Cyprus is gearing up for a sweeping tax reform set to launch in the spring of 2024, promising changes that extend far beyond environmental concerns. This comprehensive overhaul is poised to reshape the landscape of corporate tax, income tax, capital gains tax, stamp duties, and various other forms of taxation. Its primary objective? To redistribute […]

The Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury is introducing new regulations that will require US financial institutions to track and report transactions associated with cryptocurrency mixing services (Convertible Virtual Currency Mixing). Under the new rule, FinCEN will exercise its authorities under Section 311 of the Patriot Act to classify […]

The UAE is actively working towards delisting from the FATF’s ‘grey list’. To this end, delegations from Dubai and Abu Dhabi are visiting Washington and Bern and holding talks with key members of the organisation. If the UAE can convince FATF of significant progress in combating money laundering, tax evasion and increasing the transparency of […]

Transparency laws in the US have caused serious discontent among both human rights organisations and professional legal, trust and financial associations. Despite numerous attempts to prevent the passage of a beneficiary registry law, opponents of the initiative sought to achieve the ability to simply list “unknown” in reporting, and they seemed to have succeeded. Details […]

The European Council has adopted a Directive amending the EU rules on administrative cooperation in taxation. These amendments primarily focus on reporting and automatic exchange of information regarding income from transactions involving crypto assets and advance tax rulings for affluent individuals. The Directive’s aim is to strengthen the existing legislative framework by broadening the scope […]

Portugal is set to abolish the favourable tax regime for foreigners, which currently provides a special tax rate for those engaged in scientific, technical or artistic activities with high added value. This includes architects, doctors, engineers, artists, managers, self-employed and technicians. Their income is taxed at a rate of 20 per cent in Portugal. The […]

In the wake of the Singapore financial scandal, considered the largest money laundering scandal in the country’s history, discussions on strengthening compliance in local banks have started to be actively discussed. Parliament is currently discussing possible steps to be taken by the country, although there are no legislative decisions yet. Unofficial sources, according to Singaporean […]

Spain has activated the Royal Decree establishing the Registry of Beneficial Owners. Information for the registry will be sourced from existing databases, and all entities falling under the requirement to include their beneficial owners must verify the accuracy of the information by November 19, 2023, and update it if necessary. Entities that must provide information […]

The Cyprus Registrar of Companies and Intellectual Property Department is reminding all companies, European public limited liability companies, cooperatives, and their officers/partners that they must register their beneficial owners’ data and information in the Registry by September 30, 2023. After September 30, companies will be given an additional one-month grace period to confirm the information […]

Spain’s new wealth tax, introduced as part of measures aimed at reducing the cost of living for ordinary Spaniards in the face of high inflation, has already collected 632 million euros this year. At the end of 2022, the left-wing government introduced a temporary solidarity tax for owners of large fortunes for 2023 and 2024, […]