Micro News

Micro News

The Jakarta government has published guidance for the Presidential Regulation No.13 of March 2018 which was established to identify Beneficial Owners of corporations for purposes of stopping money laundering and mandating Indonesian companies to notify governmental authorities about any changes to their…


The Mauritius government has published substance requirements for the partial exemption regime introduced at the beginning of 2019 to replace the deemed foreign tax credit regime. The new regulations enforce the following provisions: To determine how income is attributable to a CFC (controlled foreign…


Turkey's so-called Omnibus Bill includes a provisional article allowing individuals and legal entities to repatriate and dispose of any fiscal assets held overseas without tax consequences, regardless of when they were acquired. The only catch is that their existence must have been filed with a Turkish…


The England & Wales High Court has sentenced the son of the wealthy Arip family estate to two years in prison for failing to attend court proceedings in the UK to asset-disclosure proceedings following a worldwide freezing order, amongst other charges such as being found in contempt of court. An earlier…


The German Ministry of Justice has published a draft Bill to prosecute corporate crimes, the country's first-ever corporate criminal law regime. It includes charges against activities such as: Companies and partnerships established for crimes to be committed by management or other high-level employees An…


The Cayman Islands’ Private Trust Companies (Amendment) (No.2) Regulations 2019 and Trusts (Transparency) Regulations 2019 have now come into force, prescribing the records to be kept by a trustee for a trust constituted under Cayman Islands’ legislation, including service providers. The legislation…


The damage and disruption caused by Hurricane Dorian has also unfortunately postponed BVI's publication of the final version of the economic substance code of practice. The hurricane prevented the House of Assembly's approval of the enabling legislation to take place, which is required to transpose the…


Earlier this week, the Luxembourg Business Register announced extension to the deadline the filing of entity beneficial owner information to the Register of Beneficial Owners (or RBE in French which stands for Registre des Bénéficiaires Effectifs). Luxembourg has deferred the deadline for registration…


A French court has acquitted the former head of the EU-Israeli department of HSBC's Swiss private bank for assisting clients conceal figures which have been released showing a total nearing EUR €1.8 billion. Mr Judah Elmaleh was originally charged by the French authorities in 2016, since then, the former…


The Supreme Court in Switzerland has ruled that a 16th-century portrait of Isabella d'Este, that has been exported by its legitimate owner from Italy to Switzerland. Without clearing the correct export forms, the owner therefore carried out an illicit transfer which renders the painting stuck: it can…



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