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Company Newsletter - April 2016
Issue 18
Internet Incorporate
Welcome to the 18th edition of our Newsletter. 

We are excited to announce our co-operation with RALLITON: an
award winning provider of cloud and data center infrastructure solutions. RALLITON has become the leading cloud solutions provider in Cyprus and the region, focusing on the provision of hybrid cloud offerings. Read more
Highlighted Solutions: 
  • Cloud Hosting Platform 
  • Office 365
  • Business Continuity 
  • Disaster Recovery 
  • Enterprise Mobility 
  • Identity and Access Management
  • Data Center Infrastructure
  • Managed Services 
  • Consulting and Professional Services 
  • Outsourcing 
  • Support SLA 
  • Technology Transformation Workshops 
Latest News 
European Banks tentatively re-engage with Iran: According to the Financial Times, some European Banks have confirmed that they began handling transactions of European clients doing business in Iran, and others are preparing to do so in the near future. They have also started handling payments via Iranian corresponding banks, in accordance to standard procedures. Read more
Five EU Countries to Share Tax Data: A new initiative will see the EUs five largest economies, France, Germany, Italy, Spain, and the UK, exchanging data on beneficial ownership to help reduce tax evasion in the wake of the recent document leaks from Panama. Read more
Ukraine - Cyprus Double Tax Treaty Update: The revised conditions of the treaty are set to close a loophole that income from immovable property situated in Ukraine escaped taxation in Ukraine. Consequently, income received by Cypriot residents from the sale of shares or other corporate rights will now be subject to tax in Ukraine if more than 50% of the income value is (directly or indirectly) linked with immovable property situated in Ukraine. Read more
Hong Kong and Latvia
Hong Kong & Latvia signed a double taxation agreement: The agreement also includes an article in line with the international standards on the exchange of information in tax matters and is set to come into effect upon completion of ratifications procedures from both sides. Read more
BVI signs Tax Information Exchange Agreement with the Isle of Man: On 30 March 2016, the British Virgin Islands signed its 28th Tax Information Exchange Agreement (TIEA) with the Government of Isle of Man as a means to reinforce its commitment to compliance with the international standards against tax evasion. Read more

Seychelles announces personal income tax reform: During the recent 12th State of Nation Address to the Seychelles National Assembly, Seychelles President James Alix Michel presented several Government decisions and priorities for the year. One of the changes announced was the confirmation of changes to the personal income tax system in order to make it more equitable and fair. Read more 
Iceland and UAE sign Tax Information Exchange Agreement:On 12 April 2016, a Tax Information Exchange Agreement (TIEA) was signed between Iceland and the United Arab Emirates, completing the joint Nordic campaign on agreements with low-tax jurisdictions and totaling to 44 concluded agreements. Read more

Jafza Reports on 8% Growth in Registered Companies: Jebel Ali Free Zone (JAFZA), the flagship free zone entity of Dubai and the trade and logistics hub for the wider East Region has seen an eight percent increase annually between 2011 and 2015 in the number of new registered companies. Read more
UK Budget 2016: On 16 March 2016, the Chancellor of the Exchequer, George Osborne, delivered his budget for 2016 with changes to the UK tax regime. In comparison to the previous summer budget, the new one is inward looking with no direct attacks on non-UK resident individuals and non-doms. The 2016 budget delivered a few tax changes including the rate of corporation tax falling from the current 20% to 17% by the year of 2020. Read more 
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