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

EU legislators reach political agreement on CBCR

On 1 June 2021, the European Union (EU) Council and the EU Parliament reached a provisional political agreement on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the country-by-country reporting (CBCR) directive. The public dimension of CBCR is not a new proposal having first been put forward in 2016 but the necessary EU wide political support for this measure only emerged earlier this year once a compromise text seemed possible.

Andrew Knight, Christophe Sicard

Cyprus extends DAC6 deadline

On 3 June 2021, the Cyprus Tax Department (CTD) announced that there will be no imposition of administrative fines for overdue submissions of DAC6 information up until 30th September 2021.

Aki Corsoni-Husain

Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance

Our BVI economic substance team has put together an overview of the process under which we are beginning to see the BVI International Tax Authority (ITA) determining that a BVI company or limited partnership may have been non-compliant with the economic substance regime requirements during the first financial period (typically June 2019 to June 2020, with reporting submitted by December 2020).

Joshua Mangeot, Aki Corsoni-Husain

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