Anguilla and Barbados Added to the EU “blacklist”
On 6 October, 2020 the EU Council has issued a press release dedicated to the regular update of EU list of non-cooperative jurisdictions for tax purposes. This time Anguilla and Barbados have been listed, Cayman Islands and Oman have been de-listed.
OECD: 18 Jurisdictions Dismantled Harmful Tax Regimes
The OECD Forum on Harmful Tax Practices (FHTP) has published the peer review results on countries’ progress in implementation of the BEPS Action 5 Minimum Standard (“Countering harmful tax practices more effectively, taking into account transparency and substance”).
Member States Agree to EU Level Anti-Money Laundering Authority
The EU received approval from finance ministers of its member states in November to set up an anti-money laundering watchdog with the authority to directly interfere with national jurisdictions if it finds that they have failed to comply.
Switzerland Strengthens Financial Transparency Measures
On 11 November the Federal Council announced the entry into force of an amendment to the Ordinance on the International Automatic Exchange of Information in Tax Matters from 1 January 2021. The amendments follow the recommendations of the Global Forum on transparency and exchange of information for tax purposes.
Estonia: Changes Related to the Transfer of Shares of Private Limited Companies
A number of changes related to the transfer of shares of private limited companies entered into force in May and August this year. The main purpose of the changes was to simplify the transfer of shares and to make it foremost easier for foreigners to invest in Estonian start-up companies. Other companies can also take advantage of new opportunities, but there are also risks involved.
Malta: Benefits of Consolidated Group Rules & the Concept of Fiscal Units
Legal Notice 110 of 2019 has introduced the possibility of income tax consolidation in Malta. The said Legal Notice introduces the Consolidated Group (Income Tax) Rules, 2019, as subsidiary legislation to the Maltese Income Tax Act, Chapter 123 of the Laws of Malta.
Banks VS Payment Platforms: Guide to the right choice
“Dear Sir, your account falls out of the bank’s risk appetite. We are kindly informing you that the account will be closed within two weeks. Please provide alternative bank details in order to transfer the remaining funds”.
Estonian Private Limited Company – the Minimum Nominal Value of a Share is Now One Cent Instead of One Euro
According to the changes made to Commercial Code of Estonia from the 1st of July 2020 the minimum nominal value of a share is one cent instead of one euro, with the result that every cent of the share capital shall grant the shareholder one vote.
Estonia Implements Remote Authentication – a Possibility to Carry out a Notarial Transaction from Home
On February 1st this year, remote authentication was introduced for notarial transactions, which is equivalent to ordinary notarial authentication, i.e. authentication in the presence of a notary.