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Regulatory Blog

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European Commission proposes a tax incentive to reduce for debt-equity bias
On 11 May 2022, the European Commission (EC) proposed a Directive on a debt-equity bias reduction allowance (DEBRA) by introducing an allowance that will allow for a notional interest deduction on equity increases from one tax year to the next. The objective is to reduce the current tax bias that favours the use of debt over equity. The focus of the proposed measure is on the entity being funded rather than on the lender or equity provider.
OECD initiates a public consultation on tax transparency framework for crypto-assets and common reporting standard amendments regarding digital funds
On 22 March 2022, the OECD released a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as amendments to the Common Reporting Standard (CRS) for the automatic exchange of financial account information between countries.
Special levy on income relating to real estate located in Luxembourg for Luxembourg investment funds
The Finance bill for the Financial Year 2021 introduced a special levy on rental income and capital gains deriving from real estate located in Luxembourg and held directly or indirect by investment funds (art. 4 of the law dated 19 December 2020). The Luxembourg Tax Authorities recently issued a circular dated 20 January 2022 concerning the implementation, declaration, and payment of this special levy.
BVI International Tax Authority imposes annual fee for FATCA, CRS and country-by-country reporting
On 11 February 2022, BVI’s International Tax Authority announced its intention, effective 1 September 2022, to introduce an annual fee to each entity enrolled in the BVIFARS Portal who is required to report under the Common Reporting Standards, Foreign Account Tax Compliance Act, and Country-by-Country Reporting.
OECD published its updated Transfer Pricing Guidelines on Multinational Enterprises and Tax Administrators
On 20 January 2022, the Organisation for Economic Cooperation and Development (OECD) released its updated edition of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.
DAC6: Cyprus Guidance now in English
As mentioned in our previous post, the Cyprus DAC6 Guidance has been with us since October 2021, but has to date been available only in Greek (publicly at least).
Important update: DAC6 now in Cyprus
On 31 January, the Cyprus Tax Department (CTD) finally brought the regime providing for the mandatory reporting of reportable cross border arrangements (RCBAs), known as DAC6, into force in Cyprus. Up until this point, various transitional provisions and safe-harbours had been in place to soften the introduction of the regime.
European Commission issues a draft Directive on a minimum corporate tax
On 22 December 2021, the European Commission published the draft of a Directive ensuring a minimum effective tax rate for the global activities of large multinational groups. This is in line with the international agreement orchestrated by the OECD and known as Pillar 2 and sets out how the principles of the 15 per cent effective tax rate (ETR) will be applied within the EU.
European Commission publishes draft Directive to prevent the misuse of shell entities
On 22 December 2021, the European Commission (EC) published a draft Directive as part of its fight against the use of entities that do not perform any economic activity, so-called shell entities, and which are assumed to be used for improper tax purposes. In spite of representations to the contrary, the EC has specifically stated that this particular initiative is needed notwithstanding the plethora of other initiatives taken over the last few years.
EU priorities regarding taxation measures in 2022
In a statement that resembled the type of new year wishes that are normally reserved for politicians to make after the start of a new year, the EU Parliament and Commission (through ECOFIN) have already indicated what their priorities will be for 2022. We can expect the French presidency of the Commission to be particularly proactive in pushing these priorities forward in the first half of the year.
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