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UAE: economic substance requirements

UAE: economic substance requirements

20 June 2019 the information that United Arab Emirates (UAE) have adopted economic substance requirements for companies, mostly similar to ones of offshore jurisdictions like British Virgin Islands, Belize, Cayman Islands and others, has been published on official website of Cabinet of Ministers of the UAE. Economic substance requirements were introduced by Cabinet of Ministers

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Automatic exchange statistics as of June 2019

Automatic exchange statistics as of June 2019

Organisation for Economic Co-operation and Development (OECD) has published Secretary-General Report to the G20 Finance Ministers and Central Bank Governors as of June 2019 which, amongst other matters, contains statistic data of the process of automatic exchange of  information on financial accounts. The mentioned report has been presented on the G20 Finance Ministers and Central

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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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Cayman Islands: economic substance requirements

Cayman Islands: economic substance requirements

In line with other United Kingdom’s dependent territories such as British Virgin Islands (BVI), Bermuda, Jersey, Guernsey and Isle of Man, on 1 January 2019 Cayman Islands has enacted legislation on economic substance for legal entities. 30 April 2019 the official document that regulates some issues of application of the new legislation named  Guidance on

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Ireland has established central register of beneficial owners

Ireland has established central register of beneficial owners

22 March 2019 the Statutory Instrument № 110 of 2019 (SI 110) that provides for creation of central register of beneficial owners of companies has been enacted in Ireland. The main purpose of adoption of SI 110 is the implementation of requirement to establish registers of beneficial owners stipulated by 4th and 5th EU Directives

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Belize: changes of physical presence requirements

Belize: changes of physical presence requirements

27 March 2019 legislative bodies of Belize have enacted next amendment to International Business Companies Act 2011 (“IBC Act”) which provides for changes of physical presence requirements. In December 2018 the definition of a resident company and physical presence requirements have been included in the IBC Act for the first time, as well as the

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Cyprus tax diary 2019

Cyprus tax diary 2019

In 2019 Cypriot taxpayers (including companies and individuals resident in Cyprus) must declare their incomes and pay taxes within the following deadlines: Deadline Taxpayer’s duties End of each month Payment of tax withheld from salary (PAYE, “pay-as-you-earn”) during the previous month. Payment of Social Insurance and General Healthcare Contributions from salaries of the previous month.

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Central Bank of Cyprus has prohibited service of shell companies

Central Bank of Cyprus has prohibited service of shell companies

Being a regulatory authority in the sphere of banking and other financial activity in this jurisdiction, Central Bank of Cyprus has issued the Directive on prevention of money laundering and terrorist financing in February 2019. The main feature of this document is full prohibition of credit institutions’ cooperation with organizations that meet criterions of shell

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The European Union published a "black list" of countries and territories for tax purposes

The European Union extends list of non-cooperative tax jurisdictions

On 12 March 2019 the European Commission published a press release informing that 10 jurisdictions (Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, Marshall Islands, Oman, United Arab Emirates, Vanuatu) have been added to the list of non-cooperative tax jurisdictions (also known as “the EU offshore blacklist”) The reason for adding the said countries to the EU

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