/Doing business international

Gibraltar introduces a legal framework for cryptocurrency businesses

Introduction Regulation, use, and taxation of cryptocurrencies, such as Bitcoin, are topics that receive an increasing interest among businesses and regulatory authorities. Despite their speculative and risky nature, the number of cryptocurrencies steadily increases. To illustrate the extent of the cryptocurrency buzz, it is sufficient to note that, in August 2017, investors invested more than USD [...]

Costa Rica: interesting for asset protection and tax purposes?

Costa Rica is an attractive investment destination in Latin America for many reasons, including successful economic performance, social achievements, and stable fiscal environment. The most significant feature of the current Costa Rican taxation system is that it operates on the basis of the territoriality principle. Therefore, companies and individuals based in Costa Rica are taxed only [...]

Is the Netherlands a tax haven?

According to a recent report entitled “Tax Battles: the dangerous global race to the bottom on corporate tax” that has been released by Oxfam International, five European countries fall within the list of the world’s fifteen most prominent corporate tax havens. These European countries are the Netherlands (third position), Switzerland (fifth position), Ireland (sixth position), Luxembourg [...]

Can the taxman identify owners of cryptocurrencies?

Capital gains obtained through transactions using Bitcoin and other cryptocurrencies gradually become subject to taxation in more and more countries all over the world. Taxable persons in those countries are required to declare transactions with cryptocurrencies in their annual tax returns. A failure to do so may result in heavy sanctions. However, can the taxman effectively [...]

Bitcoin taxation in the developed countries

In the recent years, there has been a steady increase of the use of virtual currencies (e.g., Ethereum, Peercoin, Dogecoin, Litecoin, and Bitcoin). Nowadays, they are widely used not only as payment methods, but also as investment instruments. Virtual currencies created a legal vacuum that was gradually filled with regulations. In this article, we will focus [...]

Top 5 tax-friendly EU countries for large businesses

According to a recent research conducted by the Dutch financial newspaper “Het Financiële Dagblad”, large European enterprises pay an average corporate tax rate of 23,3% on their profits. The research analyzed the taxation of the 25 biggest firms trading on the Amsterdam Stock Exchange, including Philips, Unilever, ING Group, and Heineken, and assessed their corporate tax [...]

Importance of China’s VAT Reform

China, one of the world’s most powerful economies, has recently implemented a significant tax reform. In May 2016, the Chinese business tax (BT) was effectively replaced with value-added tax (VAT). The tax reform aims to ease the tax burden on companies and assist the Chinese economy in shifting from labor-intensive manufacturing to service-oriented industries. For a [...]

The Success of the Indonesian Tax Amnesty Program

Indonesia, one of the biggest economies in Southeast Asia is implementing an ambitious tax amnesty program that aims to repatriate assets from tax heavens. Thus, the country hopes to reduce social inequality, stimulate its economic growth, and increase tax compliance on a sustained basis. The program includes tax incentives and immunity from prosecution in return for [...]

Georgia amends its Tax Code

Georgia continues to increase its level of attraction as a business hub. On the 1st of January 2017, the latest amendments of the Georgian Tax Code came into force. The new fiscal regime is simplified and made more liberal, in order to stimulate the country’s economic growth. In order to improve its investment environment, Georgia took [...]

Setting up in the EU after Brexit

Why should British entrepreneurs set up a company in the EU after Brexit? The 23rd of June 2016 is a landmark date in the EU political history. During a referendum held on that day, more than a half of the British voters expressed their wish to leave the European Union. The main reason for Brexit was [...]