International Taxation

Automatic exchange of information on financial accounts has reduced bank deposits held in 46 key international financial centres (IFCs)  by 25% since 2008, an OECD report has revealed. Overall, cross-border bank deposits held in 40 key international financial centres by companies and individuals have fallen by 34% from their 2008 peak of $1.6trn, declining by $551bn. The […]

The European Commission is set to reverse its decision of including the British overseas territory on a list of global tax havens after the jurisdiction amended its legislation in order to comply with EU standards. The European Union’s tax commissioner, Pierre Moscovici, said the EU Code of Conduct (Business Taxation) Group (CCG) will receive a […]

Barbados, Belize, Curaçao, Mauritius, Saint Lucia and Seychelles have been warned by the EU that some of its tax policies are “harmful” and must be updated to comply with best practices by the end of this year. The European Union’s Code of Conduct Group (Business Taxation  has written to each, asking them to make a […]

The 36-member state OECD has revealed that there is growing consensus behind a US proposal for an overhaul of global corporate tax rules,  which would limit the ability of multinational companies to shift profits to low-tax jurisdictions. Earlier this year, the organisation put forward four different proposals to redesign corporate tax rules to address issues raised […]

The OECD’s Forum on Harmful Tax Practices (FHTP) has decided to assess the preferential tax regimes of all zero- or low-tax jurisdictions on their substantial activity requirements, as well as on the transparency of their tax rulings. All preferential regimes for ‘geographically mobile’ income such as royalties must now meet the OECD’s Substantial Activities Requirements. […]

The Central Bank of Cyprus is tightening its stance against money laundering by asking the credit institutions that it regulates to avoid doing business with “shell and letterbox companies.” On June 14th, 2018, the Central Bank of Cyprus issued a circular to its supervised banks, advising them against continuing existing accounts or opening new accounts […]

The government of the Bahamas said it has “no intention” of making its beneficial ownership registries public, in bold defiance of Britain’s move to introduce new legislation that requires its 14 overseas territories to implement a fully transparent system of company ownership by 2020. The deputy Prime Minister of the Bahamas, KP Turnquest, made the […]

At its plenary session, on the 4th of July 2017, the European Parliament adopted the amendments to the European Commission’s proposal in respect of the disclosure of income tax information by certain undertakings and branches, also referred to as the public Country-by-Country (public CbC reporting). Multinational companies should disclose tax information in every country in […]

The European Commission has proposed a new series of rules affecting intermediaries, such as accountants, banks, lawyers and tax advisors, who produce and endorse tax planning tax schemes for their clients. In terms of this proposal, the intermediaries will be required to report to their local tax authorities, any cross-border arrangement that comprises one or […]

During a meeting on the 23rd of May, the Economic and Financial Affairs Council of the European Union (ECOFIN) reached an agreement on the terms proposed for a Council Directive on tax dispute resolution mechanism in the EU. The proposed directive comprises a reinforced mandatory binding dispute resolution mechanism in the European Union. The aim […]