Category: EU

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...

Dpm Pledges ‘Most Stringent Controls’ On Ownership Registry

THE Deputy Prime Minister yesterday promised that the proposed Beneficial Ownership registry will have “the most stringent controls”, amid industry concerns over the lack of prior consultation. K P Turnquest told Tribune Business that it was “not an unreasonable guess” to suggest that the Bahamas would follow the Cayman Islands’...

Fiscal Havens: New Record In Outstanding Cross-Border Claims Offshore End-2017

The crusade against fiscal havens is not working. According to the BIS, “banks’ outstanding claims on offshore banking centres surpassed their previous peak recorded in 2008 during the Great Financial Crisis (GFC). Outstanding cross-border claims on offshore centres totalled $4.6 trillion at end-2017, compared with $4.3 trillion at end-March 2008.”...

Corporate Tax Promise Not ‘Concrete’ For Eu

THE Bahamas will be unable to satisfy the European Union’s (EU) demands by merely promising to implement corporate taxation, a prominent attorney has warned. Michael Paton, who co-heads the financial services industry working group assessing the Government’s ‘blacklisting’ response, told Tribune Business in a recent interview that time and the...

Qc Backs Income Taxes To Ease ‘Rich/Poor Divide’

AN outspoken QC is backing the introduction of corporate and personal income taxes as a way to reduce “the gulf between rich and poor” in the Bahamas. Fred Smith QC, the Callenders & Co attorney and partner, has added his voice to those urging the Government to use the European...

Ibcs Face ‘Much Damage’ Through Blacklisting Bill

THE Bahamas’ ‘blacklisting’ response threatens to “cause a lot of damage” to its IBC business and create “much less certainty” for the financial services industry, a top attorney is warning. Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business that the proposed Multinational Entities Reporting Bill...

Corporate Taxation On The Way For Bahamas

The Government’s planned legal reforms pave the way for the introduction of “corporate taxation” on a wide range of Bahamian financial services products, it was revealed yesterday. Carl Bethel QC, the Attorney General, confirmed to Tribune Business that legislation intended to address the European Union’s (EU) ‘blacklisting’ concerns was designed...

EU Announces Sanctions For ‘Blacklisted’ Countries

The European Commission is to take steps to ensure that EU external development and investment funds cannot be channelled or transited through entities in countries included on the EU’s “blacklist” of non-cooperative tax jurisdictions. The Commission has published guidelines which set out the applicable legislation on how EU funds should...

Malta Backs EU Crackdown On Aggressive Tax Planning

Malta has reiterated its commitment to fighting aggressive tax planning, joining other EU member states who have unanimously agreed to amend the EU’s tax information sharing law, the Directive on Administrative Cooperation. The amendments to the Directive, which were agreed last week by EU finance ministers, will require intermediaries, such...

EU states agree on transparency rules to curb tax avoidance

European Union countries have agreed on new rules to crack down on cross-border schemes that help companies evade taxes. Tax professionals who fail to inform authorities about these ploys will be hit with penalties. European Union finance ministers on Tuesday backed transparency measures requiring financial advisors, accountants, lawyers and banks...

Bahamas ‘Failed To Read Tea Leaves’ On Corporate Tax

THE Bahamas’ failure “to read the tea leaves” and introduce a corporate income tax “for ourselves” has contributed to Europe’s planned ‘blacklisting’, a financial executive argued yesterday. Paul Moss, Dominion Management Services’ president, told Tribune Business that implementing such a tax would mean the European Union (EU) “cannot accuse us...