News

The EU Code of Conduct Group - Business Taxation has published new guidance on sanctions to be applied by EU Member States against blacklisted 'non-cooperative' jurisdictions by the end of 2020.


Crown Territories: Collective Investment Vehicles are Out of Economic Substance Scope

Under new guidance issued last week by several crown dependencies, namely Guernsey, the Isle of Man and Jersey have regulated public and private fund companies and have verified fall out of scope of the economic substance legislation based in these destinations, which was introduced at the start of the year on January 1st.


Anti-Bartlett Clause Upholds its Protection of Hong Kong Trustees

A landmark ruling from the Hong Kong Court of Final Appeal founds that the anti-Bartlett clauses in the trust deed of a Jersey family trust discharged the trustees from any liability for losses incurred in transactions by the trust's underlying investment company (as per Zhang Hong Li v DBS Bank).


Following their 6-day official visit to Cyprus last month, EU and EC supervisory authorities will assess the islands infrastructure next week based on their findings. Following the application made earlier this year in summer for accession to the Schengen area.


Switzerland to Impose New Regulations on Trustees

The Swiss Federal Council has introduced a regulatory system for the trust sector, setting 1 January 2020 as the commencement date of the Financial Services Act and the Financial Institutions Act into national Swiss legislation.


Tax Exemptions in the Updated Cyprus-Ukraine Tax Treaty

Last month, the parliament of Ukraine passed a draft law endorsing the amending Cyprus Double Tax Treaty Protocol. The Cyprus-Ukraine Tax Treaty has been in effect for 5 years since December 11th, 2015. Consequently, the amending protocol is now being implemented and will come into force next year by 1st January 2020.