Posts in English Terminology

Our special posts in English language terminology.

EU removes Marshall Islands, UAE and Switzerland from tax blacklist

The European Council has removed the United Arab Emirates and the Marshall Islands from the EU’s list of non-cooperative jurisdictions for tax purposes after the jurisdiction agreed to ban letterbox companies

The decision was made in recognition of the country’s reforms to implement the commitments they had made to improve by the end of 2018 their tax policy framework.

«The amended regulations have been recognized, through this removal, as fulfilling the Republic of the Marshall Islands (RMI)’s commitments with respect to the EU’s tax policies», Minister of Finance said. «This news has been very well-received and we welcome the fact that the EU sees the RMI as a reliable partner», he told local media.

The Council…

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OECD helping states make most of new CbC data

Following the first exchanges of country-by-country (CbC) reports, work is underway to support the effective use of CbC reports by tax administrations in assessing transfer pricing and other BEPS-related risks, the OECD has said, in releasing a new progress update.

The OECD has released the outcomes of the second phase of peer reviews of the BEPS Action 13 Country-by-Country (CbC) reporting initiative.

CbC reporting, one of the four minimum standards of the BEPS Project, requires tax administrations to collect and share detailed information on all large MNEs doing business in their country. Information collected includes the amount of revenue reported, profit before income tax, and income tax paid and accrued, as well as the stated…

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Switzerland to expand AEOI network

The Swiss Government will exchange financial account information with 33 other countries' tax authorities for the first time in September.

The exchanges are intended to support international efforts to tackle tax evasion and other fiscal crime.

The announcement comes after approval from the Swiss Economic Affairs and Taxation committees of the Swiss parliament. During an earlier review process, they had sought to ensure that the necessary safeguards and processes are in place in these territories to ensure the confidentiality of information exchanged.

The Government said, although various questions were raised during their reviews that concluded in July 2019, both committees refrained…

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Moldova suspends citizenship by investment scheme

The Moldova Citizenship-by-Investment (MCBI) program, developed in partnership with its service provider Henley & Partners, has been temporarily suspended due to «questions about the companies that are involved in this program» after a Dubai developer used it to entice investors.

The Kleindienst Group, which is selling properties in the Heart of Europe development, a group of man-made islands 2.5 miles off the coast of Dubai, had promised they would be eligible for Moldovan citizenship.

As part of the offer, those who invest $1.36m into the project are eligible to apply for the MCBI, which is subject to a multi-stage due diligence procedure. Moldova is not an EU member but its citizens enjoy visa-free…

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Blockchain technology will be a game changer for the investment funds business

Credit Suisse's asset management arm and Banco Best, a Portugal-based bank, have used blockchain technology to process an end-to-end fund transaction and said «considerable benefits» would come from the technology.

Chief digital officer for Credit Suisse, Pascal Nägeli, describes blockchain technology as «a great lever to increase efficiency» and notes how the experiment proves the advantages of distributed ledger technology for clients and asset managers alike. Claude Metz, head of shareholder services in Luxembourg for Credit Suisse, said:

Blockchain technology in connection with potential mutualised KYC (know your client) servicing will be a game changer for the investment funds business.

Portugal's…

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Significant changes to the Maltese pension regulations

The Malta Financial Services Authority has made significant changes to the Maltese pension regulations which will have a major impact on how advisers operate in the jurisdiction

Advisers in Malta are now subject to much tighter requirements. According to the financial watchdog, it is no longer enough for the investment adviser to just be licensed. Now, the license must allow the adviser to provide investment advice to the Member.

All advisers have until 30 June 2019 to obtain the necessary licenses to continue providing advice to a client.  With effect from 1 July 2019, anyone not meeting the above requirements will not be permitted to carry on providing investment advice in respect of accounts held by a Malta…

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