The OECD welcomes the commitments of 48 countries and jurisdictions to implement the global standard for tax transparency for reporting and exchanging information on crypto-assets by 2027. OECD Secretary-General Mathias Cormann welcomed today’s announcement that 48 countries and jurisdictions intend to implement the OECD’s global standard on tax transparency for reporting and exchanging information on […]

December 11, 2023, in Nicosia, the Convention for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance, along with its Protocol, was signed between the Republic of Cyprus and the French Republic. Mr. Makis Keravnos, the Minister of Finance of Cyprus, and Mrs. Salina Grenet-Catalano, […]

The Council of the European Union has made adjustments to its list of non-cooperative jurisdictions for tax purposes. The Bahamas, Belize, Seychelles, and Turks and Caicos Islands have been removed from the list, leaving 12 jurisdictions remaining. Those remaining on the list include American Samoa, Anguilla, Antigua and Barbuda, Fiji, Guam, Palau, Panama, Russia, Samoa, […]

On February 19th, a new agreement titled “Convention between the Government of Japan and the Government of Ukraine for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance” was signed in Tokyo. The agreement, referred to as the New Convention, was signed by H.E. Mr. […]

GCC States Unveil Unified Tourist Visa and Traffic Violation System Interior ministers from the Gulf Cooperation Council (GCC) states convened for their 40th meeting in Muscat, Oman, where they unanimously approved the rollout of a unified Gulf tourist visa. Additionally, they greenlit the implementation of an electronic system to monitor traffic violations. Jasem Albudaiwi, the […]

Summary: Negotiations on the UNSHELL Directive, which establishes rules to prevent tax abuse by shell companies, are taking a new direction as Spain, holding the EU Council Presidency from July 1 until the end of 2023, proposed a two-stage approach for Member States to break the current deadlock. This approach entails creating a new minimum […]

According to the issued a set of tax rules by ZATCA, Article 5, Chapter 3, RHQs must comply with eight points of economic presence requirements (clearly dictated, along with other provisions, by OECD requirements), which largely resemble the requirements for regimes in low-tax jurisdictions. It is separately stipulated that there must be at least one […]

The United Kingdom and Luxembourg inked a revised double tax convention and protocol (DTT) in July 2022, which took effect on November 22, 2023. The DTT will impact UK income and capital gains tax starting from April 2024, and from January 1, 2024, for income withheld at the source. A notable amendment in the DTT […]

Robust legislation aimed at combating corruption, money laundering, and fraudulent activities has been officially enacted. The Economic Crime and Corporate Transparency Act, receiving Royal Assent on October 26th, introduces pioneering measures to empower UK authorities in targeting organized crime and misuse of the country’s open economy. Key provisions include bolstered capabilities for Companies House to […]

Italy is following Portugal in worsening the tax conditions for those who have recently moved to the country. It seems that the Italian government intends to tighten the current tax regime for the so-called “Lavoratori Impatriati” (Repatriated Workers). According to information from the Italian Corriere Della Sera, a new draft law was introduced in October, […]