/Doing business international

Multinationals prefer low-tax over no-tax countries

Changing paradigms In the last five years, there has been a steady increase of the number of multinationals who prefer to register their subsidiaries in low-tax jurisdictions, and not in no-tax jurisdictions. In this regard, Allen Tan, the leader of the tax practice division of a leading law firm in Singapore, stated: “The days of picking [...]

Georgia – Free Zone destination

What is a Free Zone? A Free Zone is a part of the territory (in this case of Georgia) with defined borders and a special status granted by law. The main feature of the special status for a Free Zone, usually implies tax privileges. Free Zones are used as a Foreign Direct Investment („FDI“) attraction tool [...]

After Brexit, the EU countries will pay more tax to the EU

In a few months, the United Kingdom (UK) will not only leave the European Union (EU), but will also stop paying contributions to the EU budget. This will put the EU in a difficult position as the UK is one of the most important “sponsors” of the EU. More specifically, as a result of Brexit, the [...]

E.U. may include U.S. in the list of tax havens

The news agency Bloomberg reported that the E.U. has ordered a “fast-track” investigation of the U.S. taxation practices in the light of the E.U. initiative to create a list of non-cooperative tax jurisdictions (the so-called “E.U. black list of tax havens ”). According to Bloomberg, the Organisation for Economic Co-operation and Development (OECD) was requested by [...]

Malta: The EU’s Crypto Leader

The fast growing number of cryptocurrency and blockchain technology-based businesses encourage more governments worldwide to introduce legal frameworks for regulating such companies. In order to strengthen its position as an attractive destination for cryptocurrency exchanges, Malta has recently decided to introduce a comprehensive regulatory environment for companies offering services in the field of cryptocurrencies, which aims [...]

Tax Treatment of Cryptocurrencies in Slovenia

Together with Estonia, Lithuania, and Finland, Slovenia is one of the countries-to-be in Europe for businesses dealing with cryptocurrencies. The Slovenian government aims to represent the country as a leading EU member state in the field of blockchain technology. This is done by maintaining publicity about the potential of the technology, encouraging entrepreneurship and investment in [...]

Belarus: 0% tax for blockchain companies

Savvy companies who are looking to exploit blockchain technologies or start-ups interested in funding their plans with an initial coin offering (ICO) do well to consider their base of operation. After all, the tax difference between an office in one country and an office in another may run into the double figures. This Eastern-European country gained [...]

Belgian tax authorities cannot screen payment cards

On 2nd of February 2018, the court of first instance in Antwerp announced a ruling prohibiting the Belgian investigative tax authority Bijzondere Belastinginspectie (BBI) from obtaining information about payment transactions from payment service providers without a specific evidence of tax fraud. The background of the case The Belgian payment processor Wordline N.V. together with other five [...]

Tax Freedom Day in Bulgaria

Bulgaria has one of the earliest Tax Freedom Days in the EU. In 2018, Bulgarians will celebrate this day on 13th of May. It means that a Bulgarian employee has to work in total 132 days per year to pay all applicable taxes. To break down the entire period of working for taxes, Bulgarians work 35 [...]

UAE out of the EU blacklist!

On 23rd of January 2018, the EU finance ministers decided to amend the EU blacklist of non-cooperative jurisdictions, also known as tax havens. The initial list was made available in December 2017. In total, eight jurisdictions were removed from the list, including Barbados, Grenada, the Republic of Korea, Macao, Mongolia, Tunisia, the United Arab Emirates (UAE), [...]

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