Offshore structures have not disappeared — but they are transforming to survive amid the implementation of international financial transparency standards.
Almost nine months after parliamentary elections in the Netherlands were held, the parties that were part of the previous government agreed on a new coalition agreement. The new coalition government's plans include various tax reforms.
The Cyprus Ministry of Finance is preparing a comprehensive tax reform, the corporate tax rate will increase from 12.5% to 15%, taking into account the global tax reform of the OECD.
The Pandora Papers will have implications for Swiss tax consultants. Analysts predict a tightening of control over the previously unregulated consulting sphere.
The Cabinet of Ministers of Ireland has approved a tax increase for companies with revenues over 750 million euros per year. The rate for them will increase from the current 12.5% to 15% under the "Global Tax Agreement".
The EU Council has accepted a Directive on Public Country Reporting, which will oblige large multinational companies to disclose their income taxes to the public.
The five largest banks in the Netherlands have created a transaction data exchange system - Transaction Monitoring Netherlands, which will allow tracking money laundering schemes in the early stages.
Earlier, the Turkish government published a communiqué that clarifies the system for determining the ultimate beneficiaries, as well as the procedure for submitting reports to the Turkish Tax Administration.
Spain is tightening the rules of international tax transparency, as well as introducing a special tax regime for investment funds in the real estate sector.
131 countries, which account for more than 90% of the global economy, have agreed on the introduction of a minimum tax rate for large corporations of 15%.
The Seychelles Cabinet has approved the ratification of the BEPS MLI on the Application of Tax Treaty Measures to Prevent Tax Base Erosion and Profit Shifting.
51 legislative acts - approximately the same number of acts will be proposed for consideration to the Cypriot parliament for the implementation of the "Plan for Recovery, Sustainable Development and Resource Allocation" in Cyprus.
The United States, Great Britain, France, Germany, Canada, Italy and Japan have jointly agreed to create a single taxation for multinational IT companies.
The Russian State Corporation ‘Deposit Insurance Agency’ starts ‘an open season’ for collection of 95 milliards rubles stolen by owners of 44 wound up banks.
