The Spanish province of Andalusia was widely known for its high inheritance tax rates. Since the tax authorities were assessing the inheritance tax on the theoretical value of the properties concerned (irrespective of the market value) and some properties in Andalusia are difficult to be sold, many families gave up their inheritances because they were
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Many Internet businesses (e.g., Google, Amazon, Facebook, and Alibaba) generate significant revenues. In comparison with their offline counterparts, they usually pay less taxes. To reduce their taxation burden, Internet companies establish their operations in low tax jurisdictions (e.g., Luxembourg and Ireland), conclude tax deals (e.g., in 2015, Facebook enjoyed a tax credit of GBP 11,3
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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
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In 2016, the Cypriot government revised the laws governing the Golden Visa Program, i.e., a governmental program that allows non-EU citizens who invest in the country to obtain permanent residence in Cyprus. The program aims to attract wealthy foreign citizens to the third most populous island in the Mediterranean. If the program application is approved,
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A research conducted by the British newspaper The Guardian demonstrates that the offshore ownership of properties in London has increased with 9% over the last 10 months. At present, companies registered in tax havens, such as Panama, Liechtenstein, Cayman Islands, and the British Virgin Islands, own around 40.000 commercial and residential buildings in Greater London.
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Google tax strategies and accountancy practices are widely discussed topics not only in media, but also on a governmental level. News website shave recently disclosed information that, every year, Google sends profits of about EU 10 billion to the Bermuda Island, one of the world’s tax havens offering a 0% corporate tax rate. However, the
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The cooperation in tax matters between the US and Cayman Islands began in 2014, when the agreement regarding automatic exchange of tax information under US Foreign Account Tax Compliance Act (FATCA) between Cayman Islands and the US entered into force. FATCA is a U.S. legislative act which aims at preventing US citizens living abroad from
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