The European Commission (EC) has proposed the creation of an EU-wide anti-money laundering authority (AMLA) with powers to directly supervise the highest-risk cross-border financial firms. According to Reuters, non-compliant firms could risk penalties up to EUR10 million or 10 per cent of their annual turnover. The AMLA would aim to launch in 2024. The EC […]

The European Parliament issued a release on 20 May 2021 announcing the approval of a program to help tax authorities fight tax evasion. Parliament greenlights EUR 270 million programme to help tax authorities fight tax dodging MEPs approved the regulation establishing the Fiscalis programme running from 2021-2027, which will provide financial resources to national tax […]

On 12 May 2021, the General Court of the European Union issued a judgment annulling the European Commission’s 2017 decision that Luxembourg granted illegal State aid (a selective advantage) to Amazon that had amounted to around EUR 250 million. The decision was the result of an investigation launched in 2014 into a tax ruling provided […]

Malta has published Legal Notice No. 198 of 2021, which contains the Relief of Double Taxation between Malta and Switzerland. The Legal Notice provides for the ratification of the amending protocol to the 2011 income tax treaty with Switzerland, which was signed on 16 July 2020. The protocol is the first to amend the treaty […]

The Budget Measures Implementation Act, 2021, published on the 16 of April, includes a new enabling provision (article 51A) that empowers the Minister for Finance to introduce detailed transfer pricing rules. As a result of this provision, the introduction of such rules in Malta appears imminent. This comes as no surprise and follows on the […]

US Treasury financial regulator FinCEN has begun a consultation on implementing the strict new beneficial ownership reporting rules established by the Corporate Transparency Act (CTA). The Financial Crimes Enforcement Network released the notice of proposed rulemaking to give the public its first opportunity to comment on the beneficial ownership disclosure requirements. It said in the […]

The Prime Minister of Malta, Dr. Robert Abela, has announced that the temporary COVID-19 measure providing for a reduction in the tax and stamp duty rates relative to the transfer of immovable property has been extended by four months, and will now apply to preliminary agreements entered into through the end of July 2021. It […]

The UK will repeal the EU Interest and Royalty Directive legislation that was transposed into UK  law by virtue of Council Directive 2003/49/EC. The withdrawal of the exemption shall become effective  on the 1st  June 2021. Consequently,  companies that pay interest and royalties to other associated companies incorporated or based in the EU will have […]

The European Union announced today it has removed Barbados from its blacklist of countries it deems non-cooperative in matters of taxation, and added Dominica. The EU’s review of Barbados’ status comes just four months after the bloc’s finance ministers voted to blacklist the Caribbean island. Blacklisted jurisdictions face higher scrutiny, loss of access to EU […]

The Constitutional Court of Belgium has requested a preliminary ruling from the Court of Justice of the EU (CJEU) about exceptions to reporting tax arrangements under the EU Council’s Directive 2018/822 (DAC6). The Constitutional Court of Belgium has requested a preliminary ruling from the Court of Justice On February 19, The Belgium high court, Grondwettelijk […]

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