The United States and France lobby for a minimum global corporate tax rate

In February 2019, the U.S. Treasury Secretary Steven Mnuchin stated that the United States supports the proposal of France to impose a worldwide minimum corporate tax rate for developed countries. More specifically, Mr Mnuchin stated “It's something we absolutely support, that there's not a chase to the bottom on taxation”. The proposal will be a
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Payment transfers to and from EU countries that do not use euro will become cheaper

The European Union adopted amendments to Regulation No 924/2009 that will allow EU countries that are not members of the eurozone to benefit from the very low cross-border fees applying in the eurozone. The eurozone, also known as the euro area, is a monetary union of 19 EU countries which use the euro as their
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The post-Brexit UK may be based on the Singapore model

Introduction According to Jeremy Hunt (the UK Foreign Secretary), Singapore can serve as a model for the post-Brexit UK. In an article written by him for Daily Mail in December 2018, he discusses the history of Singapore and admires its transformation “from a tiny territory devoid of natural resources into the world’s eighth-richest country”. But
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Poland decreases its corporate tax rate in specific cases

On the 1st of January 2019, a new Polish tax legislation entered into force. It reduced the corporate income tax rate to 9% for taxpayers having revenues equal or less than EUR 1,200,000. The new legislation raises concerns which will be examined in more detail below. False claims that the new corporate tax rate is
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Bulgaria – the 2nd largest Bitcoin owner in the world

Finding a treasure In the recent news, Bulgaria came up as the country holding the second largest amount of Bitcoins in the world. The surprising statistics relate to the fact that the Bulgarian government owns at least 213.000 Bitcoins. At the current rates, the value of those Bitcoins is over 804 million US dollars. If
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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
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EU cuts the blacklist of tax havens

On the 2nd of October 2018, the Council of the EU revised the EU’s list of non-cooperative tax jurisdictions. During the revision, 3 jurisdictions, namely, Liechtenstein, Peru, and Palau, were removed from the so-called “EU blacklist of tax havens”. Liechtenstein and Peru were de-listed because they were admitted as compliant with the commitments regarding international
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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
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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,
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