Mese: Aprile 2019

The worldwide industry of non-resident, low tax or tax neutral companies is panicking: all the big accounting firms (Deloitte, Ernest and Young, KMPG, and PWC) have been overwhelmed by a wave of recent legislation adopted by many jurisdictions at once. The call (shot?) has been made by the European Commission in Brussels regarding the non-cooperative tax jurisdictions. Some people will believe that it targets only small players, and others will believe that it only affects big players. In fact it is targeting every body. The biggest players affected are Chinese companies incorporated in the British Virgin Islands (BVI). Such companies ... Read more

Anguilla has adopted Economic Substance regulations in a very detailed manner.

Le Isole Marshall hanno adottato regolamenti sulla sostanza economica applicabili dal 1° gennaio 2019. Tuttavia è interessante notare che: si applica rigorosamente alle attività pertinenti (attività di distribuzione e centro servizi, attività di finanziamento e leasing, attività di sede, attività di holding, attività di proprietà intellettuale, attività di spedizione, attività bancaria, e l'attività assicurativa) holding company business is defined as pure equity holding company a pure equity holding company is subject to a reduced economic substance test the entities must provide the relevant information if requested by the Registrar it seems to apply to Master Series LLC only (e non ogni serie) an entity ... Read more

Like their flag with three legs: the Isle of Man prepares to triple kick with sanctions all the investors or companies that do not pass their economic substance’s tests.

Upcoming laws are to be adopted in Jersey regarding Economic Substance for companies.

Taking effect on the 1st January 2019: Guernsey adopted Economic Substance laws.

Already in force: the Cayman Islands adopted laws & regulations regarding economic substance requirements.

Le Bermuda vengono aggiunte all'elenco delle giurisdizioni che adottano un regime di sostanza economica. Le Bermuda sono utilizzate da numerose compagnie assicurative (Per esempio: AIA a Hong Kong) al fine di abbassare i costi ed evitare l'imposta di bollo sulle azioni. Le compagnie assicurative hanno già personale a terra alle Bermuda, quindi questo non dovrebbe essere un problema per loro.

The Bahamas follow many other jurisdictions by adopting substantial economic presence requirements: activities must be conducted from the Bahamas.

The British Virgin Islands (BVI) adopts economic substance requirements applicable from 1 January 2019 (with a six-month transitional period for existing legal entities) if it conducts any of the following “relevant activities”: banking business insurance business fund management business finance and leasing business headquarters business shipping business holding business intellectual property business distribution and service centre business. If the economic substance fail, the BVI non-resident company needs to show that it is resident (and taxed) in another jurisdiction. Companies registered in the BVI are widely used in Hong Kong.