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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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United Kingdom: tax residency and domicile of individuals

United Kingdom: tax residency and domicile of individuals

One of the main features of taxation of private individuals in the UK is the specific approach to determination of tax relationship of an individual with the state. The regime of taxation of incomes of individuals who are resident in the UK for tax purposes depends on whether such individuals are domiciled in the UK

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Beneficial owners

Registers of beneficial owners in different countries

In the light of worldwide business transparency strengthening trend some states and territories have applied or are currently applying registers of beneficial owners of companies. Due to this fact the requirement to disclose to public authorities details of natural persons who are ultimate beneficial owners of companies is being established. The creation of registers of

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Value added tax (VAT) for services in the EU

Value added tax (VAT) for services in the EU

Definition of VAT VAT is a form of taxation of the value added during production or distribution of products and services which is widespread in many countries. The sum of VAT received by the seller or producer, reduced by the sums of VAT included in the price of goods and services acquired by him earlier,

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How to open a foreign bank account?

How to open a foreign bank account?

The international banking for non-resident customers has recently become a permanent source of news. While some of that news appear to be predictable (especially to those who in some way or other has enjoyed the services of foreign financial institutions in recent years), the others still demand time to get accustomed to. Where formerly banks

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Cayman Islands: registers of beneficial owners

Cayman Islands: registers of beneficial owners

In 2017 the legislation of Cayman Islands regulating collection, keeping and disclosure of information regarding beneficial owners of companies was amended. The registers of beneficial owners were to be filed before 29 June 2018. In accordance with subsection 3 of section 247 of Companies Law a natural person is deemed to be the beneficial owner

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Requirements for SLPs to disclose their beneficial owners

Requirements for SLPs to disclose their beneficial owners

Since Scottish Partnerships (Register of People with Significant Control) Regulations 2017 have come into force on 26 June 2017, Scottish Limited Partnerships (SLP) are required to disclose their people with significant control (PSC). Information about PSC should be delivered to the Companies House within 14 days from 24 July 2017. A PSC is an individual

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Latvian blacklist of low-tax or tax-free jurisdictions

Latvian blacklist of low-tax or tax-free jurisdictions

Almost all countries with normal taxation have their own lists of tax-free territories (so-called ‘offshore’ jurisdictions). The main purpose of such blacklists is to prevent use of tax exemptions or reduced rates in transactions with countries where there is no taxation or where taxation is incomparably lower than in a country of source of income.

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