Saint Lucia Removed from EU List of Non-cooperative Jurisdictions
February 25, 2021
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PRESS RELEASE Saint Lucia was officially removed from the European Union (EU) list of non-cooperative jurisdictions, for tax purposes on February 15th, 2021.
Saint Lucia first appeared in Annex I (the blacklist) in December 2017 but was subsequently placed in Annex II (the grey-list) in March 2018, after committing to address the deficiencies highlighted by the European Union Code of Conduct Group (EU-CoCG), as they relate to the international business sector.
Over the past few years, the Government has worked diligently to meet the requirements of the EU-CoCG and engaged in discussions with various stakeholders and international bodies. This process was extremely onerous, however the authorities and technocrats maintained the momentum and worked diligently to ensure that the goal of being delisted by the EU was achieved.
Strict adherence to ESR requirements necessary, experts say rohma@khaleejtimes.com Filed on February 10, 2021
The UAE Ministry of Finance (MoF) in August 2020 announced the details of the Cabinet Resolution No. (57) of 2020 concerning Economic Substance Regulations
Companies across the UAE need to be up to date and comply with the UAE’s economic substance regulations (ESR) unless they want to incur heavy fines for their failure to comply, experts have said.
In a recent webinar organised by the Dubai Chamber, in collaboration with Al Tamimi & Company, experts highlighted the latest developments and provided guidance with respect to the economic substance regime and compliance requirements. The webinar, titled ‘Key Aspects of Economic Substance Regulations’, noted that the UAE has issued the Economic Substance Regulations in April 2019 and followed them with an updated guidance on relevant activities by the Ministry of Finance to help businesses to demonstrate
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For many Guernsey tax resident companies, the onset of the
COVID-19 pandemic created difficulties in complying with economic
substance requirements.
Guernsey tax resident companies carrying out certain relevant
activities have to comply with the substance requirements set out
within the Income Tax (Substance Requirements) Implementation
Regulations 2018 (as amended) (the
Regulations).
In particular, these include requirements that a company s
activities be directed and managed from Guernsey, and
that certain core income-generating activities
(
CIGAs) be carried out in Guernsey.
Difficulties they ve encountered over the past year have
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