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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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Belize: changes in legislation on International Business Companies

Belize: changes in legislation on International Business Companies

In line with several offshore jurisdictions, such as British Virgin Islands, Cayman Islands and Seychelles, 1 January 2019 Belize has modified its legislation on International Business Companies (IBC) regime. This modification provides for physical presence of IBC companies in the territory of Belize and application of territorial tax regime. Changes were made by amending of

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Redomiciliation of companies: international practice

Redomiciliation of companies: international practice

Legislation of many countries allow re-registration to another jurisdiction of legal entity that was originally incorporated in one jurisdiction. Due to substantial changes of requirements to international companies in offshore jurisdictions (British Virgin Islands (BVI), Belize, Cayman Islands, etc.) that was made in 2019 this instrument may be used more frequently than before. Redomiciliation provides

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Tax reform in Seychelles

Tax reform in Seychelles

1 January 2019 several acts that substantially change tax regime of International Business Companies (offshore companies, IBC companies), as well as of companies with special license and funds, have entered into force. IBC companies regulation The most important issue of tax reform in Seychelles is the change of IBC companies regulation provided by International Business

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New OECD and FATF Member States

New OECD and FATF Member States

Two new countries have joined the Organization for Economic Cooperation and Development (OECD) and Financial Action Task Force (FATF) – the important international economic organizations – in 2018. On 5 June 2018 Lithuania has become a full OECD member state, having implemented on the national level the steps necessary for accession to the organization. Earlier

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