News

ICPAC Warns Against the Spread of Fake News Reports Online

The Institute of Public Certified Accountants of Cyprus have released a publication warning its Members of the dangers of sources who are spreading deliberately manipulated information with the aim to mislead people and sway public opinion.


United Arab Emirates Enacts Economic Substance Legislation

The United Arab Emirates have implemented economic substance law: Cabinet Resolution No. 31 of 2019 with the aim to address the CCG's (the EU's Code of Conduct Group [Business Taxation]) substance requirements; following suit with many other international financial centres.


UK Trustees Must Disclose Paper Files to Beneficiaries International Requests

The beneficiaries of a Bahamian trust have overturned a key section of the UK Data Protection Act 1988, winning the right to view personal data about them held on paper by the London-based law firm acting on behalf of the trustees.


Singapore Explores Regulations to Make Crypto-Currency Investment More Secure

Singapore’s central bank has released plans to investigate whether additional official regulations are required to protect investors for crypto-currency trading and activities that require exchange platforms online.


Crown Dependencies Economic Substance Requirements: Guidance Explained

The scope of the new economic substance legislation for corporations has been clarified by the crown dependency Governments. The guidance confirms that going forward, companies based in any of the following UK Crown Dependencies, must continue carrying out their core income-generating activities within Guernsey, the Isle of Man and Jersey, in any relevant sector.


The Forum of Tax Administration Agree on Digital Taxation Proceedings

The Forum of Tax Administration (FTA) is a group of the leading global tax administrations from 53 different jurisdictions. The group recently held their annual plenary meeting in Chile to discuss and improve global tax administration.


TAX3 Update: MEPs Push for Financial Police Force in Europe

Following continued revelations over the last five years (the Panama Papers, Luxleaks and the Paradise papers to name a few); the European Parliament have decided to establish a Special Committee to take positive action to reduce financial crimes, tax evasion and tax avoidance within Europe. As part of the TAX3 decision, which was created last year in March 2018.


Key Changes to The Cyprus Investment Programme: Applicant Guide

Earlier this year, the Cyprus Government announced several amendments to the Cyprus Passport Programme. This article is a brief rundown of the most important changes for applicants due to take effect next week.