Search results

Sure it can by classic billing of services and products. Nevertheless, if there is an investigation of local tax authority i wonder what will be their reaction if they see that for instance 30% of your expense go to the same company in Seychelles or something else. I have seen the case with the...

Latvia has created a black list of jurisdiction. If a Latvian company sends money to one of the jurisdiction through dividends, royalties, interest, a 15% withholding tax should be levied: Countries in the Black list that will be important for people of this forum: Anguilla, Antigua, Bahrain...

oops, the turnover for small company should not exceed 8000000 euros the section 152A about audits have been changed and gives the impression that now all limited companies have to hire an audit firm.

I have discovered that the Cyprus company law has been amended from section 141 to 152A in 2016 Now, i don't know if audits are mandatory for small Cyprus company with a turnover smaller than 4000000 euros & less than 51 employees... It is important because this would mean that any limited...

Sorry all of that has changed this year (2016). They have changed the Cyprus corporate law 141A - (1) For the purposes of this Law: (A) "small companies" are companies which, at the date of the balance sheet do not exceed the limits of at least two of the following three criteria: (I) balance...

I thought passive NFEs were investment entities.

That would not make sense. I thought that the idea of CRS was to disclose money on accounts from businesses in order to get back the money. For instance, if the business is in Italy and if the company has money on a bank account in BVI by the past, it was not possible for the Italian government...

Here is an example of a man who disclosed information about people bank account: LuxLeaks whistleblower avoids jail after guilty verdict

Let me give you an example of privacy breach: For instance, let's imagine you are French, you go to your personal bank let's say "credit agricole" to get a bank reference letter, and they don't want to write a generic bank reference letter (i have no idea if it is true but it is just for the...

Here is the Double tax agreement between UK and Germany: https://www.gov.uk/government/uploa...le/554740/2010_Germany_UK_as_amended_2014.pdf Double tax agreement (DTA) is different from Automated Data Exchange. DTA: Imagine that a British resident has a business bank account in Germany, the...

@redeye Audit: Actually, in Europe, there is no audit of companies starting from 1 euros of profit. In Hong Kong, every single companies with at least 1 HK dollar has to be audited. The vast majority of HK company discovers it after one year. If you had lots of transactions during the year...

There is a kind of script that blocks the posting sometimes when we write long posts. It detects some kind of threat in the text but there is no threat and it blocks the posting of text.

This only happens if there is an agreement between the two countries. You can find it yourself. Those agreement are called double treaty agreements, they all have the same templates all over the world. In those agreements, there is always a clause for exchange of information. DTA agreement...

When opening a bank account several banks ask for a Tax information number also called TIN from the Ultimate beneficial owner. This Tax information number has to come from the country where the Ultimate beneficial owner resides. However, that's a problem for those who just moved or who are...

company registered before the 31st december 2015 Here is the guidance from a jurisdiction that knows this subject pretty well ! http://tia.gov.ky/pdf/CRS/CRS_Guidance_Notes.pdf

In fact, the question that should be asked to the bank, would be to know if they will automatically report the details of the beneficial owner of a business bank account to be transmitted to the country of his fiscal residency. The answer "maybe" can't be satisfying. Either they will report...

There is another solution to confirm it, ask a bank in a country where the CRS will come into force next year. here is the list: CRS by jurisdiction - Organisation for Economic Co-operation and Development

The UK government has busted several big companies in the past like Amazon, Starbucks, Vodafone or Google that overused tax planning. Either they paid very few tax or they declared losses while they were in fact successful. This attracted the attention of the local tax authority because their...

I thought about the fact that the UK gov. busted Starbucks tax planning who systematically declared losses to the HMRC while making profits somewhere else:

Big companies usually transfer their trademarks, domain names, patents to their Seychelles or Belize company and they charge their Cyprus company. Then, in book keeping, this counts as royalty costs, licenses, domain names are counted as expenses. Consequently, they pay less than 12,5% of tax...