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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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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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