/Tag:VAT

Citizenship by Investment in Cyprus

In order to boost foreign investment and attract high net worth entrepreneurs, the government of Cyprus has introduced an incentive that allows individuals to obtain Cypriot citizenship in exchange for significant financial investments in the country. The program, which is officially called “Scheme for Naturalization of Investors in Cyprus by Exception”, grants Cypriot citizenship to non-Cypriot [...]

The Gulf Cooperation Council

The Gulf Cooperation Council (GCC) is a regional, political, and economic organization uniting six Middle East monarchies – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The alliance was established in 1981 with the purpose of enhancing the interconnection, coordination, integration, and security of its members. At present, the GCC possesses around 50% [...]

Gibraltar accepts bitcoin as a trading currency

What is bitcoin? Bitcoin is a virtual currency. In comparison with traditional currencies, bitcoin is not controlled by any central authority (e.g., a central bank). New bitcoins are generated by a decentralized process called mining. It involves the processing of bitcoin transactions by using specialized hardware.People who would like to start generating bitcoin have to use [...]

Thousands of Greek companies relocate to Bulgaria

Due to its attractive tax regime, low labor costs, and political stability, Bulgaria is one of the most compelling countries in the EU to outsource business activities.The advantages of Bulgaria are positively evaluated not only by West European countries, but also by neighboring Eastern European countries. One of the most active countries in out flowing business [...]

Free zone JAFZA expands significantly

Jebel Ali Free Zone (JAFZA) is one of the leading free trade zones in Dubai. JAFZA specializes in providing industrial and logistics solutions to businesses operating in the UAE and internationally. At present, JAFZA accommodates about 7.000 active companies, including a large number of companies that are added to the Fortune Global 500 (an annual ranking [...]

Macedonia has the lowest tax rate in the world

The World Economic Forum (WEF) released the Global Competitiveness Report 2015-2016. The report identifies the competitiveness index of 140 jurisdictions. The competitiveness index is calculated on the basis of various variables, including the total tax rate. The total tax rate measures the amount of taxes and mandatory contributions which should be paid by a business in [...]

The EU VAT Mini One Stop Shop (MOSS) scheme

On 1st of January 2015, the EU started applying new VAT rules for businesses operating in the fields of (1) telecommunications, (2) broadcasting, and (3) electronic services (e.g., supply of websites, software, databases, films, music, distant teaching, web-hosting). According to the new VAT rules, the services provided by such businesses will be taxed in the country [...]

URUGUAY – A TICKET TO A LIFE WITHOUT TAXES

Mild climate, beautiful beaches, friendly and educated people, and no tax on worldwide income - Uruguay has the right to be called one of the most attractive tax havens in the world. Situated between Argentina and Brazil, Uruguay has a population of over 3 million people. Despite its relatively small territory, Uruguay is one of the [...]

NEW FRIEND REQUEST IN FACEBOOK: TAXMAN

Can tax authorities check your Facebook account? Unfortunately, yes. Despite the fact that the taxman is probably the least welcome person with whom you would like to share the details of your personal life, tax agents can target your Facebook account for the purpose of a tax investigation. Simultaneously with the raising popularity of social media [...]

Macedonia – a tax haven in the Balkans

While most European countries impose corporate income tax exceeding 20%, Macedonia, as a shining European tax pearl, charges a corporate income tax of 10%. The corporate income tax in Macedonia is charged on two components, namely, any forms of distribution from the profit (including dividend distribution) as well a­s certain non-deductible expenses and understated revenues. The [...]

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