News

Swiss bank ordered to disclose records of Singapore account

The IRS (Inland Revenue Service) in the US has ordered a subpoena which enforces a court order for the Swiss bank UBS to disclose records on a Singapore bank account owned by an American currently residing in China.


Cyprus set to leave Troika funding programme without a safety net

Capital Intelligence, the rating company based in Limassol, released figures showing that long-term foreign currency sovereign in Cyprus rating has been upgraded from B to B+ and has maintained a constant rate of the short-term foreign currency at B.


GDP drop in 2015 spells worse times ahead for Brazil, experts warn

According to the official statistics agency of Brazil IBGE, the country had the worst performance of any G20 nation, as the economy slowed down; businesses made 1.5 million people redundant and put all investment projects on hold.


OECD proposals for changes to tax legislation are imminent warn BEPS

The OECD (Organisation for Economic Co-Operation and Development) started a huge globally wide investigation into tax avoidance by multinational companies. As it has been a few years since the initiative began, substantial changes have been made to the international tax system which doesn’t look to be stopping in the coming years. Certain amendments will affect all businesses everywhere, not only international conglomerates.


Cayman officials work to find alternative to controversial transparency requirements

The Cayman Islands have met with UK government officials to discuss less controversial alternatives to the public register of beneficial ownership that is less harsh but will still meet the UK’s transparency requirements for its overseas territories.


EU Data Protection Reform Agreement Reached

Towards the year end of 2015, after lengthy negotiations, the European Parliament agreed on the final text of the data reform package.


Cyprus banking: a number of contradictory announcements

Large Cyprus banks keep releasing contradictory announcements with regards to the banks’ workforce, teetering between plans of hiring new employees and providing early retirement of the existing staff members.


St Kitts & Nevis PM evaluates the Citizenship-by-Investment programme

The Prime Minister of St Kitts & Nevis aspires to establish its nation as the most prosperous small island in the world with the help of the CBI programme.