Regulatory Blog

On 8 October 2024, the EU updated the list of non-cooperative tax jurisdictions, removing Antigua and Barbuda from Annex I (the blacklist) after a supplementary review by the Global Forum on Tax Transparency and Exchange of Information for Tax Purposes. However, the country remains on Annex II (a watchlist) pending further improvements in tax transparency.

On 26 September 2024, the Court of Justice of the European Union issued its judgement in case C-432/23 in which it reinforced the principle of client-attorney privilege in the context of the exchange of information with the tax administration, limiting the extent to which lawyers can be compelled to disclose confidential client information under the Administrative Cooperation Directive (Directive 2011/16), commonly referred to as DAC.

On 10 September 2024, the Court of Justice of the European Union upheld the European Commission’s decision in 2016 that Ireland granted unlawful tax advantages to Apple, amounting to €13 billion. This judgement overturns the earlier 2020 decision by the General Court, which had annulled the findings of the European Commission due to insufficient evidence of selective advantage.

On 8 July 2024, the Cyprus Tax Department issued Circular 4/2024 which provides clarifications on the 50 per cent income tax exemption for employment exercised in Cyprus, as outlined in section 8(23A) of the Income Tax Law of 2002, as amended. The latest amendments were introduced on 30 June 2023 and apply retrospectively as of 1 January 2022.

The British Virgin Islands is proposing to introduce several new amendments in 2024 to strengthen its legal and regulatory framework across various sectors, including banking, insurance, trust management, and corporate services. These changes are aimed at enhancing transparency, compliance, and safeguarding the financial system from criminal activity. Here is an overview of some of the key bills and their impact.

In the second quarter of 2024, the Bermuda Monetary Authority published its Q2 regulatory update providing information on multiple fronts, both domestically and internationally.

On 23 August 2024, the Ministry of Financial Services and Commerce has released a consultation paper outlining proposed adjustments to various regulatory fees, effective in 2025. This move aligns with the Hon Premier's 2024-2025 Budget Policy Statement, which emphasises the need for enhanced revenue streams to meet economic and budgetary goals.

On 12 July 2024, the Luxembourg Parliament adopted the draft bill 8185, aimed at transposing Directive (EU) 2021/2167 on credit managers and credit purchasers.

The British Virgin Islands Beneficial Ownership Secure Search System Act has been amended by the Beneficial Ownership Secure Search System (Amendment) Act, 2024, which was published in the Gazette on 24 July 2024.