Latest News

24
Apr2019

Draft Economic Substance Code published by the BVI International Tax Authority

Draft Economic Substance Code published by the BVI International Tax Authority We refer to our note dated 16/1/2019 in relation to economic substance in the BVI and attach the draft economic substance code (the “Code”) published by the British Virgin Islands International Tax Authority (the “ITA”) on 22/4/2019.

16
Jan2019

BVI update of EU Blacklist

Update on EU Blacklist Process on Economic Substance in the British Virgin Islands (the “BVI”) The European Union (the “EU”) has on 5/12/2017 published their list of "non-cooperative" taxation jurisdictions, popularly referred to as the 'EU Blacklist'. Several of the traditional offshore jurisdictions, including the BVI, have been deemed by the EU to 'facilitate offshore structures or arrangements aimed at attracting profits that do not reflect real economic activity ('Substance') in the jurisdiction', and hence added to a grey list.

23
Oct2018

The need for substance

As a result of recent developments, the importance of companies to establish substance in order to operate and benefit from their tax residence in Cyprus has become more evident. Lack of substance may not only mean losing benefits derived under tax treaties and EU directives but also such companies may be denied the right to operate bank accounts in Cyprus.

28
Dec2017

The new General Data Protection Regulation

The law which governs the collection and processing of data concerning identified or identifiable individuals (“personal data”) is about to change. The General Data Protection Regulation (Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016, known as “GDPR”) will become applicable throughout the EU, including Cyprus, on 25 May 2018. It will replace the current national regimes of the EU member states, which are based on Directive 95/46/EC (which is repealed by the GDPR with effect on the same date). The GDPR has been described by the European Commission as an essential step to...

17
Nov2017

Advantage of setting up a United Arab Emirates (UAE) entity

Dubai in particular offers through various agencies an Offshore Company (IBC) regime which is a recognized and effective tool for tax planning and asset protection. Depending on individual needs additional layers of protection can be added to increase protection of one’s interests. You can protect your company from the risk of a former sole-proprietorship or general partnership by setting up a trust. One’s estate can be protected from claims using a foundation, intellectual property can be managed by an IBC and so on. The benefits of setting up an IBC are: -

23
Mar2017

Issuance of Tax Residency Certificates within the same Tax Year

On March 17, 2017, the Income Tax Department of Cyprus has announced that for the purposes of providing a better service to Cyprus Tax residents and to enable them to benefit from the Double Tax Treaties at the time when they receive income from sources abroad, without withholding tax arising from abroad, the person may apply for and to be issued a Tax Residency Certificate at any time during the same tax year, even if the person has not completed 183 days in Cyprus during this year. The Tax Residency Certificate may be issued if it is stated where it...

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