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British Overseas Territories committed to establish publicly available registers of beneficial owners

On 15 July 2020 the UK Minister for the Overseas Territories and Sustainable Development Elisabeth Sugg have submitted a written statement to the UK Parliament informing that eight British Overseas Territories are prepared to establish publicly available registers of beneficial owners of companies until the end of 2023. The abovementioned Overseas Territories which made a

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June 2020: International Tax Planning Review

June 2020: International Tax Planning Review

Russian-Cypriot negotiations to amend double tax treaty On 25 June 2020 Russia and Cyprus started negotiations on amendments to the Agreement for the avoidance of double taxation dated 5 December 1998 (as amended in 2010) existing between the countries. Russia’s position is that the payment of dividends from Russia to Cyprus should be taxed in

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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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Panama

Cayman Islands, Panama and Seychelles added to the EU “blacklist”

18 February 2020 the European Commission has published an information about the regular update of the “blacklist” of non-cooperative jurisdictions for tax purposes. This time it was decided to list 4 new jurisdictions. In February 2020 Cayman Islands, Palau, Panama and Seychelles have been added to the “blacklist”. As a result, the current version of

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Cyprus: imposition of annual trade license fees in Limassol municipality

Cyprus: imposition of annual trade license fees in Limassol municipality

In December 2019 the Municipality of Limassol has published an information of imposition of annual trade license fees on legal entities in this region of Cyprus on its official website. The abovementioned decision was made 26 September 2019 in accordance with Articles 104 and 105 of the Municipalities Law 111/1985. The requirement to pay annual

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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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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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