UAE announces significant changes to foreign ownership and visa rules   On 20 May 2018, the United Arab Emirates (UAE) Cabinet of Ministers approved a decision to allow foreign investors to hold 100% ownership of UAE companies, as well as announced significant changes to the UAE visa system as they pertain to specific categories of...Read More

The New Double Taxation Agreement Between Cyprus And Andorra   On May 18, 2018, Cyprus and Andorra signed a double taxation agreement, the first between the two countries. The agreement is closely based on the latest OECD Model Convention and, in line with the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent...Read More

US: Lawyers request voluntary disclosure regime for cryptocurrency assets   American Bar Association has written to the US Internal Revenue Service, asking it clarify whether assets held as cryptocurrencies such as Bitcoin are subject to the Foreign Bank Account Reports (FBAR) and Form 8938 reporting rules. IRS Notice 2014-21 asserted that cryptocurrencies were ‘property’ rather...Read More

OECD report reveals disagreement on taxation of digital firms A highly anticipated OECD interim report, published today, reveals that there is still no consensus among countries on whether changes should be made to international tax rules that apply to multinational digital firms. Countries did agree to study international tax concepts to see if improvements can...Read More

TAX AGREEMENTS: Singapore authorities to cooperate with ‘covert’ disclosure requests Singapore’s appeal court has confirmed that the jurisdiction’s tax authorities can disclose account information about taxpayers to foreign governments, in response to a ‘covert’ treaty request made without the subject’s knowledge. Singapore’s Comptroller of Taxes is merely expected to make ‘reasonable inquiries’ to satisfy itself...Read More