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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Cayman Islands publishes the CRS lists for participating jurisdictions and reportable jurisdictions
On 24 April 2024, the Cayman Islands Department for International Tax Cooperation (DITC) announced the publication of the Common Reporting Standard (CRS) lists of participating jurisdictions and reportable jurisdictions.
26 Apr 2024
Update to BVI Economic Substance Rules: Important update for entities claiming non-residence via UAE corporate income taxes
On 2 April 2024, the BVI International Tax Authority published version four of its economic substance rules and explanatory notes, following the introduction of a federal corporate income tax system in the United Arab Emirates in respect of financial years beginning on or after 1 June 2023.
10 Apr 2024
BVI removed from French tax blacklist
On 7 March 2024, the British Virgin Islands was removed from France's blacklist of non-cooperative tax jurisdictions, as announced in an official statement by BVI Premier Dr Natalio D Wheatley.
22 Mar 2024
Cyprus abolishes annual company levy to support business community
On 21 February 2024, the President of the Republic of Cyprus announced the abolition of the €350 annual fee, which was previously mandated for all companies registered in Cyprus, and on 29 February 2024, the House of Representatives endorsed this decision.
08 Mar 2024
EU list of non-cooperative jurisdictions for tax purposes has been updated
On 20 February 2024, the EU Council removed the Bahamas, Belize, Seychelles, and Turks and Caicos Islands from its list of non-cooperative tax jurisdictions, leaving 12 jurisdictions on the list.
07 Mar 2024
BVI ITA publishes its lists of CRS Participating Jurisdictions and Reportable Jurisdictions for 2024
On 5 February 2024, the BVI International Tax Authority published its updated Common Reporting Standards lists of Participating Jurisdictions and Reportable Jurisdictions for 2023. Both lists were gazetted on 8 February 2024.
04 Mar 2024
Cayman Islands introduces the Mandatory Disclosure Rules for CRS avoidance arrangements and opaque offshore structures
In January 2024, the Cayman Islands government published the responses to the 2nd round of consultations on the Mandatory Disclosure Rules for Common Reporting Standard avoidance arrangements and opaque offshore structures. The introduction of the MDRs is part of the Cayman Islands' commitment to adopting OECD-style Model Rules.
26 Feb 2024
BVI invites consultation on OECD Pillar 2 implementation
On 19 January 2024, the BVI Ministry of Finance, invited competent firms to pitch for consultancy services to assist the BVI in determining its position on the implementation of the jurisdiction’s approach to Pillar 2.
21 Feb 2024
Bermuda introducing Corporate Income Tax for Multinational Enterprise Groups
At the end of December 2023, Bermuda’s Parliament passed draft legislation for the implementation of the Corporate Income Tax (CIT), that would apply to Bermuda based businesses within Multinational Enterprises (MNEs) with annual revenue of €750M or more.
21 Feb 2024