The Premier of the BVI Dr. D. Orlando Smith has denied a number of fraudulent media reports pertaining to BVI companies to an US-based international consortium of journalists.



According to new rules the European Union banks will be made to disclose details of tax information as part of a legislative package approved by the European Parliament.



The guidance came in effect from 15 April 2013.

GAAR is one part of the Government's approach to managing the risk of tax avoidance. The GAAR legislation defines what are tax arrangements that are abusive. The GAAR applies to the following taxes:

  • Income Tax
  • Corporation Tax
  • Capital Gains Tax
  • Inheritance Tax
  • Petroleum Revenue Tax
  • Stamp Duty Land Tax


BVI is intended to restore reputation of respectful financial service industry after a scandal information on the BVI companies has appeared in news media.


“Switzerland is going to stand firm against revealing banking secrecy”, Ueli Maurer, President of the Swiss Confederation, told Le Matin Dimanche newspaper.


Global Forum on tax transparency focuses more on effectiveness of information exchange for tax purposes.


UK HM Revenue and Customs announced a new income declaration program to be opened. This will relate to assets allocated in Guernsey, Jersey and Isle of Man.


On April 10, 2013 the United States and Switzerland have signed the agreement on facilitating compliance with FATCA (Foreign Account Tax Compliance Act).


Five EU countries announced a new project to create an open data base of new investments.


Please be advised on some changes in Cyprus Tax Legislation.

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