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European Commission

May 2020: International Tax Planning Review

Aggressive tax planning: the European Commission gives recommendations to six Member States The European Commission has issued recommendations to the EU Member States, six of which have been advised to enhance countering ‘aggressive’ tax planning.     The aggressive tax planning holds an intermediate position between allowable tax planning and tax evasion (and cannot be equated

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Seychelles has adopted centralized beneficial ownership register

Seychelles has adopted centralized beneficial ownership register

On 5 March 2020 President and National Assembly of Seychelles have officially enacted Beneficial Ownership Act 2020 (the Act) which establishes centralized beneficial ownership registers with confidential regime of data storage for the first time. Firstly, it is necessary to mention that the requirements under abovementioned Act are applicable both to legal persons incorporated in

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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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Estonia: registers of beneficial owners

Estonia: registers of beneficial owners

1 September 2018 the amendment to Money Laundering and Terrorist Financing Prevention Act (“the Act”) that establishes publicly available registers of beneficial owners in Estonia has entered into force. In accordance with Section 9 of the Act the beneficial owner of the Estonian company is deemed to be a natural person who: 1. Directly or

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Changes to anti-money laundering rules in the USA

Changes to anti-money laundering rules in the USA

In May 2018 the document named Customer Due Diligence Requirements for Financial Institutions (CDD Rules) came into force in the USA. It was developed by Financial Crimes Enforcement Network (FinCEN), a division of the US Department of Treasury. This document is the modernized version of previous CDD Rules and also amends some provisions of US

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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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Implementation of registers of significant controllers in Hong Kong

Implementation of registers of significant controllers in Hong Kong

It is known that the route of data flow within the automatic exchange of financial account information under the Common Reporting Standard (CRS) depends on tax residence of an account holder, which is to be declared by a customer in self-certification bank forms. The recipient of the information about a foreign bank account of a

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Latvia enacts rules for filing registers of beneficial owners

Latvia enacts rules for filing registers of beneficial owners

On 9 November 2017 legislative bodies of Latvia enacted amendments tool “Anti Money Laundering and Terrorist Financing Law” (“the Act”). The main innovation made is a requirement to file registers with accurate and up-to-date information about beneficial owners of legal entities. The requirement to file registers of beneficial owners will be applicable from 1 December

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