Tax and accounting regulations
A coherent offshore planning tax strategy is essential to maximise the effectiveness of offshore companies. Eltoma can assist by structuring the most tax efficient strategy to satisfy your requirements. We can provide guidance as to which jurisdictions offer the best tax structure by identifying the types of tax payable as well as applicable exemptions and incentives. Eltoma gives impartial tax planning advice that will identify which is the most favourable tax efficient jurisdiction in which to incorporate.
All IBC’s in the Seychelles are subject to zero taxation. Below is an overview of the tax and accounting regulations:
Seychelles IBC’s have no tax liabilities; there is a 0% tax rate. The following are tax free:
- Capital gains.
International aspects of taxation:
Double taxation treaties: The Seychelles has double taxation treaties with the following countries; Barbados, Botswana, China, Cyprus, Indonesia, Malaysia, Mauritius, Oman, Qatar, South Africa, Thailand, UAE and Vietnam. DTA Agreements have been signed but not ratified with Belgium, Monaco and Zimbabwe.
Annual reporting requirements:
- No annual returns are required to be filed.
- No company reports are required to be submitted to any authority.
- Offshore company accounts are not required to be audited.
- Records of offshore companies can be kept anywhere in the world, there is no requirement that they be stored in the Seychelles.
Panama Law 52: Updated legislation for all legal entities
Last month the Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.
Important 2016 reporting deadlines for BVI Financial Institutions
Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.
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Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.
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Accounting support for a Cyprus company located in Russia
When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.