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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Luxembourg's new tax bill: Aligning with OECD guidance on Pillar Two
On 12 June 2024, Luxembourg's government submitted a new bill to Parliament, aiming to amend and complete the Luxembourg law of 22 December 2023 implementing the Pillar Two Directive on minimum taxation.
11 Jul 2024
Luxembourg’s proposed tax reforms for 2024: Share class redemptions (alphabet classes) clarification and other key highlights
On 23 May 2024, the Luxembourg Government introduced a bill of law before the Luxembourg Parliament aiming notably to clarify the tax treatment applicable to share class redemptions.
03 Jun 2024
EU Council achieves agreement on harmonised withholding tax procedures across the EU
On 14 May 2024, after years of discussion, the EU Council reached a general agreement on its draft proposal of the Faster and Safer Relief of Excess Withholding Taxes (FASTER) directive. This proposal aims to establish faster and less burdensome withholding tax relief procedures. At the same time Member State authorities may exclude relief request from FASTER’s fast track procedure for further investigation, where deemed necessary to mitigate the risks of tax abusive.
29 May 2024
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