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Regulatory Blog

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Luxembourg minimum net wealth tax judged unconstitutional
On 10 November 2023, the Luxembourg Constitutional Court ruled that the minimum net wealth tax applicable to certain Luxembourg holding companies was unconstitutional in view of the principle of equality before the law.
EU Council adopts DAC8: Another directive to strengthen the exchange of information in the field of taxation
On 17 October 2023, the Council of the European Union adopted Directive 2011/16/EU on administrative cooperation in the field of taxation, aimed at strengthening the cooperation and exchange of information between national tax authorities. This directive primarily focusses on crypto-assets and tax rulings for high-net-worth individuals. It also takes the opportunity to extend the scope of the categories of income subject to exchange of information.
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.
Cyprus releases draft law implementing EU Pillar Two Directive
On 3 October 2023, the Cyprus Ministry of Finance introduced a harmonisation bill for 2023, entitled "The Law on Ensuring a Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union", aligning with the European Directive 2022/2523.
Luxembourg's implementation of Pillar Two – global minimum tax
On 4 August 2023, Luxembourg published draft law No.8292 (the Bill), to transpose Council Directive (EU) 2022/2523 of 14 December 2022, here, which addresses the global minimum taxation for multinational corporate groups and substantial national entities within the European Union.
Cyprus updates its 2023 lists of CRS reportable and participating jurisdictions
The Cyprus Tax Department has renewed publication of the Common Reporting Standard lists of participating jurisdictions and reportable jurisdictions for 2023.
BVI economic substance reporting changes and deadlines
Most companies and limited partnerships registered in the BVI have an economic substance “financial period” of 30 June to 29 June. Reports to the International Tax Authority are due within six months of the financial period end, typically falling around the end of the calendar year.
EU’s BEFIT initiative: Simplifying tax compliance in the EU
On 12 September 2023, the European Commission introduced a long awaited and significant package of initiatives called "Business in Europe: Framework for Income Taxation" (BEFIT). This package aims to simplify and reduce tax compliance costs for large, cross-border businesses operating within the EU by replacing the current 27 domestic national corporate tax systems and ensuring an effective allocation of profits between EU countries.
Bermuda releases its 2023 lists of CRS Reportable and Participating Jurisdictions
The Bermuda Ministry of Finance has updated its Common Reporting Standard lists of Participating and Reportable Jurisdictions.
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