Regulatory

Blog

Regulatory

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, Cyprus and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.

Contributors

Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Counsel
  • Cayman Islands

Change in VAT regulation for dispatch sales

According to Regulation 2020/194 12 February 2020, the scope of the One Stop Shop (OSS) will be extended to dispatch sales as of 1 July 2021. Currently the OSS applies only to telecommunications, radio and television broadcasting services and services provided by electronic means to consumers residing in another EU Member State where the entity does not have an establishment and where it is not registered to pay VAT.

Andrew Knight, Christophe Sicard
Tax

DAC 6 Implemented into Cypriot Law

On 31 March 2021 Cyprus brought into force the Law on Administrative Cooperation in the Field of Taxation 2021 (AC21 Law) consequently transposing the Council Directive EU 2018/822 known as DAC 6. The AC21 Law operates as an amendment to the Law on Administrative Cooperation in the Field of Taxation 2012 and brings Cyprus up to date in the field of mandatory disclosure obligations under EU Law.

Aki Corsoni-Husain, Andreas Stavrou

Luxembourg government issues 2021 budget bill: Changes in tax law to control the surge in real estate prices and encourage sustainable economy

On 14 October 2020, the Luxembourg government issued bill n° 7666 regarding the 2021 budget (the Bill), introducing changes to Luxembourg tax law applicable from 1 January 2021. The Bill is strongly influenced by the Covid-19 crisis on the expenditure side, but also by a political decision to limit speculation on housing, as well as Luxembourg’s sustainability goals on the revenue side of the 2021 budget.

Victor Le Pape, Vanessa Molloy,
Andrew Knight

Cayman Islands recognised as a co-operative jurisdiction by the EU

The Economic and Financial Affairs Council of the European Union, comprising the finance ministers of the 27 EU Member States, announced on 6 October 2020 that the Cayman Islands has been removed from its list of non-cooperative jurisdictions for tax purposes.  The Council acted following recommendations of the EU Code of Conduct Group, noting that the adoption of reforms to the territory’s investment funds regime in 2020 had met requirements set down by the EU.

Matt Taber, Mirza Manraj