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AMERICAN SAMOA PLACED IN EUROPEAN UNION’S TAX HAVENS LIST

The European Union adopted a new list of 12 countries and 11 jurisdictions, including American Samoa, to reduce the scope of money laundering and terrorist financing activities. Banks and other entities covered by EU anti-money laundering rules will be required to increase their efforts in due diligence when dealing with…
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EU Anti-Tax Avoidance Directive: Upcoming Changes To The Cyprus Tax Laws

A. Introduction The House of Representatives is currently reviewing draft legislation which will introduce parts of the EU Anti-Tax Avoidance Directive (ATAD) into local law. The upcoming changes relate to the introduction of: interest deductibility limitations; Controlled Foreign Company (CFC) rules; and General Anti-Abuse Rules (GAAR). We aim to cover…
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Here are 5 ways the super-rich manage to pay lower taxes

The more money you make, the more taxes you pay — right? Not necessarily. While the U.S. tax code is structured so that high earners pay a higher tax rate, the ultra-wealthy often take advantage of laws that enable them to lower their effective tax rate. "In general, America's wealthy…
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New Economic Substance Requirements in the Cayman Islands

The Cayman Islands enacted The International Tax Co-Operation (Economic Substance) Law on 1 January 2019 (the “Law”). The Law requires entities engaged in certain relevant activities to have demonstrable “economic substance” within the Cayman Islands, in accordance with the standards established by the OECD and the EU to combat base…
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