Categories

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

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.

Read More »
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

Read More »
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

Read More »
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

Read More »
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

Read More »
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

Read More »
British Virgin Islands: implementation of economic substance requirement

British Virgin Islands: implementation of economic substance requirement

1 January 2019 the Economic Substance (Companies and Virgin Limited Partnerships) Act 2018 (the Act) that establishes the requirement of real (physical) presence of certain types of legal entities in the territory of British Virgin Islands (BVI) has entered into force. This requirement covers only companies and partnerships resident in BVI. Resident company’s definition includes

Read More »
Restrictions of servicing of shell companies in Latvian banks

Restrictions of servicing of shell companies in Latvian banks

On 26 April 2018 Seim of Latvia has approved an Amendment to Law on the Prevention of Money Laundering and Terrorism Financing in second reading (the Amendment). The Amendment will enter into force after being published officially. The main change is the prohibition of servicing of some shell companies in all Latvian financial institutions, including

Read More »
Requirements for SLPs to disclose their beneficial owners

Requirements for SLPs to disclose their beneficial owners

Since Scottish Partnerships (Register of People with Significant Control) Regulations 2017 have come into force on 26 June 2017, Scottish Limited Partnerships (SLP) are required to disclose their people with significant control (PSC). Information about PSC should be delivered to the Companies House within 14 days from 24 July 2017. A PSC is an individual

Read More »

Still have questions? Contact us today

Scroll to Top
We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies.
Accept