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UK to finish public consultations on Companies House reform

UK to finish public consultations on Companies House reform

On 18 September 2020 the UK Government has announced on its website that the first stage of designing the new regime of Companies House functioning is completed, that is public consultations on this matter are closed. In line with other aims, said reform pursue strengthening of anti-money laundering measures. In particular, it is planned to

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Changes of economic substance rules in the UAE

Changes of economic substance rules in the UAE

In September 2020 the information on renewal of economic substance (ES) rules in the UAE has been published on the official website of Ministry of Finance. ES rules are in force in UAE since 1 January 2019 and apply to UAE legal entities. ES rules establish duties of UAE companies to have managing bodies in

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Cypriot passports under media attention again

August 2020: International Tax Planning Review

The European Commission’s report on implementation of the Anti-Tax Avoidance Directive On 19 August 2020 the European Commission published its first report on the implementation of the Council Directive (EU) 2016/1164 of 12 July 2016 laying down the rules against tax avoidance practices that directly affect the functioning of the internal market (hereinafter – the

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Luxembourg: new requirements to trusts

July 2020: International Tax Planning Review

Luxembourg: new requirements to trusts Luxembourg has tightened the requirements to trusts in relation to disclosure of information in accordance with the latest rules of the European Union (AMLD5 Directive) and in anticipation of the new round of evaluation by FATF. In 2018 the EU adopted stricter rules for trusts – fiduciary arrangements in which

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British Overseas Territories committed to establish publicly available registers of beneficial owners

On 15 July 2020 the UK Minister for the Overseas Territories and Sustainable Development Elisabeth Sugg have submitted a written statement to the UK Parliament informing that eight British Overseas Territories are prepared to establish publicly available registers of beneficial owners of companies until the end of 2023. The abovementioned Overseas Territories which made a

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June 2020: International Tax Planning Review

June 2020: International Tax Planning Review

Russian-Cypriot negotiations to amend double tax treaty On 25 June 2020 Russia and Cyprus started negotiations on amendments to the Agreement for the avoidance of double taxation dated 5 December 1998 (as amended in 2010) existing between the countries. Russia’s position is that the payment of dividends from Russia to Cyprus should be taxed in

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The Netherlands has introduced beneficial ownership register

The Netherlands has introduced beneficial ownership register

On 23 June, 2020 the Parliament of the Netherlands has adopted a Law №35179 by which the centralized beneficial ownership register is established as required by EU Directive ЕС 2015/849. Some data from the register will be available to the public. The duty to execute and to file beneficial ownership registers with the Trade Register

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UK

Controlled Foreign Companies rules in the United Kingdom

Controlled Foreign Companies (CFC) rules are applicable to entities resident in foreign jurisdictions and controlled by UK residents. In some cases, CFC rules are also applicable to permanent establishments of UK resident companies abroad. Controlling persons As provided by subsection 3 of Section 371AA of Taxation (International and Other Provisions Act) 2010 any person (natural

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European Commission

May 2020: International Tax Planning Review

Aggressive tax planning: the European Commission gives recommendations to six Member States The European Commission has issued recommendations to the EU Member States, six of which have been advised to enhance countering ‘aggressive’ tax planning.     The aggressive tax planning holds an intermediate position between allowable tax planning and tax evasion (and cannot be equated

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