News

EU thinktank TAX 3 Committee have suggested a number of significant improvements to which the European Parliament have voted overwhelmingly in favour of. One of which being the most controversial legislation amendments in the financial sphere at the moment: the phasing out of EU Member States investment-based citizenship and residency schemes.

In December of 2017, the European Union created and set forth a list of "non-cooperative" taxation jurisdictions, popularly referred to as the 'EU Blacklist'. As part of this exercise, several of the traditional offshore jurisdictions, including the BVI, the Cayman Islands, Jersey and other crown dependencies, have been believed by the EU to be a part of such list.

We would like to recall that according to the legislation on controlled foreign companies in Russia, a controlled foreign company (or CFC) is a foreign entity or a foreign structure not forming a legal entity that has a Controlling person - tax resident of the Russian Federation.

There have been some recent amendments to the Cyprus Companies Law 2018 which introduced certain changes some of which come into force at of the date of publication of the amending law; whereas others come into force by the end of 2019 or upon announcement with more guidance from the Cyprus Registrar of Companies.

The Cyprus tax department are urging service providers in Cyprus with client companies that are dormant or in contactable to use a new system which has been implemented to circumvent lengthy delays in approvals. The Registrar of Companies has announced that a large number of applications for the striking off of dormant companies are still outstanding.

The Hong Kong Companies Registry announced the figures for company incorporation's for the 2018 financial year. Company data is a key indicator (inter alia) of a country’s economic health and allows experts to predict growth or retraction more accurately.

The Cyprus Registrar of Companies and the Official Receiver released new statistics for the financial year of 2018 on the island and the following results were recorded, looking likely that slow and steady growth throughout 2019 is estimated.

The Cyprus Finance Ministry have released government plans about the islands preparations to enter international markets with a new euro-denominated bond issue, following early repayment of their loans to Troika.

Earlier this month, the legislative body for labour forces in Singapore, the Ministry of Manpower (MOM) released positive statistical data regarding the Singapore employment markets growth last year and the reported increasing employment of local employees specifically.

After several appeals back and forth, the Cyprus government have lost the trademark for halloumi cheese after it had earlier been revoked by the UK’s Intellectual Property Office.