Maand: april 2019

De wereldwijde industrie van niet-ingezetenen, laagbelastende of belastingneutrale bedrijven is in paniek: alle grote accountantskantoren (Deloitte, Ernest en Young, KMPG, en PWC) zijn overweldigd door een golf van recente wetgeving die door veel rechtsgebieden tegelijk is aangenomen. de oproep (schot?) 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 heeft op zeer gedetailleerde wijze de voorschriften voor economische stoffen aangenomen.

De Marshalleilanden hebben verordeningen over economische stoffen aangenomen die van toepassing zijn vanaf 1 januari 2019. Het is echter interessant om op te merken dat: het is strikt van toepassing op relevante activiteiten (distributie- en servicecentrumbedrijf, financierings- en leasingactiviteiten, hoofdkantoor, bedrijf bedrijf houden, intellectueel eigendom bedrijf, scheepvaart bedrijf, bankzaken, en verzekeringszaken) 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 (and not each Series) an entity ... Read more

Zoals hun vlag met drie poten: het eiland Man bereidt zich voor op een driedubbele trap met sancties tegen alle investeerders of bedrijven die de tests van hun economische substantie niet doorstaan.

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.

Bermuda is added to the list of jurisdictions adopting an Economic Substance Regime. Bermuda is used by numerous insurance companies (for example: AIA in Hong Kong) in order to lower the costs and avoid stamp duty on shares. Insurance companies already have on the ground staff in Bermuda so this should not be a problem for them.

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 januari- 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.