It is with great pleasure that we sent out this last newsletter for the wonderful year that 2015 has been. Internet Incorporate has grown very much this past year, now covering more than 26 jurisdictions for incorporation and administration services. We look forward to expanding even more and offering our clients and partners with complete solutions!
In this last issue we outline the latest news in the corporate and tax industry, looking into the latest developments of Guernsey relations with Shanghai, Liechtenstein's compliance with OECD standards, UK's Residence Articles amendments and South Korea's Bank plans to target Dubai.
We also focus on the jurisdictions that have been under our spotlight all year round: Cyprus and the UAE, featuring our Oneworld's publications 'Tax Residence in Dubai, UAE'' and 'Cyprus for Iranian Business'.
We wish you all a blessed holiday season, and a very happy new year!
Latest News
UK Government Amendments on DTA Residence Articles: Further to the review of an agreement with Jersey on the interpretation of the company residence tie-breaker article, HMRC stated that it now takes the view that the better interpretation of the equivalent provisions in those DTAs is that they include a tie-breaker clause to decide where a company is to be treated as resident for the purposes of the affected DTAs. Read more
Liechtenstein is 'Largely Compliant' by OECD: The Global Forum on Transparency and Exchange of Information for Tax Purposes recently rated Liechtenstein as “largely compliant” with the Organisation for Economic Cooperation and Development (OECD) standards on tax transparency. Read more
Cyprus for Iranian Business: Cyprus which is an EU member country can be very important as a stepping-stone for entry into the EU. Cyprus holding entities, private funds and similar structures are easy to set-up and inexpensive to maintain and Cyprus has the lowest corporate and income tax in the EU. Our publication deals with this issue. Access it here
Cyprus: New Tax incentives to Attract Foreign Investment: The Cyprus House of Parliament announced a series of new tax aiming to enhance Cyprus’ economy and attract foreign investment. The new tax incentives include: Rents paid to the local authorities will be subject to income tax for an equal business treatment, Discount will be given to Cyprus based companies dealing with foreign companies that have increased their profits and more. Read more
Cyprus-Ukraine: Signing of Agreements and Memoranda of Cooperation: On Friday 11 December 2015, during the visit of the Cyprus delegations in Ukraine, at the Presidential Palace in Kiev, the President of the Republic of Cyprus Nicos Anastasiades and the President of Ukraine Petro Poroshenko signed a protocol amending the convention between the Ukrainian and Cypriot governments on avoiding double taxation and preventing income tax payment evasions. Read more
UAE Economy Expected to Grown 3-3.5% in 2016:During the two-day UAE Economic Outlook 2016 Conference, the UAE Minister of Economy Sultan bin Saeed Al Mansouri stated that the UAE economy is expected to grow between 3 – 3.5% in 2016. Read more
Tax Residence in Dubai, UAE: By establishing a free zone company in UAE, foreign individuals can have residence permits and it is possible to obtain Personal Tax Residency Certificates as proof of tax residence in UAE. Our Oneworld MidEast's publication sets out the facts. Access it here
South Korean Bank to Target Dubai through DIFC Office: On December 8 2015 South Korea’s Shinhan Bank opened an office Dubai’s International Financial Centre (DIFC), in the UAE. The opening of the new branch is said to be in line with the company’s objective of expanding into new markets including Philippines and Indonesia. Read more
Guernsey signs MoU with Shanghai Family Office Union:According to an official press release, Guernsey Finance on behalf of Guernsey’s financial services sector has signed a Memorandum of Understanding (MoU) with the Shanghai Family Office Union. Read more
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