Micro News

Micro News

The Hong Kong Government’s new policy paper includes details of the introduction of the OECD/G20 Base Erosion Profit Shifting (BEPS) Package. Back in June 2016, Hong Kong showed its responsibility to the BEPS package to the OECD, due to Hong Kong being a global financial centre. Moreover, the paper…


A Swiss asset management firm has now complied to pay USD $5 million to the US authorities. This is in return for immunity from prosecution for helping US customers to manage undeclared foreign bank accounts from the years 2001 to 2010. With regards to the settlement, the Swiss firm will renounce USD…


A discussion is now underway by the European Commission's Tax Code of Conduct Committee concerning the sanctions that the EU member countries will exercise to their upcoming blacklist of jurisdictions used by multinationals for tax avoidance. Leaks from the discussion indicate that each Member State…


On the 15th of August, The Beneficial Ownership of Legal Persons Law 2017 was launched in Guernsey. The associated limited-access electronic registry service is also live. This appoints a legal obligation for resident agents to manage an up-to-date record of the Beneficial Owners of legal entities…


Abu Dhabi: The Safest City in the World

Abu Dhabi in the UAE has recently been ranked as the Safest City in the World according to a new study into the crime levels of 334+ countries. The website Numbeo managed the study by comparing user generated data and accumulating an index of low to high crime rates in leading cities across the globe.…


Interior Minister Mr Constantinos Petrides has stated that tourism has been a leading factor in Cyprus in recent years and allowed the country to exit from the financial crisis. According to the Cyprus Real Estate Market 2016 Year in Review, the Top Three Pillars of the Cyprus Economy is as follows: 1)                 …


New Legislation is due to be introduced under the Criminal Finances Act 2017 which will make businesses liable for crimes committed by staff members who encourage or assist tax evasion by other individuals, e.g. suppliers or customers. Under the legislation, companies will be liable to cases where senior…


The Council of the European Union has officially endorsed new rules to prevent tax avoidance via non-EU countries. The agreement was settled in order to put an end to hybrid mismatches and complete the Anti-Tax Avoidance Directive (ATAD) last February at the informal European Council in Malta. In addition,…


There has been a significant increase in requests to the HMRC for assistance in taxpayer investigations from foreign governments. Specifically, there was a 24% rise in 2016 requests since 2015 due to the authorities’ attempts to prevent tax evasion. As governments tackle the issue of ensuring that…


Hong Kong’s new Chief Executive, Carrie Lam, has issued new proposals that could benefit Hong Kong’s SMEs (small and medium enterprises) with further tax breaks, if the suggestions are approved. Lam also recommended the introduction of a two-tier profits tax rate system. Following this, Lam suggests…



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