting (BEPS) Action Plan adopted by the OECD and G20 countries in 2013 recognised that enhancing transparency for tax administrations by providing them with adequate information to assess high-level transfer pricing and other BEPS-related risks is a crucial aspect for tackling the BEPS problem
23.10.2017read more...
Rating of compliance with OECD international standards of tax transparency
On August 21, 2017 the Global Forum on Transparency and Exchange of Information for Tax Purposes published a report with the results of the peer review of the second phase for compliance with international standards for the exchange of tax information for 10 jurisdictions.
11.10.2017read more...
Hong Kong. Fintech agreement with United Kingdom signed
On September 22, 2017 in London, Special Representative for Hong Kong Economic & Trade Affairs to the European Union Shirley Lam and Director General for Financial Services of the UK Katharine Braddick signed a financial and technical agreement to promote bilateral cooperation in promoting financial innovation.
28.09.2017read more...
Hong Kong. Cryptocurrency: prohibitions and warnings
With the increasing popularity of ICO (Initial coin offering, where percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies such as Bitcoin. The term may be analogous with 'token sale' or crowdsale, which refers to a method of selling participation in an economy, giving investors access to the features of a particular project starting at a later date) many regulators of the world expressed concern about this method of funds raised. ICOs are digital token sales that have seen unchecked growth over the past year, raising $1.6 billion.
20.09.2017read more...
Hong Kong. The agreement on avoidance of double taxation with Belarus is signed
16 January, 2017 Hong Kong and Belarus signed an agreement on avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital. The agreement was concluded under the Hong Kong initiative to expand the network of tax agreements.
14.08.2017read more...
UK. Changes in the legislation.
During the last several years, one of the topical issues is the transparency of beneficial owner information of all corporate and legal entities, for a number of reasons: preventing money laundering and terrorist financing, tax evasion. FATF recommendations, EU legislation, OECD requirements essentially belong to the same issue which is the transparency of the ownership of companies, funds, trusts.
21.07.2017read more...
BVI. Beneficial Ownership Secure Search System Act with UK comes into effect.
In April 2016 the British Virgin Islands and the UK have enacted legislation regarding Beneficial Ownership & Technical Protocol, which will facilitate the procedure of beneficial ownership information exchange between the UK & BVI law enforcement authorities for taxation rulings.
30.06.2017read more...
HONG KONG. THE AGREEMENTS OF AUTOMATIC EXCHANGE ARE SIGNED
During 2017 Hong Kong has signed agreements with eight more jurisdictions, namely Belgium, Canada, Guernsey, Italy, Mexico, Netherlands, Portugal and South Africa to start automatic exchange of financial account information in tax matters (AEOI).
16.06.2017read more...
Russian Federation. Profound changes in the Russian Federation Law
Since January 1, 2017, amendments to the Russian Federation Law of 08.02.1998 No. 14-FZ "On Limited Liability Companies" and the Russian Federation Law of 26.12.1995 No. 208-FZ "On joint stock Companies" entered force. These changes affect the legislative regulation of interested-party transactions and major transactions concluded by Russian joint-stock companies and limited liability companies.
17.04.2017read more...
CYPRUS. INCOME TAX TREATY WITH INDIA IS SIGNED
At the end of 2016 Cyprus and India signed Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income after 3-years break in bilateral relations between countries.
03.02.2017read more...
Cyprus. Announcement has been issued
On December 15, 2016, the Department of Registrar of Companies and Official Receiver published an official notice about consequences of non-payment of the annual tax of companies.
16.01.2017read more...
Russian Federation. New Federal Law has taken effect on December 21, 2016.
The Federal Law “On Amendments to the Federal Law “On Countering Legalization (Money-Laundering) of Proceeds of Crime and the Financing of Terrorism” and to the Code of Administrative Offences of the Russian Federation” has taken effect on December 21, 2016.
26.12.2016read more...
Hong Kong. The Agreements of Automatic Exchange of Financial Account Information with Japan and UK a
Hong Kong has signed agreements with Japan and the UK to start automatic exchange of financial account information in tax matters till the end of 2018. The exchange of the information between states is to be performed on an annual basis.
02.12.2016read more...
Cyprus. Income Tax Treaty with Latvia is signed
In 2016 Cyprus and Latvia signed and ratified the first Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
18.11.2016read more...
Panama. The tax transparency pact OECD was signed.
As of 27th October 2016 Panama became the 105th country signed the OECD Convention on Mutual Administrative Assistance in Tax Matters (includes an agreement on the automation since 2016 and the exchange of information on the distribution of paid income and taxes since 2017-2018).
28.10.2016read more...
Republic of Seychelles. The new International Business Companies Act dated 26.07.2016
The National Assembly of Seychelles adopted July 26, 2016 a new International Business Companies Act (IBC Act). The effect day is December 1, 2016.
14.10.2016read more...
Cyprus. Amendments to Property Taxes and Fees
Despite global market challenges, the Cyprus real estate market has remained attractive to foreign investors. A number of legislative changes were introduced during 2015 and 2016, which reduced transfer fees on the transfer of property as well as reduced the property taxes which are described below.
07.10.2016read more...
United Kingdom. Amendments to the Companies Act 2006.
Amendments were adopted to the Companies Act 2006 for tightening of existing requirements for the director of LTD company.
23.09.2016read more...
Switzerland. Automatic Tax Information Exchange: prospects for development.
Switzerland has agreed for the international exchange of information in tax matters.
09.09.2016read more...
Hong Kong. The new international standard for automatic exchange of financial account information
June 30, 2016 the new international standard for automatic exchange of financial account information in tax matters (AEOI) in Hong Kong went into effect, and only for jurisdictions which has signed an AEOI agreement with Hong Kong. Hong Kong will start identifying partners from among the 42 economies who have signed agreements with Hong Kong on comprehensive avoidance of double taxation or on tax information exchange.
26.08.2016read more...
Hellenic Bank: Profitable first 6 months
Hellenic Bank had a marginally profitable first half of 2016, realising a profit of ˆ1.1 million. The Bank continued to support the economic recovery of the country by approving ˆ152 million of new lending in the first half of 2016. During the same period, the Bank also completed further restructurings of ˆ334 million. Overall, the Bank is on the right track, given the challenging economic environment both in Cyprus and internationally.
12.08.2016read more...
Rietumu Bank. Net Profit in the First Half Year Exceeded EUR 51 million
According to the financial statement, which are published on the official site of the bank, net profit of the bank during first six months has reached EUR 51.3 million, exceeding the corresponding figures as of 30.06.2015 for 36.4%.
29.07.2016read more...
NEW EU ANTI-TAX AVOIDANCE DIRECTIVE
On 12 July 2016 was adopted the Directive laying down new rules aimed against the typical tax avoidance strategies by the Council of the European Union. The Directive is based on the standards developed by the OECD as part of the Base Erosion and Profit Shifting (BEPS) project.
15.07.2016read more...
Hong Kong. The number of registered local companies reached more than 1.3 million
1,314,655 registered local companies are filed to the end of June whereas at the end of 2015 this figure was at the level of 25,989.
01.07.2016read more...
Black Lists – Countries, Legal Entities and Individuals
In order to structure a large amount of information regarding changes in the field of international trade, we suggest you to get acquainted with the article “Black Lists – Countries, Legal Entities and Individuals” written by José María García-Aranda Alvarez.
01.06.2016read more...
Great Britain. HMRC published a consultation on fulfilment house due diligence.
HMRC, after the Budget 2016 was announced, have published a consultation document. According to this document, fulfilment houses in the UK will be required to register, maintain accurate records and be able to evidence the due diligence they have undertaken to ensure their overseas client is a bona fide supplier.
16.05.2016read more...
Cyprus. The Agreement on the avoidance of double taxation with Georgia has entered into force
Cyprus announced the ratification of the Agreement on the avoidance of double taxation with Georgia, which was signed on May 13, 2015 in Tbilisi during the 24th annual meeting of the European Bank for Reconstruction and Development (EBRD).
02.05.2016read more...
Hong Kong. The agreement on avoidance of double taxation with Latvia is signed.
13 April, 2016 Hong Kong and Latvia signed an agreement on avoidance of double taxation.
25.04.2016read more...
Rating of jurisdictions for financial secrecy revealed
After the case of the "Panama papers" has become so popular, more and more logical is the fact that Panama is not included to the top ten jurisdictions for aiding reporting secrecy, and its residents become the subject of tax authorities’ attention.
18.04.2016read more...
Hong Kong. Tax agreements with Nordic jurisdictions have entered into force
Hong Kong and the six Nordic jurisdictions of Denmark, the Faroes, Iceland, Norway, Sweden and Greenland signed Agreements for exchanging tax information on August, 2014.
04.04.2016read more...
Cyprus has left the list of the European anti-crisis stabilization fund
Cyprus has left the list of the European anti-crisis stabilization fund from this March. Cyprus spent near 7 billion euro and 3 years for successive reforms.
28.03.2016read more...
Singapore – UAE: Tax Treaty Improved
March 16, 2016 Singapore's parliament ratified the protocol ¹2 to the double tax agreement, which was concluded between the United Arab Emirates and Singapore, 31 October 2014. The new edition of the treaty will enter into force on 1 January 2017.
21.03.2016read more...
HMRC system becomes digital.
Many UK taxpayers are now able to manage their tax affairs following the launch of Personal Tax Accounts. Businesses, self-employed workers and landlords will have to update their tax information on HMRC’s digital system on a regular basis, which HMRC will generate through this shift to a digital system. The aim is that by 2016, every individual and small business will have access to their own secure digital tax account, like an online bank account, that enables them to interact with HMRC digitally. Also, it is planed that by 2020, businesses and individual taxpayers will be able to register, file, pay and update their information at any time. For the vast majority, there will be no need to fill in an annual tax return. The launch of personal tax accounts is part of a drive towards a fully digital tax service. Two million businesses are already using their digital accounts and every individual taxpayer will also have access to their own digital account by April 2016.
22.02.2016read more...
Belize. Memorandum of Understanding has been signed
February 3, 2016 Belize's Customs and Excise Department and its Financial Intelligence Unit signed a Memorandum of Understanding. This agreement is the ground for further cooperation between the Government of Belize and the FIU. The aim of this document is to eliminate money laundering actions and the financing of terrorism. Under this pact, two agencies will share information to support in risk detection and compliance activities for facilitate the reporting of the international transportation of currency (the inflows and outflows of monies) and monetary instruments.
08.02.2016read more...
Hong Kong and Russia sign tax plan
To avoid double taxation (CDTA) with Russia the comprehensive agreement was signed between Secretary for Financial Services & the Treasury Prof KC Chan and Russia's State Secretary and Deputy Minister of Finance Yuriy Zubarev. This document signifies the Government's ongoing efforts to expand its CDTA network, particularly with Belt & Road economies.
04.02.2016read more...
BVI. Implementing the OECD Common Reporting Standard
The British Virgin Islands implements the Common Reporting Standard of Organization for Economic Co-Operating and Development (OECD) for the tax information exchanging (CRS). The amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003, which implement CRS in the BVI, came into force on 1 January 2016.
11.01.2016read more...
UAE. The decision of VAT introduction
After the meeting of the Committee of Financial and Economic Cooperation of Gulf Cooperation Council (GCC - an organization consisting of Saudi Arabia, Bahrain, Qatar, UAE, Oman and Kuwait), the Deputy of Minister of Finance of the UAE, Younis Haji Al Khouri, stated that the GCC decided to impose value added tax (VAT).
15.12.2015read more...
HK, S African tax pact in force
An agreement between Hong Kong and South Africa for the avoidance of double taxation and the prevention of income tax evasion came into force on October 20.
16.11.2015read more...
The EU decision on the exchange of tax information
On October 6, 2015 the finance ministers of the EU Member States have made a unanimous decision on the rules of automatic exchange of information on cross-border transactions.
18.10.2015read more...
The introduction of VAT in the United Arab Emirates
The Government of the United Arab Emirates is completing the procedure for the introduction of sales tax in the country or in other words, VAT.
14.09.2015read more...
Hong Kong. Double Tax Agreement with Italy
Hong Kong and Italy have agreed to a double tax agreement that is expected to strengthen economic ties between two countries. In an August 14, 2015 press release the Hong Kong Secretary for Financial Services and the Treasury, Professor K. C. Chan, said that Hong Kong has all along been committed to expanding its network of comprehensive agreements for the avoidance of double taxation (CDTAs) with trading and investment partners, and has signed 32 CDTAs so far, including the agreement with Italy.
19.08.2015read more...
UAE signed the Tax Agreement with the USA
On June 22, 2015 the United Arab Emirates and the United States signed an intergovernmental agreement FATCA, which regulates the automatic exchange of tax information.
07.07.2015read more...
The stress-tests for European banks
In 2016, the largest banks in Europe will pass stress-tests of the European Central Bank. This was reported by the chairman of the Supervisory Board of the European Central Bank, Daniel Nui, in an interview with the German newspaper «Welt am Sonntag».
11.06.2015read more...
Hellenic Bank was named the best bank in Cyprus in 2015
International Journal «Global Finance» named Hellenic Bank, as the "Best Bank in Cyprus 2015".
13.05.2015read more...
Hong Kong signed the tax protocol with the Mainland
Secretary for Financial Services & the Treasury Prof KC Chan signed the fourth protocol to an agreement for the avoidance of double taxation and the prevention of income tax evasion with the Mainland today.
22.04.2015read more...
British Virgin Islands issue Certificates of Good Standing in electronic form
The BVI Government has launched a new service for owners of companies which is registered in the jurisdiction. Certificates of Good Standing for companies and partnerships with limited liability will be issued in electronic form.
17.03.2015read more...
Liechtenstein has adopted a number of tax treaties
The Agreement on Avoidance of Double Taxation between Liechtenstein and the Czech Republic entered into force at the end of 2014. Also from 1 January 2015 came into force of the Agreement for the Avoidance of Double Taxation with Malta, Canada, China and Singapore.
12.02.2015read more...
Hong Kong first to join trade agreement
World Trade Organisation announced yesterday that Hong Kong is the first among the 160 WTO Members to join the WTO Trade Facilitation Agreement.
21.01.2015read more...
 
© 2007 waltonconsultants.co.uk | Privacy Policy
22 Billet Street, Taunton, Somerset, TA1 3NG, United Kingdom

tel.: +44 (0) 1823 423407
Ask a question