Removing the obligation to declare payments made by companies to individuals established in Cyprus, Luxembourg and Seychelles.

On October 30, 2015, the Global Forum on Transparency and Exchange of Information for Tax Purposes decided that Cyprus, Luxembourg and Seychelles have actually and substantially implemented the international standard on transparency and exchange of tax information. Therefore, companies no longer have the obligation to declare payments made to persons established in those States. For companies that take a calendar year accounting, this implies that the payments made in 2015 to persons established in Cyprus, Luxembourg and the Seychelles are no longer covered by the reporting obligation.