News

Cyprus in crisis: what lies ahead?

Interesting comments were made by some of German leading politicians regarding Cyprus bailout. They have stated that they do not rule out a Cyprus default. They have stated that the Cyprus economy is small and the Cyprus default would not be considered as a systematic failure for EU. However, the European…


Cyprus is going through tough time

The Cyprus government is trying to negotiate better terms and conditions for its bailout from the Troika. The major difference between position of the Cyprus Government and the Troika are in relation to the Cyprus government's disagreements with privatisation of semi-government organisations such as…


Ukraine is one of the post-Soviet countries that wants to exercise total control over its citizens. Political tensions with political elite of the country, wide spread corruption and an ineffective economy is holding back the country's development. However, some steps are made to liberalize foreign bank…


EU hard stance on cracking tax evasion

The tax commissioner of EU has made it clear that unilateral actions by individual EU country won't lead to a breakthrough in fighting tax evasion. The commissioner is suggesting several steps. The first step is to put more pressure on tax heavens. The second one is to address and fight the so-called…


Switzerland to change its low tax system

The EU tax commissioner Algirdas Semeta has urged the Swiss authorities to make changes to its tax system to stop European companies and individuals using tax advantages of low tax rates of the Swiss tax system. The commissioner has given to Switzerland 6 months to take an action during the EU presidency…


The Cayman Islands has long been a haven for hedge funds attracted by its relatively low regulatory environment however that could be about to change. The Caymans Monetary Authority (CIMA) is set to force both hedge funds and thousands of other companies domiciled in the Caymans to be publically identified…


A number of new austerity measures have been implemented by the Cyprus Government due to the requirement for bailout. The majority of proposals consist of structural changes and improvement of administrative affairs. The proposed catalogue of measures has not included increasing Corporate Tax and no…


Some European parliamentarians have voiced their concern about substandard anti-money laundering procedures in Cyprus and proposed to link improvements to bailout terms currently negotiated by Cyprus with Troika. This was mostly a hint that Cyprus is a safe haven for Russian money. In reality, according…


The Indian government put on hold negotiations with Mauritius on trade liberalization through the comprehensive economic cooperation and partnership agreement (CECPA). The reason is that the Indian government wants to have a revision of double tax agreement (DTA) for treatment of capital gains. Mauritius…


The International Financial Services Practitioners (Code of Conduct) Regulations, 2012 was amended and now it is mandatory for all Belize licensed Registered Agents to retain physical possession of all bearer share certificates at all times. This amendment is effective from January 1st, 2013. The Regulations…