Exchange of information begins in Panama   Panama has commenced its automatic exchange of information (AEOI) reporting in order to meet OECD global standards, the government has announced. The country will be exchanging information with 31 countries. The first exchange happened on September 28, with the country proving 660 reports from 337 jurisdictions just two...Read More

Cyprus attempts to withdraw banking facilities from shell companies   Cyprus’s Central Bank is drafting a directive stating that financial institutions should no longer open new accounts or maintain existing accounts for shell or letter-box companies. Advance warning of the move was given in a circular issued to regulated financial institutions on 14 June, advising...Read More

UK: HMRC seeks powers to force third party disclosure without judicial oversight   HMRC has begun a consultation on what it describes as ‘the relevance of the third-party information powers enacted by schedule 36 of the Finance Act 2008‘. However, tax enforcement experts say it proposes ‘unprecedented powers’ to obtain information about taxpayers, including non-residents,...Read More

Germany drafts bill to tax the sale of property companies owned by non-residents A draft bill for the German Annual Tax Act 2018, published by lawmakers in late June, proposes to levy taxes on the sale of real estate companies owned by foreign-based taxpayers. Content of the new regulation The new right to levy taxes...Read More

MAURITIUS: Eighty per cent tax exemption on foreign profits Mauritius’ 2018-2019 budget abolishes the deemed foreign tax credit regime currently available to companies holding a Category 1 global business licence, as from 31 December this year. Instead, all non-bank businesses will be exempted from income tax on 80 per cent of their foreign source dividends...Read More