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Belize

Belize: new rules on intellectual property reporting for IBC companies

On 19 December 2019 the information about the duty of all International Business Companies (IBC) in Belize to fill and submit the forms about intellectual property assets (in case of acquiring, holding or dealing with them) or absence of such to the International Financial Services Commission (IFSC) has been published on the official website of

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AAB Bank AG’s banking license revoked

AAB Bank AG’s banking license revoked

15 November 2019 the information about revocation of license of Anglo Austrian AAB Bank AG (former Meinl Bank AG) has been published on the official website of Austrian Financial Market Authority (German: Finanzmarktaufsichtsbehörde, FMA). FMA is a regulatory authority responsible for permanent control of banking activities in Austria. However, AAB Bank AG’s licensehas been revoked

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Belize has been excluded from EU “blacklist”

Belize has been excluded from EU “blacklist”

8 November 2019 the Council of the European Union has informed of its decision to exclude Belize from the “blacklist” of non-cooperative jurisdictions for tax purposes. It is stated that this decision was based on expected adoption of several measures to abolish the regime that provides for full exemption of taxation for International Business Companies,

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The British Virgin Islands

British Virgin Islands: final version of Rules of economic substance adopted

1 January 2019 British Virgin Islands (BVI) has adopted legislation on economic substance requirements applicable to companies incorporated in BVI. As this legislation was adopted in merely short terms, some questions regarding its application have arisen. In this circumstances International Tax Authority (ITA) is preparing a guidance, the first draft of which has been published

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France has requested Seychelles to provide information of French-owned entities

France has requested Seychelles to provide information of French-owned entities

As it was informed in mass media and confirmed by representatives of Seychelles Revenue Commission (SRC) in late September 2019, France has made 66 requests of information concerning several Seychelles companies owned by French residents. France has initiated investigation towards offshore companies of its residents after the information about them has appeared in “Panama Papers”

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Incoterms 2020 released by ICC

Incoterms 2020 released by ICC

On 10 September 2019 the International Chamber of Commerce (ICC) has released Incoterms 2020 – the latest version of international commercial terms. The Incoterms rules were first published in 1936 and then reviewed periodically as the international trade developed. The new version reflects the latest developments in the practice of international delivery of goods and

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The European Union has changed “blacklist” of jurisdictions for tax purposes

The European Union has changed “blacklist” of jurisdictions for tax purposes

10 October 2019 the Council of European Union (EU) has made several changes in the list of non-cooperative jurisdictions for tax purposes once again. 2 jurisdictions (United Arab Emirates and Marshall Islands) that was listed previously now have been excluded from the said “blacklist”. This “blacklist” of jurisdictions was designed in December 2017 and included states

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Seychelles sourced income: official guidance

Seychelles sourced income: official guidance

Due to establishment of territorial taxation of business activity in Seychelles in January 2019 the need for guidance to some legislative rulings, such as official interpretation of term “Seychelles sourced income”, has arisen. In August 2019 the document named Guidance Notes on Income Sourced in and from Seychelles (the Guidance) has been adopted. The principle

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Unavailability of deposits of PNB Banka

Unavailability of deposits of PNB Banka

15 August 2019 the Financial and Capital Market Commission of Latvia (Lat. Finanšu un kapitāla tirgus komisijas, FCMC), being a regulatory authority of financial services provision in Latvia, has published an information that AS PNB Banka’s (former Norvik Banka) functioning has been suspended. The decision of FCMC has been made in extraordinary meeting of its

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