The Cayman Islands has recently introduced new legislation from January 1st 2019 requiring certain legal entities to demonstrate adequate economic substance regarding taxation in the Cayman Islands. Any company registered in the Cayman Islands going forward must adhere to the new guidelines which have been implemented as a result of OECD guidance and concerns from the EU Code of Conduct Group (COCG).

Singapore & UK Announce their Partnership for the Future

This week, Singapore and the UK broadcasted the launch the creation of a future alliance to strengthen and develop relations between the two influential jurisdictions in Europe & Asia respectively.

According to documents filed at the Dutch Chamber of Commerce, Googles Dutch subsidiary Google Netherlands Holdings reportedly moved almost EUR €20 billion to Bermuda in 2017, as part of a legal loophole known as the Double Irish, Dutch Sandwich a scheme that allows companies to reduce their foreign taxes by a substantial amount.

As 2019 opens its doors, economists are predicting a not too distant shift in world powers due to new dynamics in Northern Asia that could bring substantial consequences to the worlds most dominant economies.

Cyprus Climbs in 2018 Global Prosperity Index

Legatum Institute from the UK have released their 2018 global prosperity index and this year and ranked Cyprus in 28th place out of 150 other countries, climbing from 29th spot for last year in terms of overall prosperity, a general test for residents’ welfare and living standards.

A new blockchain-based trade finance platform called eTradeConnect has been established by the Hong Kong Monetary Authority in order to improve trading efficiency and increase security when using e-bills online. The platform has been developed by an assembly of 12 major banks in a project that started last year after several test-periods were trialed.

Last month, the valued non-profit organisation, the World Economic Forum (WEF) released its Global Competitiveness Report for 2018, ranking Hong Kong as the 7th most competitive economy globally, with the Asian hub losing its position of 6th place in 2017 out of 140 other countries worldwide.

The CEO of Google Mr Sundar Pichau has finally confirmed rumours about the tech giants involvement in a new Chinese search engine project; stating that the platform could potentially offer better information to people than the current market offering for the Asian nation.

Hong Kong Removed from EU Watch List for Tax Reporting

This month, the Special Administrative Region Government for Hong Kong has shown gratitude for being removed from EU to its watch list on tax co-operation following an amendment by the EC, recognising Hong Kong's endeavors to partake in the Multilateral Convention on Mutual Administrative Assistance in Taxation Matters.