Category: EU

Jersey puts forth economic substance legislation

Jersey has tabled new laws to address the EU’s concerns over ‘economic substance’, the degree of real business activity carried out by companies registered in the Island. The new proposed requirements for an economic substance test for Jersey tax-resident entities have been published and are set to come into force...

Government prepared to amend laws to prevent tax evasion

The Antigua and Barbuda government is willing to amend the necessary laws to ensure that local financial institutions are able to share banking information of dual citizenship holders with the relevant authorities in their original country of birth, if this becomes necessary. Prime Minister Gaston Browne made the disclosure following...

Ireland Implements New Exit Tax Regime

Ireland’s 2018 Finance Bill legislates for a new exit tax regime compliant with the EU’s Anti-Tax Avoidance Directive. The exit tax charge was introduced via financial resolution on Budget night, October 9, 2018, and applies to certain events occurring on or after October 10. Finance Bill 2018 formally legislates for...

Malta’s residency, citizenship schemes ‘pose high-risk to integrity of Common Reporting Standard’

The Organisation for Economic and Social Development named and shamed 22 countries out of over 100 it studied that have either residency or citizenship programmes, for having lax rules that potentially pose high-risk to the integrity of Common Reporting Standard’. Malta, which has long cited the OECD’s endorsement of its...

Among wider reforms, Bahamas pledges to enact beneficial ownership bill by year-end

The Bahamas has drafted new legislation to ensure the jurisdiction achieves the right balance of business, economic sustainability, and compliance with international standards. Uppermost among the Bahamas’ priorities include compliance with the OECD and EU criteria on tax governance which has led to the Bahamas implementing sweeping changes to the...

Council of EU Cuts Liechtenstein, Peru From ‘Gray’ List of Tax Havens

MOSCOW (Sputnik) – Liechtenstein and Peru are compliant with EU laws on tax after implementing necessary reforms and were therefore removed from EU “gray” list of tax havens, the Council of the European Union said Tuesday in a statement. In late 2017, Brussel released two lists, a blacklist of non-cooperative...

NBR to set up tax unit for foreign cos

National Board of Revenue has decided to set up a separate unit to handle income tax files of foreign companies operating in Bangladesh. The decision was taken responding to a proposal of the European Union for establishing a separate NBR unit for providing hassle-free services to foreign taxpayers. EU came...

Tax amnesty ends for undeclared EU assets

The automatic exchange of information between Switzerland and the European Union came into effect on Monday. Owning property abroad without declaring it will no longer be possible. The deadline of September 30 ended the possibility of coming forward voluntarily, reported Swiss public television, RTS, on Sunday. For latecomers who have...

Advocacy Group Says EU’s Tax Haven Blacklist Is Failing

Tax havens are typically assumed to be islands in warm climates offering low tax rates for organizations looking for a lucrative loophole. But these “havens” are also sought after for opaque financial laws that can allow organizations to get away with illegal activity, like money laundering. Now, a new report...

McDonald’s Luxembourg tax deal not illegal

BRUSSELS (Reuters) – McDonald’s tax deal with Luxembourg did not breach EU state aid rules, EU antitrust regulators ruled on Wednesday, saying the reason the US fast food chain did not pay some taxes was due to the mismatch between US and Luxembourg laws. The decision by the European Commission...

A Bird’s Eye View on General Data Protection Regulation (GDPR)

The General Data Protection Regulation (GDPR) is a regulation in European Law on data protection and privacy for all individuals within the European Union (EU). The EU General Data Protection Regulation (GDPR) superseded the UK Data Protection Act 1998 on May 25, 2018. Significant and wide-reaching in scope, the new...

EU Should Challenge Google, Apple, Facebook, Amazon Payment Systems, ECB Says

A European Union board member gave a speech criticizing the weak presence of European fintech businesses in the continent’s own market. The leader’s comments come in response to several major clashes with American multinationals over their unscrupulous practices. Yves Mersch, European Central Bank (ECB) member of the Executive Board, addressed...

EU Fails To Fix ‘Outrageous’ Monaco Loophole Which Helps Super-Rich Avoid Tax

Around 2,000 millionaires – many of them billionaires – call Monte Carlo their home and avoid paying billions of euros in tax. Sputnik spoke to the UK Socialist Party’s Deputy General Secretary, Hannah Sell, about why France and the European Union have done nothing to combat this tax haven in...

How Will the UK Deal With Crypto After Brexit: Expert Take

The United Kingdom and the European Union failed to reach an agreement on an orderly uncoupling, which is a major geopolitical and strategic event, with global implications. Uncertainty about the outcome of the Brexit referendum has already started to weaken growth in the U.K. — which is expected to get...

A Caribbean Perspective: Tax Rules We Can’T Meet, Unity We Must Not Avoid

The financial services sector of Caribbean jurisdictions – and other parts of the developing world – have been under continuous assault by the European Union (EU) and the Organization for Economic Cooperation and Development (OECD) since the mid-1990s. This assault will peak again in a month’s time when financial institutions...

Which Countries is The Cryptocurrency Taxed In?

The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try...

UK Adopts EU Anti-Money Laundering Legislation

The UK is upgrading its national security by adopting a recently implemented European Union fifth anti-money laundering directive, the Department for Business, Energy and Industrial Strategy (BEIS) announced in a statement on Tuesday. The fifth directive is aimed at combating corruption and money laundering and came into effect in the...

European Leaders Press for New Digital Tax at G20 Meeting

European finance officials just wrapped up a G20 summit in Argentina where they pressed for new global rules to better collect tax on digital giants like Google (NASDAQ:GOOGL 1258.15 0.04%), Facebook (NASDAQ:FB 214.67 0.02%), and Amazon (NASDAQ:AMZN 1829.24 0.02%), among others. The European Commision is the executive (read: tasked with...

PWS: New Reporting Regulation Will Have Big Effect on Family Offices

A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic...

UK beneficial ownership vote alarms Overseas Territories; financial services vital for several islands

A vote by the UK parliament to insist that Britain’s Overseas Territories introduce publicly available beneficial ownership registers by December 31, 2020, has sparked anger and dismay within these autonomous, mainly small island, jurisdictions. An amendment to a UK Sanctions and Anti-Money Laundering Bill requires the British government to impose...

Tech Groups Raise Concerns About EU Digital Tax

The European Commission’s proposal for a digital services tax would be “deeply harmful” to the EU business environment and may lead to double taxation, a coalition of business and technology groups has warned EU leaders. An open letter published by the Information Technology Industry Council (ITI) ahead of the European...

New Legislation impacts Offshore Property Companies

The walls continue to close in on Offshore property holding companies in Portugal. Once a popular solution for home ownership, these structures are based in low-tax jurisdictions that allow shareholders to take advantage of certain “loopholes” to avoid paying Capital Gains tax when selling. Over the past 15 years, successive...

Macau | Delayed tax agreement will be signed this year – Portugal’s Secretary for Tax Affairs

A delayed tax agreement between Portugal and Macau will be signed later this year, according to Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs on Sunday Macau (MNA) – A delayed tax agreement between Portugal and Macau will be signed later this year, Mr António Mendonça...

EU budget: Boosting cooperation between tax and customs authorities for a safer and more prosperous EU

For the next long-term EU budget 2021-2027, the Commission is proposing measures to make tax and customs cooperation between Member States better and more efficient. Continued funding of these programmes will help the EU to progress in offering businesses unfettered and easy access to the EU’s Single Market so that...

Norway’s Parliament Rejects ‘Google Tax’ Proposal

Norway’s parliament, the Storting, has rejected a legislative proposal for the introduction of a tax on digital business models, labeled the “Google tax,” recommending instead that the Government explore the issue of digital taxation in partnership with the OECD. In rejecting the proposal, introduced by parliamentary commissioner Une Bastholm of...

‘Blacklist Over – But We Must Be Wary Of More Eu Pressure’

SENATOR Dion Foulkes yesterday forecast the country would soon face more pressures from the European Union and should be ready to act quickly to avoid further reputational damage. On Friday, Finance Minister K Peter Turnquest announced the Bahamas had been removed from the European Union’s “blacklist” of non-cooperative jurisdictions for...

Ownership Registry Is ‘Not Set In Stone’

Attorney General Carl Bethel QC. Photo: Terrel W Carey/Tribune Staff Legislation to create a central Beneficial Ownership Registry is “not set in stone”, the Attorney General has revealed, with the Government seeking “urgent” consultation on the issue. Carl Bethel QC, addressing a Bahamas Financial Services Board (BFSB)-sponsored seminar, said the...

Unions Say McDonald’s Restructuring Allows Less Transparency On Taxes

BRUSSELS (Alliance News) – US fast food giant McDonald’s has reshuffled its corporate structure to make tax-avoidance practices less transparent after the EU had opened an investigation into the company’s tax schemes in 2015, a group of trade unions said Monday. The report by a coalition of European and US...

Macau | City preparing to join OECD automatic financial exchange agreement – Financial bureau

The Macau government is preparing to sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information which will allow automatic tax information exchange with other members of the Organisation for Economic Co-operation and Development Macau (MNA) – The Financial Services Bureau (DSF) has informed Macau News Agency...