About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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EU updates its tax blacklist
On 17 October 2023 the European Council made significant adjustments to its list of non-cooperative jurisdictions for tax purposes.
27 Oct 2023
European Council extends cooperation initiatives on crypto-assets and wealthy individuals in taxation, relevant to MiCA and DAC8
On 16 May 2023, the Council of the European Union issued a press release announcing that it has reached a general approach on the amendments to the directive on administrative cooperation in taxation, focussing on the reporting and automatic exchange of information related to crypto-asset transactions and advance tax rulings for high-net-worth individuals.
09 Jun 2023
Exploring the implications of the BVI’s inclusion on the EU's list of non-cooperative jurisdictions
The recent inclusion of the British Virgin Islands on the EU’s blacklist has caused many to question the legal and regulatory implications. The primary principle to note is that, outside of the EU, EU law has minimal direct application and therefore this temporary inclusion will not bring about any immediate negative consequences for BVI funds or BVI managers.
13 Mar 2023
BVI now on the EU list of non-cooperative jurisdictions – The Luxembourg implications
In a recent blog, our Cyprus office sketched out the fairly extensive implications in Cyprus of the BVI having been added to the EU’s blacklist of non-cooperative jurisdictions as of 14 February 2023. In Luxembourg, the consequences of being blacklisted are more limited.
09 Mar 2023
European Commission proposes an eighth directive on administrative cooperation (DAC8)
On 8 December 2022, the European Commission published its proposal for an eighth amendment to the directive on administrative cooperation, which deals with various measures to prevent tax fraud, tax evasion, and tax avoidance in the EU, and to strengthen administrative cooperation and exchange of information on tax matters.
15 Dec 2022
European Court of Justice decision on DAC6 combatting aggressive tax planning: the obligation for a lawyer to inform other intermediaries not valid
Hard on the heels of the judgment of the European Court of Justice (ECJ) limiting public access to beneficial owner registers (see our recent blog here), the ECJ has now imposed a limitation on a particular aspect of the measures known as DAC6 requiring intermediaries to report arrangements that bear the hallmarks of aggressive tax planning.
09 Dec 2022
Upcoming deadline for Country-by-Country reporting in Cyprus
The submission of the Country-by-Country reporting/notification obligations in Cyprus is due by 31 December 2022.
30 Sep 2022
Harneys develops DAC6 Toolkit – automated assessments and easy reporting
On 31 January 2022, the Cyprus Tax Department (CTD) finally brought the regime providing for the mandatory reporting of reportable cross border arrangements (RCBAs), known as DAC6, into force in Cyprus. Up until this point, various transitional provisions and safe-harbours had been in place to soften the introduction of the regime.
01 Jun 2022
DAC6: Cyprus Guidance now in English
As mentioned in our previous post, the Cyprus DAC6 Guidance has been with us since October 2021, but has to date been available only in Greek (publicly at least).
02 Feb 2022