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Cyprus Government Propose Corporate Tax Rate Increase to 15%

Tue, 01 Oct 2019 12:31:00 +0000

Finance ministry sources on Tuesday confirmed reports that the government is considering raising the corporate tax rate from 12.5% currently to 15%, whilst trying to alleviating economists growing concerns that the island may lose its competitive edge as a business and maritime hub.

The Contemporary New Business Model: Outsourcing of Accounting Services

Tue, 01 Oct 2019 11:44:00 +0000

The recent shift to software-driven accounting allows businesses from the UK and mainland Europe to shift their processes to Russia & Ukraine; taking advantage of cheaper office upkeep and facilitating the cloud to share data across offices on an international level.

G7 & OECD: US & EU International Tax Consolidation

Tue, 24 Sep 2019 21:11:05 +0000

Finance Ministers of the G7 have officially voted to support the OECD's proposed new rules for the taxation of multinational conglomerates and businesses, using revisions of existing fund allocation and relationship rules, as well as using new global minimum tax regulations.

Cyprus & BVI: The Countries That Are Revolutionising Global Tax Planning

Fri, 20 Sep 2019 17:54:00 +0000

When it comes to trust settlement and administration, both Cyprus and the BVI have modern and efficient trust legislation that can efficiently facilitate the establishment and operation of companies and international trusts. This in combination with their respective company structures, offer efficient and comprehensive estate planning and asset protection.

Cyprus vs BVI: A Company Comparison Quick Guide

Tue, 17 Sep 2019 17:00:00 +0000

A recent competency questionnaire between company directors showed a global shift towards a higher fiscal responsibility behaviours and morals and a trend to complete tax responsibilities.

How to Set-up an ICO in Singapore

Mon, 16 Sep 2019 11:41:00 +0000

Singapore is a key cryptocurrency industry player, positioning itself as a global hub for cryptocurrency and blockchain-based companies and start-ups. Singapore provides a well-regulated legal framework as well as all the benefits of a stable financial centre with a reliable reputation, excellent banking system and low tax rate. Due to these factors, Singapore is one of the most optimal jurisdictions (probably only Hong Kong and Switzerland can сompete) for Initial Coin Offerings (ICO) fundraising. At the same time, according to the World…

Revisions to the Cayman Islands Companies Law & LLC Law

Wed, 11 Sep 2019 12:32:00 +0000

The government in the Cayman Islands have released guidance about how amendments to the Companies Law and the Limited Liability Companies Law (LLC Law) will affect companies registered in the Cayman Islands. We have compiled a shortlist of the most notable information for companies and Directors:

Virtual Currencies May Fill the Gap Left by the Correspondent Banking Sector

Tue, 10 Sep 2019 12:30:00 +0000

The Chairman of the International Committee on Payments and Market Infrastructure (CPMI) has expressed his concern for the number of correspondent banking arrangements that are in sharp decline around the world, with active relationships having decreased by 20% in the last decade.

The University of Cyprus was Recognised in Shanghai Worlds Top 1000 Universities

Fri, 23 Aug 2019 18:31:00 +0000

The University of Cyprus has been ranked by the Shanghai Ranking Consultancy in their annual Academic Ranking of World Universities. The islands largest university was included in the 1,000 best universities around the world.

EU Regulations: ECB Shuts Down Latvian PNB Banka

Fri, 23 Aug 2019 18:16:20 +0000

The European Central Bank has suspended the operation of Latvia’s 6th largest bank PNB Banka with EUR €550million in assets. The news merely days after the ECB carried out surpruse on-site visits to the lender's Frankfurt branch.

Legal Update: Terms of Cyprus & Kazakhstan Double Taxation Agreement

Fri, 09 Aug 2019 18:41:35 +0000

Earlier this year, the Convention for the Avoidance of Double Taxation & the Prevention of Fiscal Evasion was assended into national law, in Nur-Sultan, between the Government of Cyprus and the Government of Kazakhstan.

Are Singapore Virtual Currency Exchanges Regulated by the Futures & securities Act?

Fri, 09 Aug 2019 14:55:00 +0000

The Monetary Authority of Singapore (MAS) issued a statement clarifying that the offer or issue of digital tokens in Singapore will be regulated by the MAS, if the digital tokens fall within the definition of “securities” regulated under the security laws. MAS’s position is not to regulate virtual currencies. MAS has observed that the function of digital tokens has evolved beyond just being a virtual currency.

EU Directive 2018/822: Mandatory Cross-Border Disclosure Regulations

Wed, 07 Aug 2019 16:46:00 +0000

Tax transparency has been the topic of many discussions of the minute internationally as all eyes are watching for the EUs next move following the introduction of Europewide anti-avoidance and transparency measures.

UAE Companies Establishing Substance in 2019

Mon, 05 Aug 2019 09:47:00 +0000

The UAE recently released their own version of CFC legislation: The Cabinet of Ministers Resolution n.31/2019 which came into effect in April earlier this year, in order to better regulate Economic Substance (ES) in the United Arab Emirates.

How UAE Companies Can Establish Substance: The CIGA (Core Income Generating Activity) Test

Fri, 02 Aug 2019 19:33:00 +0000

The UAE has recently released the Cabinet of Ministers Resolution n. 31/2019, and a new way for UAE-based companies to establish substance can do so by using this option.

G7 Attempts to Reconcile US & EU Tax Arrangements for Global Standard

Fri, 26 Jul 2019 15:43:00 +0000

Finance ministers of the G7 have voted to support the OECD's proposed new rules for taxing transnational corporations and international companies using revisions of current profit allocation and partnership regulations, as well as new global minimum tax regulations.

ICPAC Warns Against the Spread of Fake News Reports Online

Tue, 16 Jul 2019 08:18:00 +0000

The Institute of Public Certified Accountants of Cyprus have released a publication warning its Members of the dangers of sources who are spreading deliberately manipulated information with the aim to mislead people and sway public opinion.

United Arab Emirates Enacts Economic Substance Legislation

Fri, 12 Jul 2019 16:23:00 +0000

The United Arab Emirates have implemented economic substance law: Cabinet Resolution No. 31 of 2019 with the aim to address the CCG's (the EU's Code of Conduct Group [Business Taxation]) substance requirements; following suit with many other international financial centres.

Have High Recent GDP Rates Lulled Cyprus Into a False Sense of Security?

Wed, 10 Jul 2019 19:00:00 +0000

The Cyprus government, for the last few years have been harping tales of steady growth and booming tourism levels; referring to the relatively high rate of growth of real GDP can be attributed to a number of factors: Declining official unemployment rates; excesses in the government accounts and the raising of large fund backing in international financial markets.

FATF Releases Guidance for Virtual-Asset Service Providers Dealing with Crypto-currency

Wed, 03 Jul 2019 11:22:31 +0000

The June 2019 plenary session of the global Financial Action Task Force (FATF) ended with the issuance of a binding interpretive note for international regulation of virtual assets and virtual-asset service providers.

UK Trustees Must Disclose Paper Files to Beneficiaries International Requests

Mon, 01 Jul 2019 17:59:00 +0000

The beneficiaries of a Bahamian trust have overturned a key section of the UK Data Protection Act 1988, winning the right to view personal data about them held on paper by the London-based law firm acting on behalf of the trustees.

Singapore Explores Regulations to Make Crypto-Currency Investment More Secure

Fri, 28 Jun 2019 11:50:05 +0000

Singapore’s central bank has released plans to investigate whether additional official regulations are required to protect investors for crypto-currency trading and activities that require exchange platforms online.

Crown Dependencies Economic Substance Requirements: Guidance Explained

Tue, 25 Jun 2019 11:37:00 +0000

The scope of the new economic substance legislation for corporations has been clarified by the crown dependency Governments. The guidance confirms that going forward, companies based in any of the following UK Crown Dependencies, must continue carrying out their core income-generating activities within Guernsey, the Isle of Man and Jersey, in any relevant sector.

Update: Cyprus Parliament Votes on National Investment Fund for Hydrocarbons

Thu, 06 Jun 2019 18:47:00 +0000

The Cyprus Parliament recently approved a bill which establishes a national investment fund, to help the island manage future revenue from the island’s hydrocarbon resources.

The Cyprus Co-op Enquiry Public Report: Who Was Really to Blame?

Wed, 29 May 2019 19:48:00 +0000

Since the report on the collapse of the Cooperative Credit System was released recently, everyone seemed to have an opinion on the matter about who was to blame for the whole debacle. The report was fairly conclusive, giving a general overview of what the public enquiry discovered.

The Forum of Tax Administration Agree on Digital Taxation Proceedings

Mon, 27 May 2019 18:16:00 +0000

The Forum of Tax Administration (FTA) is a group of the leading global tax administrations from 53 different jurisdictions. The group recently held their annual plenary meeting in Chile to discuss and improve global tax administration.

TAX3 Update: MEPs Push for Financial Police Force in Europe

Wed, 22 May 2019 17:47:00 +0000

Following continued revelations over the last five years (the Panama Papers, Luxleaks and the Paradise papers to name a few); the European Parliament have decided to establish a Special Committee to take positive action to reduce financial crimes, tax evasion and tax avoidance within Europe. As part of the TAX3 decision, which was created last year in March 2018.

Cyprus Listed to Have "Overwhelming Excessive Budgetary Imbalances" in New EC Report

Thu, 16 May 2019 17:12:00 +0000

Earlier this year, the European Commission released its winter package report approved by the College of Commissioners whereby it placed Cyprus and other EU Members in a category it deems to be facing budgetary imbalances.

Singapore Keeping up With the Changing Technological Global Climate

Mon, 13 May 2019 16:41:46 +0000

On horizon of new technologies in Singapore and their progressively prevalent role in the daily lives of residents have started shaping developments over the past year and has in turn shaped a new set of new opportunities in the city-state, amid somewhat economic uncertainty in Asia.

CJEU: Defines Key Definitions for Tax & Beneficial Ownership Purposes

Fri, 10 May 2019 12:07:00 +0000

Last month, the Court of Justice of the European Union (CJEU) issued a series of important judgments dealing with tax avoidance and beneficial ownership in the context of the EU Parent-Subsidiary Directive (PSD) and the Interest and Royalties Directive (IRD).