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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

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.

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 [2012].

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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