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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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British Virgin Islands: final version of Rules of economic substance adopted

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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