Micro News

The due dates for existing registered entities in various British Overseas Territories have been released, to conform to new economic substance legislation enactments towards the end of this current month (June 2019); in the following British Sovereign Base Areas: Bermuda. the British Virgin Islands. the…

Last week, the New Zealand government announced that the administration are going forward with proposals that will apply a 2-3% turnover tax to New Zealand Multinationals providing digitalised apps and services. The companies affected are the likes of tech companies Google, Facebook and eBay; including…

The Eastern Mediterranean Security & Energy Partnership Act of 2019 has been tabled to the US Congress by Democratic Senators Marco Rubio and Mr Robert Menendez provides for the lifting of the weapons and arms embargo, to allow for the creation of a US Eastern Mediterranean Energy Centre to facilitate…

Switzerland's largest bank is battling a number of court cases in Europe on charges of assisting in tax evasion and asset hiding in Switzerland. According to media reports, the Swiss bank UBS is going to pay USD $113 million to resolve the issue of a tax offense in Italy for the period of its activities…

The European Commission is taking Spain to court for “excessive sanctions” imposed on Spanish taxpayers who do not report assets located in other EU member states. The European Commission does not object to the reporting obligation itself but believes that the fines associated with it are “higher than…

In May, Facebook's chief operating officer Cheryl Sandberg supposed that attempts to break up major US technology companies were not at all aimed at solving problems that had arisen in the economic sector but were driven by other motives. “You can break us up, you can do it in relation to other technology…

In 2008, the total amount of companies' and individuals' deposits in key international financial institutions reached a peak of USD $1.6 trillion. According to the OECD, this year there has been a significant decline in this indicator, namely by 34%. It is reported that about two-thirds of the cuts…

On April 4th, a bill regarding the creation of a partially public register of ultimate beneficial owners of companies was introduced in the Parliament of the Netherlands. The register will be a part of the trade register of the Chamber of Commerce in January 2020, after which all newly registered companies…

On May 24th, the Law Society of Singapore (LawSoc) reported that it took control of the funds of the law firm JLC Advisors in connection with the disappearance of the managing director Jeffrey Ong along with USD $33 million. This amount of money previously belonged to the engineering firm Allied Technologies. These…

This week, Cyprus and Kazakhstan have officially signed and concluded the terms of their double taxation agreement. The DTT provides a standard tax rate for cross-border interest, including defining the treatment of capital gains tax (CGT); and the following other types of income: Dividend income. Royalty…