The European Union has agreed to remove Anguilla, Dominica and the Seychelles from its blacklist of tax havens. Recall that all three were previously included in the list because they did not meet the EU tax transparency standards. The delisting was preceded by the forum’s decision to provide these jurisdictions with additional scrutiny on this […]
Cyprus has developed a new strategy to attract business from abroad and its development in the republic: foreign and Cypriot companies engaged in shipping, technology and innovation, pharmaceuticals, genetics and biotechnology will be provided with a variety of benefits. As the Minister of Finance Mr. Constantinos Petrides said at the presentation of the new strategy, the mechanism for
On October 8, 2021, a notice from the US Treasury Department was published in the Federal Register on the current list of countries that will be boycotted by the international community. The countries listed include Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. Any person or member of a controlled group operating in
The Italian Council of Ministers has released a message announcing the approval of the draft tax reform law at a meeting held on October 5, 2021. While no specific details are provided, the press release highlights the following key areas of reform: Personal income tax reform, including the abolition of the dual system that distinguishes
The Swiss Federal Tax Administration has announced the release of the Tax Code of Conduct 2021. The Code of Conduct is addressed to those professionally involved in taxation, in particular tax administration officials, tax representatives and companies. The Code of Conduct covers general principles of conduct as well as conduct in relation to tax returns,
Following our previous alert on the non-imposition of administrative fines for overdue submission of DAC6 information until 30 September 2021, the Tax Department has announced that this period is further extended to 30 November 2021, in the following cases: Reportable cross-border arrangements (RCBAs) that were implemented between 25 June 2018 and 30 June 2020 and had to
The corporate registry of the Republic of the Marshall Islands (RMI) believes that the use of certain jurisdictions to initiate a business has become impractical. Jurisdictions that were once business-friendly now have less-than-satisfactory ratings from international regulators, and some are not politically stable. Recognizing these issues, RMI is currently offering free re-domiciliation. The choice of
On September 26, 2021, the Swiss electorate will vote on a proposal that will increase the taxation of capital income for individuals. The proposal essentially stipulates that tax on capital gains in excess of a certain amount will be calculated on 1.5 times the amount of capital gains. If approved during a scheduled vote, the
To eliminate the risks of erosion of the tax base and the withdrawal of profits from taxation (BEPS) arising from the digitalization of the world economy, the Organization for Economic Cooperation and Development (OECD) issued a statement on July 1, 2021 on revising the framework of international tax reform. The new structure, commonly referred to
If you want to obtain a residence permit in Cyprus and are ready to invest in the economy of the state, you can apply for a permanent residence permit (Category F) in the standard procedure. So you can get permanent residence in 1 year. To be eligible to participate, you must purchase or rent property
The Central Bank of Cyprus acts as the regulator for all matters related to electronic money in Cyprus. Who can issue electronic money? Banks. Cooperative credit institutions. Electronic money institutions. EMI, once established and properly licensed, can offer its services in all EU member states on a cross-border basis without any additional permits. A Cypriot
Despite the gradual globalization of trade, difficult economic conditions around the world have put the shipping industry under severe pressure. Cyprus has been well established as a shipping hub since 1963. Cyprus, with its reliable infrastructure, capable of meeting the needs of global shipping business. The island is one of the ten largest shipping registries,
In accordance with an announcement made by the Cyprus Registrar of Companies on 8 July 2021, the deadline for payment of the 2021 annual company levy has been extended from 30 June 2021 to 31 December 2021. The extension applies retrospectively from 30 June 2021. Should the annual company levy be paid after 31 December
