Category: Statutory

Turning FATCA into a Competitive Advantage

Regulatory compliance is an ongoing, escalating cost that is stifling profitability. Today, the “cost of compliance” is now 85% of a financial institution’s average operational budget, leaving a mere 15% available for programs like business development and customer acquisition. Many institutions continue to rely on disconnected, incomplete approaches to regulatory… – Continue reading

Consultation puts tax law plans in spotlight

THE Department of Finance has launched a public consultation on how Ireland’s tax system might respond to proposed international changes. The Organisation for Economic Cooperation and Development (OECD) is already conducting a public discussion around its Base Erosion and Profit shifting (BEPs) project, which could see tax avoidance loopholes shut… – Continue reading

Don’t delay law for sharing tax information with U.S., Canada’s investment industry urges

The head of Canada’s investment industry association is urging the federal government not to defer legislation that will facilitate handing tax information of U.S. citizens living in Canada to authorities in the United States. Ian Russell, chief executive of the Investment Industry Association of Canada, made his pitch to the… – Continue reading

Asia needs bond tax rethink

Exempting domestic currency government bonds from withholding tax is long overdue in much of South and East Asia as the move would have a significant and beneficial economic impact. The mature economies in Europe and North America (and also Japan, Hong Kong and Singapore) no longer withhold tax on government… – Continue reading

Belize – Fiscal Paradise with High Level of Confidentiality

Kuala Lumpur, Malaysia — (SBWIRE) — 05/08/2014 — ICO Services, the international company specialized in the formation of offshore companies and offshore banking, has recently expanded their services to the American business world by launching their service of setting up a company in Belize, the only fiscal paradise in Central… – Continue reading

FATCA’s good, bad, ugly choices

Foreign institutional investors face new extraterritorial oversight July 1 this year marks the dawn of the FATCA new world order. Giving the U.S. Internal Revenue Service unprecedented extraterritorial powers to gather information on foreign financial institutions and their underlying account holders, the Foreign Account Tax Compliance Act represents the U.S…. – Continue reading

Mauritian firm Ireland Blyth says Indian tax rules affecting investment

Mauritian conglomerate Ireland Blyth IBLP.MZ says uncertainty over new tax rules by key trading partner India has affected its business by putting off investors using the Mauritius financial center to invest in India. Nicolas Maigrot, chief executive of the group which has a wide range of interests in financial services,… – Continue reading

Investment funds in the Cayman Islands

The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds. As at 30 September 2011, there were 9,444 funds (predominantly hedge funds) registered with the Cayman Islands Monetary Authority (CIMA) under the Mutual Funds Law. There are also significant numbers of private equity… – Continue reading

FDI from Mauritius to India drying up

India had received in $8.17 bn during April- January 2012-13 Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty. India had received in $8.17 billion during April-… – Continue reading

India to scrap Rs 15-cr threshold for auditing MNC deals

India is set to scrap the R15-crore threshold for referring every international transaction between an MNC’s arms for compulsory transfer pricing audit, and about to embrace a more focused approach to zero in on cross-border transactions with potential for tax evasion. The proposed risk-based selection of transactions between MNC arms… – Continue reading

Alibaba IPO Appeal Could Make It Target For Scutiny From Beijing

The much-anticipated initial public offering of Chinese Internet giant Alibaba Group could be a double-edged sword for the company: Investors are drooling for a piece of the action in that country’s burgeoning online payment market, but its growing use in illegal transactions could attract scrutiny from Chinese government regulators. Alibaba,… – Continue reading

KKR’s Entry Into Canadian Oil Patch Crimped by Tax Clampdown

Canada is clamping down on off-shore tax shelters used by private-equity funds, in a move that may curb investment in the oil and gas industry by KKR & Co. and Blackstone Group LP. (BX) The government has given private-equity firms and other interested parties until April 11 to respond to proposals tucked… – Continue reading

Tax Amnesties Clear The Way For Global FATCA

Expats should put their financial affairs in order while they have the chance as governments around the world prepare a global tax net aimed at wiping out avoidance. The operation is headed by the Organisation of Economic Co-Operation and Development (OECD) and closely follows the lines of the controversial US… – Continue reading

Cayman Islands: Cayman Islands To Introduce New Directors Registration And Licensing Regime

The Cayman Islands government has announced, by way of a Gazette dated 21 March 2014, its intention to introduce a registration and licensing regime for directors of certain regulated entities in the Cayman Islands.  This has been anticipated since the Cayman Islands Monetary Authority (“CIMA“) conducted its industry wide corporate… – Continue reading

Payment of Annual Fees (€350) in relation to Voluntary Liquidations (Winding up’s) and Compulsory Liquidations

The Bankruptcies and Liquidations Section announces that, with accordance to the Companies (Amendment) (No. 2) Act 2011, it will not receive the documents for Voluntary Liquidation, unless they are accompanied by a proof of payment of the Annual Fee of the amount of €350 – for all the pending years,… – Continue reading

PAYMENT OF THE ANNUAL FEE

The Department of Registrar of Companies and Official Receiver announces that as from 2nd April 2014 the payment of the annual fee of three hundred and fifty euros (€350) for the years 2011 and 2014 will be done only through the Department’s website www.mcit.gov.cy/drcor and through JCCsmart. NO payment of the annual… – Continue reading

The 92 forms newly specified by the Registrar of Companies for use after the commencement of the new Companies Ordinance (Chapter 622) on 3 March 2014 have been uploaded onto the dedicated thematic section New Companies Ordinance. A CD-ROM containing a full set of the new forms and hard copies of… – Continue reading

The Republic of Korea joins TMview

As of 12 February 2014, The Korean Intellectual Property Office (KIPO) has made its trade mark data available to the TMview search tool. The integration of KIPO is a concrete result of the International Cooperation programme managed by OHIM in collaboration with its international partners. This last extension brings the… – Continue reading

ELECTRONIC FILING OF DOCUMENTS FOR REGISTRATION OF LIMITED LIABILITY COMPANIES

The Department of the Registrar of Companies and Official Receiver announces that as from 2nd April 2014 the documents for registration of private companies with share capital will be filed only electronically through the Department’s website www.mcit.gov.cy/drcor. The Departments’ Cashier Office WILL NOT receive documents relating to the registration of private… – Continue reading

Companies Miscellaneous Provisions Act 2013

The Companies (Miscellaneous Provisions) Act 2013 was signed by the President on 24th December 2013. This action had the effect of changing the citation of the Companies Acts to “1963 to 2013”. This citation should henceforth appear on all copies of Memoranda and Articles of association filed with the CRO…. – Continue reading