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‘Toothless' EU savaged by MEP for lacking guts as Turkey accused of being tax haven Ciaran McGrath Replay Video UP NEXT Sven Giegold was speaking as the permanent representatives of the EU member states geared up to announce the EU's updated list of tax havens tomorrow. Turkey - led by President Recep Tayyip Erdogan - is almost certain to be put on further deferral until the end of June 2021 to implement measures for greater tax transparency - a move which Green MEP Mr Giegold regards as an abdication of the bloc's responsibility to its 450 million citizens. He said: "Turke...

In March 2020 the Comptroller of Revenue released a concession confirming that where companies had to alter their operating practices to compensate for the COVID-19 outbreak, the comptroller would not determine that such company had failed the economic substance test under Article 6 of the Taxation (Companies – Economic Substance) (Jersey) Law 2019. Given that the pandemic remains ongoing, the comptroller recently issued further guidance in relation to the concession.

To print this article, all you need is to be registered or login on Mondaq.com. Originally Published in Chambers Insurance & Reinsurance Guide 2021: Bermuda This guide provides the latest information on sources of insurance and reinsurance law, insurance and reinsurance regulatory bodies and legislative guidance, overseas-based insurers or reinsurers, M&A activity relating to insurance companies, alternative risk transfer (ART) transactions and insurtech developments. 1. BASIS OF INSURANCE AND REINSURANCE LAW 1.1 SOURCES OF INSURANCE AND REINSURANCE LAW The principal l...

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 late...

Introduction 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 must comply with the substance requirements set out in 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. Diffi...