On February 19, 2024, the Council of the OECD approved an updated version of the commentary on Article 26 (Exchange of Information) of the OECD Model Tax Convention. A number of technical changes were made to facilitate international tax cooperation and information exchange. The updates align with the provisions of the Guidance on the Implementation […]

Countries of the World Trade Organization (WTO) have unanimously agreed to extend the moratorium on tariffs on electronic commerce for another two years, in line with the position established since February 2024. This moratorium, first introduced in 1998, ensures duty-free data transmission online, including goods such as video games and music. However, some countries have […]

Revolut Introduces Automated Investment Service in the EEA for Tailored Investing Revolut, the renowned global financial super-app serving over 35 million customers worldwide, has unveiled its latest offering: a Robo-Advisor service within the European Economic Area (EEA). This innovative product aims to streamline and automate investment processes to suit individual customer needs. Designed especially for […]

The UAE FTA has released a new decree No.3, outlining updated registration deadlines for corporate income tax purposes (i.e., deadlines for filing the registration application directly). Previously, it was clarified that registration must be completed before filing the first profit tax return (for a standard calendar financial year, this meant before 30/09/2025). Now, for UAE-resident […]

At the meeting of finance ministers and central bank governors of the #G20 countries in São Paulo, Brazil, Gabriel Zucman discussed the possible introduction of a global minimum tax for billionaires. The EU Tax Observatory, a Paris-based analytical center led by Zucman, outlined the mechanism for a global wealth tax in last year’s report. It […]

The President of the ECB, Christine Lagarde, has expressed the need for Europe to create its own version of the American Securities and Exchange Commission (SEC) and a unified stock exchange to effectively address several important challenges facing the region. She noted that such initiatives would not only ensure more effective supervision of financial markets […]

In a televised address on Wednesday, February 21, 2024, President Nikos Christodoulidis of the Republic of Cyprus unveiled a series of government initiatives aimed at easing current financial burdens. Among these measures is the elimination of the flat €350 annual company levy. This levy, which has been in place since 2011, applies to every company […]

On November 15, 2023, the Legislative Council of the Hong Kong Special Administrative Region approved the Stamp Duty (Amendment) (Stock Transfers) Bill 2023 to lower stamp duty rates in Hong Kong. The changes came into effect and apply from November 17, 2023. Stamp duty rates in Hong Kong are defined by the Stamp Duty Ordinance […]

The European Union is considering the possibility of introducing an equivalent of currency control for companies owned by Russian owners. According to documents from Bloomberg, authorities may propose obliging companies with Russian owners to obtain special permission to withdraw funds from the EU. This implies tightening control over financial transactions related to Russian businessmen within […]

In Singapore, a new regime to combat money laundering is being prepared, which will affect the sphere of nominee directors. Nominee directors are individuals who hold positions in companies but do not actively participate in management. According to the proposed bill, all companies and individuals providing corporate secretarial services in Singapore or beyond will be […]