2001, 2018

Register of Beneficial Owners in Malta

On the 26th December by virtue of Legal Notice 374 of 2017 as of the 1st January 2018 the Registrar of the Registry of Companies shall compile a register of the beneficial owners of each [...]

1801, 2018

Minimum salaries for foreign workers rise 33 percent in Romania

Romanian authorities have increased minimum salary levels for foreign employees by 33 percent as the country prepares for a new system in which employees, rather than employers, will be responsible for social security costs. Effective [...]

1401, 2018

China Withholding Tax Deferral Policy for Foreign Direct Reinvestment

Dividends derived from China by a foreign investor are currently subject to China Enterprise Income Tax in the form of Withholding Tax at 10%.  In order to attract foreign capital flow into China, a preferential [...]

1001, 2018

Double tax treaty for between Cyprus and Saudi Arabia

The Cyprus Ministry of Finance has announced that Cyprus has entered into a double tax agreement with Saudi Arabia for the avoidance of double taxation (‘DTT’), which aims to prevent tax evasion. The DTT was [...]

701, 2018

What the tax reform bill means for individuals

Passive H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20, contains a large number of provisions that affect individual taxpayers. However, to keep the cost [...]

2012, 2017

US 2018 Tax Reform -What You Need To Know?

The House passed the final version of the Republican tax bill on Wednesday December 20, 2017, capping off a furious seven-week push to bring about the most sweeping changes to the US tax code in [...]

1812, 2017

Main amendments on Romanian Fiscal Code

Below are the main amendments on Romanian Fiscal Code, to enter into force starting with January 2018. Corporate income tax The current provisions regarding the limited deductibility of interest and net foreign exchange losses are [...]

1512, 2017

Recent UK personal tax developments and news

Scottish income tax Scotland’s draft Budget for 2018/19 has now been released and details of the proposed Scottish tax changes can be found here https://www.budget.scot/ UK Autumn Budget 2017 Last month the UK Government published [...]

1312, 2017

Wake-up Call for Common Australian Discretionary Trust Arrangements

Discretionary trusts are extremely common in Australia, both for the holding of assets, and from an international perspective, more unusually, to carry on business. Such trusts resident in Australia may have non-resident beneficiaries, or non-resident [...]

1112, 2017

VAT on Land: Important Amendment to the VAT Legislation

In November 2017, the Cyprus parliament voted a significant amendment to the Cyprus VAT Legislation (VAT Law – Amending Law No. 3) which amends the main VAT Law N.95(I)/2000 concerning taxation of building land, in [...]

812, 2017

Revised FTP 2015 – India

Revised FTP 2015 – 20 has been amended in such a way that it is in line with the provisions of GST. – BY Central Government vide Notification No. 41/2015-2020 dated 05.12.2017. • SEIS Rate [...]

612, 2017

2018 PNG Budget Commentary from Shishya

Executive summary below: The Deputy Prime Minister and Minister for Treasury, Hon. Charles Abel handed over the 2018 Budget on behalf of O’Neill-Abel Government at the Parliament this afternoon. Theme of this year budget is [...]

412, 2017

Certain changes on China withholding tax obligations for non-residents

Passive incomes such as dividends, interests, royalties, capital gains derived from China by a non-Chinese tax resident enterprise (“NRE”) are generally subject to China enterprise income tax in the form of withholding tax. Effective from [...]

2111, 2017

Changes to the Malta Residence and Visa Programme

The Malta Residence and Visa Programme (MRVP) provides an excellent opportunity to non-EU Nationals, non-EEA Nationals and non-Swiss Nationals including their dependants to reside, settle or stay indefinitely in Malta. With Malta being an EU [...]

1711, 2017

Tax Amnesty Scheme and New Tax Clearance Process in Papua New Guinea (PNG)

TAX AMNESTY SCHEME The Commissioner General of Internal Revenue Commission(IRC) has notified a temporary relief to businesses in PNG. Who is covered? All persons who are liable to file returns and pay taxes but have [...]

1511, 2017

Foreign purchaser duty and land tax surcharge in Australia

Foreign property investors are subject to varying surcharge rates of stamp duty across the different jurisdictions in Australia. The surcharge is levied over and above the standard stamp Duty (payable on the acquisition of a [...]

1311, 2017

Cyprus – Iran Double Tax Treaty entering into effect in 2018

Cyprus and Iran had signed a tax treaty, on 4 August 2015, for the avoidance of double taxation and fiscal evasion with respect to taxes on income. The Treaty entered into force on 5 March [...]

1011, 2017

What the House tax bill holds for individuals

If this bill is enacted, make no mistake about it this will become the LARGEST tax grab for the middle class in American history!!! Let's Pray it ain't so! The Tax Cuts and Jobs Act, [...]

811, 2017

Country by Country Reporting

The submission of notification for country by country reporting for the year 2016 has started. This process will be performed through the Government Gateway Portal 'Ariadni'. The deadline for submission of the notification for country [...]

611, 2017

Another Offshore Law Firm Gets Hacked!

On September 5, 2017 posted How Will the IRS Know About My Foreign Account? where we discussed that Taxpayers who have financial assets outside the United States often ask the question "How will they (IRS) [...]

311, 2017

Why invest in Mauritius?

Mauritius is ideally located amongst the brilliant triangle region, associating Asia, Africa and Indian Ocean Region. It is an island state of 1.2 million inhabitants spanning 1,865 square kilometers. The population is composed of young [...]

111, 2017

China to welcome more foreign investments

Taxpayers Since early this year, the Chinese government has released various circulars to promote and attract foreign investments. The key policies refer to further relaxation of the access restriction on foreign capital, formulation of fiscal [...]

2310, 2017

Individual taxation and Papua New Guinea (PNG)

Taxation of an individual in PNG is dependent on his residential status, source of income, mode of earning and kind of engagement. In ensuing paragraphs, we have dealt with each of this topic briefly and [...]

1610, 2017

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations; New Filing Deadline Now Applies to Foreign Account Reports

WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, [...]

1210, 2017

Transfer Pricing – Consultancy Services

The arm's length principle (Article 33 of the Income Tax Law 2002) is the cornerstone of transfer pricing rules and regulations in Cyprus and is codified in. As per Article 33 any commercial or financial [...]