Cyprus, in recent years has proven to be an ideal
Panama in 2013 will be one of the fastest growing
The “BVI Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2012″,
The European Council has recently commended Liechtenstein on its tax
Liechtenstein’s Prime Minister Klaus Tschütscher has confirmed plans to conclude
Offshore financial centre the Cayman Islands, long famed for its
Some people may think that once you have obtained patent
The Seychelles is an established financial centre, offering flexibility and stability
The BVI is an established financial centre, offering flexibility and
Many people are not aware of the opportunities to protect
The Swiss Federal Council has recently resolved to bring the
The long-awaited Foundations (Guernsey) Law 2012 (the “Law”)
The idea of introducing an anti-avoidance rule was first mooted
Bermuda is a leading offshore financial centre, with a sterling
Ireland’s National Pensions Reserve Fund (NPRF) has announced the availability
On January 14, 2013, in Hong Kong, Hong Kong’s Secretary
The Isle of Man government expects the local economy to
In a speech to parliament proposing amendments to the Economic
New Zealand’s Inland Revenue has released proposals for reform of
Determined to secure the island’s future standing as a serious
Duties and liabilities of directors of companies in the Cayman
The American Taxpayer Relief Act of 2012 (Act) was enacted
Getty Images (US) Inc v Office for Harmonisation in the
Value added tax – Refund of tax – Latvian tax
With the forthcoming Year of the Snake to be marked
Mainstream global house prices at the end of the third
HMRC will this month target around 50,000 businesses that have
The concept of tax heavens or privileged tax jurisdictions has been expanded by Federal Law 11.727 and consequently, the traditional black list of jurisdictions that receive “special” tax treatment by Brazilian Tax Authorities is no longer applied strictly.
In fact, after Law 11.727, the Brazilian Federal Revenue Service may apply more stringed taxation rules even if the jurisdiction is not expressly black listed.
The Turkish Commercial Code published in the Trade Registry Gazette dated 14 February 2011 and numbered 27846 (the “TCC”), makes significant changes in the management of joint stock corporations (anonim şirket). The TCC introduces the possibility of having a board of directors (a “Board”) that is comprised of one member; whereas, the previous legislation mandated the presence of at least three members on the Board.
This article provides a general assessment of the management of a joint stock corporation with a Board consisting of only one member.
Guernsey has caught up with the two other crown dependencies on foundation law, following the island registry’s announcement that it is ready to accept registration of its first foundations from tomorrow.
In pushing ahead with the Foundations (Guernsey) Law, 2012, Guernsey is following Jersey, where a foundations law went live on 17 July 2009, and the Isle of Man’s entry on 1 January 2012.
Important measures for international investors in Ireland and investment managers with Irish investment funds and SPVs
On Wednesday 5 December 2012, the Irish Minister for Finance presented Budget 2013, the Irish government’s fiscal programme of measures for the coming year, against an improving but still challenging economic backdrop.
The Court of Appeal recently had to consider whether a side letter, drafted in parallel to a binding contract, and whose purpose was to confirm the parties’ agreement to enter, at a later date, into a separate secondary agreement, was itself legally binding. The case in question was Georgi Velichkov Barbudev v Eurocom Cable Management Bulgaria Food & Ors .
Recent changes have been made to the record keeping and record retention obligations of all BVI companies and limited partnerships with the enactment of the Mutual Legal Assistance (Tax Matters) (Amendment) Act 2012, and the Partnership (Amendment) Act 2012 (the “Reforms”).
Companies doing business on an international basis can take welcome comfort from a recent Court of Appeal decision, which confirmed the approach for when a corporate veil will be lifted. “Lifting the corporate veil” describes a practice by which a court decides that a subsidiary is a mere shell or alter ego used by a parent company to avoid or conceal liability.
The proposal covers two elements: (1) unifying procedural aspects for all types of Swiss taxes, and (2) eliminating the difference between tax evasion and tax fraud for disclosure of bank data. The second element is expected to lead to political controversies within Switzerland.
Currently, bank secrecy in domestic situations is only removed if a tax fraud has been committed, i.e. if taxpayers use counterfeited documents. In contrast, in cases of mere tax evasion (i.e. if items of taxable income or wealth were not declared) the tax authorities cannot demand that banks divulge to them information on bank accounts held by Swiss taxpayers.
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