Value Added Tax (VAT) in the UAE is a new concept in the region. VAT is effective from 1st January 2018 at a standard rate of 5% or Zero rated as the case may be. VAT is an indirect tax which is collected at each stage of production or sale and is also known as the consumption tax. VAT AT … Read More
SCOTLAND
Scottish limited partnerships – names of partners publicly available The UK Government has introduced new legislation which extends beneficial ownership registration requirements to Scottish limited partnerships and certain Scottish general partnerships. The legislation, Scottish Partnerships (Register of People with Significant Control) Regulations 2017, came into force on Monday, 26 June. Two clauses are due to come into force on 24 … Read More
BVI
On April 12, 2016 the BVI Government and the UK Government signed an Exchange of Notes on Beneficial Ownership and Technical Protocol which is expected to come into force in June 2017. The Exchange of Notes provides for exchange of beneficial ownership information between BVI and UK law enforcement. Under the agreement, the UK Government acknowledges the BVI’s corporate service … Read More
Small Business, Enterprise and Employment Act 2015 (UK)
The Small Business, Enterprise and Employment Act 2015 (SBEEA) has introduced new provisions which will amend the primary piece of legislation which governs companies in the UK, the Companies Act 2006 (the Act). The amendments are intended to increase transparency around controlling interests in both private and public companies and simplify company filing requirements at the Registrar of Companies (Companies … Read More
Seychelles introduces a new International Business Companies (IBC) regime
This New Act is being introduced to address the concerns of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and to be in line with the Financial Action Task Force (FATF) standards and to work towards a re-enforcement of the Anti-Money Laundering framework of the Republic of Seychelles. This New Act repeals and replaces the IBC legislation (IBC Act … Read More
Foreign Accounts Tax Compliance Act (FATCA)
The Foreign Accounts Tax Compliance Act (FATCA), is a U.S. legislation designed to improve tax compliance by U.S. persons, both individuals and entities, who hold financial Assets and accounts outside the U.S. FATCA promotes cross border tax compliance by implementing an international standard for the automatic exchange of information related to US taxpayers. FATCA regulations require tax authorities obtain detailed … Read More
The OECD’s Common Reporting Standard for the Automatic Exchange of Financial Information (CRS)
To help fight against tax evasion and protect the integrity of tax systems, governments around the world have followed the United States government’s introduction of FATCA by introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (the CRS) and it has been developed by the Organisation for Economic Co-operation and Development. … Read More
New changes announced from the government of the British Virgin Islands (BVI)
We would like to bring to your attention the new changes announced from the Government of the British Virgin Islands (BVI). The changes will be valid as of 01 April 2016. For existing companies, there will be a transition period for filing the Register of Directors from 1 April 2016 to 31 March 2017. For new incorporations, the Register of … Read More
