The Organisation for Economic Co-operation and Development is going to propose a global minimum tax that would apply country by country before the next meeting of G‑20 finance ministers and central bankers set for 17 Oct. in Washington, DC. G7 leaders announced at their Biarritz summit meeting this week a pledge to update international tax […]

Malta Patent Box Regime

Aiming to further increase its competitiveness as a jurisdiction for the holding and development of intellectual property rights, Malta has introduced a Patent Box Regime by means of Legal Notice 208 of 2019 entitled the Patent Box Regime (Deduction) Rules. The rules are applicable as from 1 January 2019 (Year of Assessment 2020), The rules […]

Malta’s Commissioner for Revenue has published an updated version of theNotional Interest Deduction (NID) Guidelines. The update concerns the NID for accounting periods other than 12 months, and includes the following: To further approximate the neutrality between debt and equity financing, an adjustment shall be applied to the NID to remove distortive and disproportionate deductions […]

The Mauritius Ministry of Finance and Economic Development has issued a joint communique in response to the so-called “Mauritius Leaks” investigation, which involves the recent publication by the International Consortium of Investigative Journalists (ICIJ) of data on over 200 companies that reportedly used Mauritius as part of tax schemes to avoid taxes in countries in Africa, Asia, […]

The British government plans to create a publicly accessible register of the foreign entities that own UK property, and of the individuals who actually control them, to improve transparency over ownership but has rejected calls to explicitly include trusts in its scope. The joint committee on the draft Registration of Overseas Entities Bill report  raises […]

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 […]

On 11 December 2018, L.N. 411 of 2018 – European Union Anti-Tax Avoidance Directives Implementation Regulations 2018, was enacted transposing the provisions of the EU Anti-Tax Avoidance Directive – Directive (EU) 2016/1164 of 12 July 2016 (the ATAD) with effect from 1 January 2019.   The main thrust of the regulations is to implement the […]

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