|
| The UK Government blocked access for Russia to Britain’s professional services exports |
| The UK government followed through to the next stage of sanctions imposed on the Russian Federation due to the war launched by Putin in Ukraine with the aim to strengthen economic pressure on the Kremlin. |
| 05.05.2022 | read more... |
| Cyprus Annual Levy extension |
| Cyprus companies have the right to pay their Annual Levy for the year 2021 up to the end of the current year, i.e. until 31 December 2021, with no additional charge. |
| 19.07.2021 | read more... |
| Malta put on the FATF grey list |
| FATF (Financial Action Task Force) – an intergovernmental institution dealing with counteractions of global money laundering, terrorist financing, and proliferation financing – has recommenced its activity upon the pause made due to COVID -19. |
| 06.07.2021 | read more... |
| HMRC’s Cryptoassets Manual is published |
| On March 30, 2021, a new internal Cryptoassets manual was published by the HMRC on its website followed by the amendments as of April 8, 2021. |
| 16.04.2021 | read more... |
| LIBOR Transition - counting down to end-2021 |
| London Interbank Offered Rate (LIBOR) is the weighted average offer rate for various debt instruments of the world's leading banks. For the first time the LIBOR rate was applied in 1986 and for more than 30 years it has been the benchmark for government and corporate bonds, currency and interest rate swaps, various loans and long-term deposits, futures contracts and many other financial instruments. |
| 15.03.2021 | read more... |
| BREXIT: WITHDRAWAL AGREEMENT CAME INTO FULL EFFECT ON 1ST JANUARY 2021 (an overview) |
| The Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (hereinafter – Withdrawal Agreement) established the terms of the United Kingdom's orderly withdrawal from the EU, in accordance with Article 50 of the Treaty of the European Union. This Withdrawal Agreement entered into force on 1st February 2020, but the transition period lasted until 31st December 2020. The Protocol on Ireland and Northern Ireland (hereinafter – Protocol), which forms an integral part of the Withdrawal Agreement, also entered into force on 1st February 2020, but most of its substantive provisions only become applicable after the end of the transition period. |
| 28.12.2020 | read more... |
| NEW REQUIREMENTS TO THE BENEFICIAL OWNER PROCEDURES IN UAE |
| The Government of UAE adopted Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures (hereinafter referred to as Decision 58) on August 24, 2020. |
| 15.10.2020 | read more... |
| NEW FISCAL MEASURES TO STIMULATE ECONOMIC GROWTH ON MALTA |
The Minister for the Economy, Investment and Small Businesses of Malta, after consultation with the Malta Enterprise Corporation and with the concurrence of the Minister for Finance and Financial Services of Malta on August 25th, 2020 has adopted:
• COVID-19 Temporary Support Measures Regulations (2020) approved by Legal Notice No. 345 (hereinafter – COVID-19 Regulations).
• Research and Development Regulations (2020) approved by Legal Notice No. 346 (hereinafter – R&D Regulations).
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| 04.09.2020 | read more... |
| New rules on VAT zero-rating of export of services in the UAE |
| At the end of July 2020, the UAE FTA (Federal Tax Authority) issued a Public Clarification VATP019 under UAE VAT law explaining the application of VAT zero rate concerning the export of services. |
| 30.07.2020 | read more... |
| Cyprus adopts exit tax and hybrid mismatch rules |
| New rules with regard to tax avoidance practices were published in the Official Gazette of the Republic of Cyprus on July 03, 2020. These changes (1) are aimed at strengthening the counter tax avoidance practices and (2) are approved at the EU level in accordance with EU Council Directive 2016/1164 of 12.07.2016 (as amended by Council Directive 2017/952 as of 19.05.2017). |
| 06.07.2020 | read more... |
| Measures to simulate new investments in the UAE free zones |
| Due to the negative impact of the COVID-19 pandemic on business activity around the world, a few of the UAE free zones are proposing different packages of measures aimed to simulate interest of new investors |
| 27.04.2020 | read more... |
| Tax burden-reduction measures in Hong Kong’s Budget for 2020/2021 |
| In his Budget for 2020/2021 delivered February 26, Hong Kong Financial Secretary Paul Chan proposed thepackage of measures to stimulate economic activity that requires legislative amendments before its implementation. It includes a one-off reduction of profits tax for the year of assessment 2019/20 by 100 %, subject to a ceiling of HKD 20,000 per case. |
| 05.03.2020 | read more... |
| Amended list of non-cooperative tax jurisdictions in the EU |
| EU Finance Ministers (ECOFIN) updated the EU list of non-cooperative tax jurisdiction at its meeting held on 18 February 2020. |
| 20.02.2020 | read more... |
| United Kingdom amends mechanism of tax dispute resolution with the EU Members |
The Treasury made the Double Taxation Dispute Resolution (EU) Regulations 2020 on 22 January 2020. As it follows, the changes are determined by the requirement to implement the Council Directive (EU) 2017/1852 of 10 October 2017 on tax dispute resolution mechanisms in the European Union.
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| 07.02.2020 | read more... |
| Hong Kong. Conditional waiver of surcharges for installment settlement of demand notes |
Taxpayers who encounter financial difficulties in settling their tax bills on time may apply to the Inland Revenue Department (IRD) for payment of tax by installments before the due date of the tax demand notes.
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| 04.01.2019 | read more... |
| OECD proposal on the reform to address tax challenges from digitalisation of the economy |
| The OECD Secretariat has issued two key documents since October 2019 that are based on so called pillars of the Programme of Work for Addressing the Tax Challenges of the Digitalisation of the Economy adopted by the Inclusive Framework on BEPS and approved by the G20 |
| 03.12.2019 | read more... |
| One-off profits tax reduction for the year of assessment 2018/2019 in Hong Kong |
| The Legislative Council passed the Inland Revenue (Amendment) (Tax Concessions) Bill 2019 on 6 November 2019. It gives effect to the tax concessions proposed by the Government in 2019, including the profits tax reduction for the year of assessment 2018/2019 by 100 per cent, subject to a ceiling of $ 20 000 per case. |
| 13.11.2019 | read more... |
| Hong Kong is among the most competitive economies of the world |
| Building on four decades of experience in benchmarking competitiveness, the World Economic Forum published the Global Competitiveness Report 2019 that offers insights into the economic prospects of 141 economies. |
| 04.11.2019 | read more... |
| The parliament of Liechtenstein passed domestic law on blockchain regulation |
| On October 3, 2019, the parliament of Liechtenstein (Landtag) unanimously voted for Token- und VT-Dienstleister-Gesetz or the Token and Trustworthy Technology Service Providers Act (the Act). |
| 16.10.2019 | read more... |
| The EU removes the UAE and the Marshall Islands from the list of non-cooperation jurisdictions |
| On 10 October 2019, the EU Council agreed to remove the UAE and the Marshall Islands from the EU’s list of non-cooperative jurisdictions for tax purposes. In addition, such jurisdictions as Albania, Costa Rica, Mauritius, Serbia and Switzerland were stated as compliant with all commitments on tax cooperation as they had implemented ahead of their deadline all necessary reforms to comply with EU tax good governance principles. |
| 11.10.2019 | read more... |
| Hong Kong signed the double taxation treaty with Estonia |
| The officials of Hong Kong and Estonia signed the double taxation treaty between two jurisdictions on 25 September 2019. This step is made by both parties with the purpose to further develop economic relationship and to enhance cooperation in tax matters. |
| 27.09.2019 | read more... |
| OECD releases the compilation of peer review reports on country-by-country reporting |
| In accordance with the requirements of the BEPS minimum standards, jurisdictions are obliged to implement measures that are covered by the Action 13 of the BEPS Action Plan (Transfer Pricing Documentation and Country-by-Country Reporting (CbC)). Consequently, all members of the Inclusive Framework on BEPS commit to implementing the Action 13 minimum standard and to participating in the peer review. The peer review process covers three key elements for each jurisdiction: (i) the domestic legal and administrative framework, (ii) the exchange of information framework and (iii) the appropriate use of CbC reports. |
| 05.09.2019 | read more... |
| Cyprus launches open public consultation on implementing of exit taxation and hybrid mismatches rule |
| The Cyprus Tax Department has started the public consultation process that is aimed at getting comments on the proposals for the implementation of the two sets of rules that have not been implemented yet in Cyprus but are included in the Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market (ATAD). |
| 14.08.2019 | read more... |
| Liechtenstein. Register of Ultimate Beneficial Owners |
| On 01 August 2019, the Law No. 958.8 of 06 December 2018 on the register of ultimate beneficial owners of domestic legal entities (VwEG) came into force in Liechtenstein (in accordance with the requirements of 4th EU Anti-Money Laundering Directive). |
| 02.08.2019 | read more... |
| Hong Kong. Rules on Transfer Pricing Documentation and Country-by-Country Reports |
| In July 2019, the Hong Kong Inland Revenue Department published its new Departmental Interpretation and Practice Notes (DIPN) |
| 15.07.2019 | read more... |
| HK. Agreements with ASEAN to take effect |
| Hong Kong and Association of Southeast Asian Nations (ASEAN) signed the Free Trade Agreement and the Investment Agreement at the end of 2017. The Free Trade Agreement will enter into force on June 11, 2019 and the Investment Agreement - on June 17, 2019. |
| 10.06.2019 | read more... |
| UAE. National Economic Register from June 1, 2019 |
| From June 1, 2019 in accordance with the Decision of the Cabinet of Ministers No. (7) 2018, the National Economic Register will be published in the United Arab Emirates (UAE), which will contain Basic Company Details of all entities registered in UAE. |
| 27.05.2019 | read more... |
| UK. Automatic Exchange of Information – Russian Federation is not a reportable jurisdiction for 2019 |
| HM Revenue & Customs have released an update with regards to Common Reporting Standard (CRS). |
| 13.05.2019 | read more... |
| The Wolfsberg Group. Due diligence required by global and regional financial institutions |
| The Wolfsberg Group is an association of thirteen global banks which came together in October 2000 aiming to develop frameworks and guidance for the management of financial crime risks, particularly with respect to Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies. The Wolfsberg Group consists of the following financial institutions: Banco Santander, Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase, MUFG Bank, Société Générale, Standard Chartered Bank and UBS. |
| 29.04.2019 | read more... |
| UK. Making Tax Digital for VAT came into effect |
| On 1 April, the government's Making Tax Digital for VAT (MTD for VAT) initiative came into effect. MTD is a key part of the UK government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. |
| 18.04.2019 | read more... |
| Unaccepted methods of tax planning. UK practices of crime and punishment |
| Following the introduction in 2013 of Action Plan on Base Erosion and Profit Shifting (BEPS Project) OECD actions in this area have become more systematic. According to the BEPS Plan, the purpose of the radical restructuring of international tax regulation system is to force companies to “pay more taxes and, moreover, where profits are formed, as well as to deprive them of possibility to hide their income in “tax havens” (in fact “aggressive” tax planning). |
| 01.04.2019 | read more... |
| HK removed from EU tax watch list |
On March 13, 2019 the Government of the Hong Kong welcomed the decision of the European Union to exclude Hong Kong from its watch list on tax cooperation.
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| 28.03.2019 | read more... |
| European Union updated the list of non-cooperative tax jurisdictions |
| On March 12, 2019 EU Finance Ministers updated the list of non-cooperating EU tax jurisdictions based on an intensive review and dialogue process conducted by the Commission. The list was successful due to the fact that many countries have changed their laws and tax systems in accordance with international standards. |
| 19.03.2019 | read more... |
| Hong Kong. Amendment to the law on trademarks |
| On February 8, 2019 the Government of Hong Kong published the Trade Marks (Amendment) Bill and introduced it into the Legislative Council on February 20, 2019. |
| 11.03.2019 | read more... |
| Cyprus. Tax treatment of non-returnable capital contributions |
| The Cyprus Tax Department published an Information Circular (Circular), which clarifies the procedure for taxing non-refundable capital contributions by Cyprus tax payers to companies that are not tax residents of Cyprus. |
| 01.03.2019 | read more... |
| RISKS AND RESTRICTIONS FOR THE INTERNATIONAL BUSINESS: BLACK AND GREY LISTS, STRENGHTHENING CONTROL |
Facing the depth of the global economic crisis and reshaping of the world financial system a tighter control over cross-border capital flows gets a steady trend.
Below you can see a general review of the most significant restrictive measures, legal, financial and political constraints, implemented at the international, national and corporate stages. |
| 22.02.2019 | read more... |
| EU. Trade agreement with Japan comes into force |
| On February 1, 2019, the EU-Japan Economic Partnership Agreement entered into force. Businesses and consumers in Europe and Japan can now take advantage of the world's largest open trade zone. |
| 15.02.2019 | read more... |
| Hong Kong. Trade pact with Georgia and Record in number of firms that invest in HK |
| On February 13, 2019 a Free Trade Agreement between Hong Kong and Georgia will come into effect (was signed on June 28, 2018). |
| 04.02.2019 | read more... |
| Economic substance in the BVI |
| The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) came into force on 1 January 2019. |
| 18.01.2019 | read more... |
| European Union. Anti-Tax Avoidance Rules Enforced in 2019 |
| As of 1 January 2019, all Member States shall apply new legally binding anti-abuse measures that target the main forms of tax avoidance practiced by large multinationals. |
| 09.01.2019 | read more... |
| United Kingdom. Protocol amending the Convention for the Elimination of Double Taxation with Cyprus |
| On December 19, 2018 Harris Georgiades, Minister of Finance of Cyprus, and Stephen Lillie, the British High Commissioner to Cyprus, signed a protocol amending the Convention for the Elimination of Double Taxation between Cyprus and the United Kingdom (Protocol) regarding income taxes, capital gains and the prevention of tax evasion and avoidance. |
| 24.12.2018 | read more... |
| Hong Kong. More foreign companies open offices |
| The International Monetary Fund (IMF) staff mission made an assessment in a statement released December 12, 2018 after consultation with HKSAR on Article IV in 2018. |
| 13.12.2018 | read more... |
| 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. |
| 26.11.2018 | read 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. |
| 14.11.2018 | read 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. |
| 29.10.2018 | read 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. |
| 16.10.2018 | read 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. |
| 26.09.2018 | read 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. |
| 17.09.2018 | read 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. |
| 29.08.2018 | read 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 |
| 17.08.2018 | read 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. |
| 07.08.2018 | read 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”. |
| 30.07.2018 | read 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. |
| 26.07.2018 | read 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. |
| 13.07.2018 | read 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). |
| 28.06.2018 | read more... |
| UAE. Changes in legislation |
100% Foreign ownership into UAE mainland entities
BEPS
Resident visa changes
VAT
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| 24.05.2018 | read 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. |
| 11.05.2018 | read 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). |
| 20.04.2018 | read more... |
| Cyprus. New Double Tax Treaty with United Kingdom |
| On March 22, 2018 Cyprus and the United Kingdom signed the new double tax treaty. |
| 04.04.2018 | read 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." |
| 20.03.2018 | read 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. |
| 01.02.2018 | read 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. |
| 24.01.2018 | read 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. |
| 15.01.2018 | read 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. |
| 21.12.2017 | read 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. |
| 08.12.2017 | read 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.
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| 01.12.2017 | read 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. |
| 23.11.2017 | read 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. |
| 06.11.2017 | read 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. |
| 26.10.2017 | read 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 |
| 23.10.2017 | read 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. |
| 11.10.2017 | read 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. |
| 28.09.2017 | read 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. |
| 20.09.2017 | read 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. |
| 14.08.2017 | read 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. |
| 21.07.2017 | read 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. |
| 30.06.2017 | read 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). |
| 16.06.2017 | read 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. |
| 17.04.2017 | read 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. |
| 03.02.2017 | read 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. |
| 16.01.2017 | read 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. |
| 26.12.2016 | read 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. |
| 02.12.2016 | read 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. |
| 18.11.2016 | read 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). |
| 28.10.2016 | read 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. |
| 14.10.2016 | read 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. |
| 07.10.2016 | read 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. |
| 23.09.2016 | read more... |
| Switzerland. Automatic Tax Information Exchange: prospects for development. |
| Switzerland has agreed for the international exchange of information in tax matters. |
| 09.09.2016 | read 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. |
| 26.08.2016 | read 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. |
| 12.08.2016 | read 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%. |
| 29.07.2016 | read 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. |
| 15.07.2016 | read 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. |
| 01.07.2016 | read 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. |
| 01.06.2016 | read 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. |
| 16.05.2016 | read 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). |
| 02.05.2016 | read 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. |
| 25.04.2016 | read 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. |
| 18.04.2016 | read 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. |
| 04.04.2016 | read 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. |
| 28.03.2016 | read 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. |
| 21.03.2016 | read 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. |
| 22.02.2016 | read 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. |
| 08.02.2016 | read 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. |
| 04.02.2016 | read 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. |
| 11.01.2016 | read 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). |
| 15.12.2015 | read 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. |
| 16.11.2015 | read 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. |
| 18.10.2015 | read 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. |
| 14.09.2015 | read 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. |
| 19.08.2015 | read 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. |
| 07.07.2015 | read 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». |
| 11.06.2015 | read 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". |
| 13.05.2015 | read 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. |
| 22.04.2015 | read 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. |
| 17.03.2015 | read 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. |
| 12.02.2015 | read 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. |
| 21.01.2015 | read more... |
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