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 […]

Malta receives first-time credit rating of A+

  • By: Melissa Speigner
  • Malta
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Scope Ratings has categorized the Republic of Malta an A+ long-term issuer and senior unsecured local- and foreign-currency rating for the first time. Scope also gave the island a short-term issuer rating of S-1+ in both local and foreign currency. All Outlooks were categorized as Stable. The new rating was based on the country’s euro […]

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. […]

Two cryptocurrency exchanges, Bleutrade and BeQuant, revealed their plans to set up operations in Malta in separate announcements this week, following in the footsteps of several other exchanges such as Binance, OKEx and Bitbay who announced plans to move to Malta earlier this year. Bleutrade, a Brazilian cryptocurrency exchange platform established in 2014, allows for […]

The Chairman of the Malta Financial Services Authority (MFSA) announced that the country’s three Acts regulating Distributed Ledger Technology (DLT), such as blockchain and cryptocurrency, will come into effect on November 1, 2018. Malta has set its sights on becoming the blockchain hub of the world, and was the first country to establish a regulatory […]

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