International Taxation

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 […]

The European Court of Justice issued its decision in the judgement, Berlioz Investment Fund SA v Directeur de l’Administration des Contributions directes (C-682/15), on the 16th of May 2017. The CJEU found the Luxembourg company, Berlioz Investment Fund SA, is able to depend on the EU Charter of Fundamental Rights to challenge the penalty arising Luxemburg […]

The decision taken by the CJEU in Société Euro Park Service (C-14/16) concerned both the freedom of establishment under the TFEU and the EU Merger Directive. The court judgement encompassed whether former authorisation from tax administrator was required to defer taxation of capital gains on a cross-border merger within the EU, under which the taxpayer must […]

Oct 29th, 19:47 Malta signs agreement on exchange of tax information Malta has joined 50 states and jurisdictions in signing the Multilateral Agreement on The Automatic Exchange of Tax Information in Berlin, under the aegis of the OECD. Finance Minister Edward Scicluna said this was an important step in the fight… Read more at: //www.timesofmalta.com/articles/view/20141029/local/malta-signs-agreement-on-exchange-of-tax-information.541837

The Russian Finance Ministry has drafted a decree that will exclude Malta from the blacklist of offshore jurisdictions, according to the Russian news agency Tass. The decision followed the signing of an agreement between the Maltese and Russian governments in May. The agreement was on the avoidance of dual taxation and prevention of tax evasion […]