Cayman Seeks Input On Major Tax Transparency Changes
The Cayman Ministry of Financial Services has launched a consultation on the changes needed to enable public access to beneficial ownership information. In October 2019, the Cayman Islands Government said it would introduce publicly accessible registers according to a timeline that reflects the development and evolution of public…
OECD Receives Backing For Historic International Tax Overhaul
The OECD has said 131 countries and jurisdictions have put their name to an international agreement on an overhaul to tax rules for the digitalized economy and for large multinational businesses. A handful of territories from the 139-member Inclusive Framework have not yet joined the Statement, the OECD acknowledged.
Guernsey Considering New VAT To Solve Financial Woes
Guernsey lawmakers are to discuss the possibility of introducing a value-added tax system, at a debate scheduled for September 2021, it has been announced. The introduction of a GST with either a five or eight percent rate is included in two of three options put forward by Guernsey’s…
Hong Kong Again Slashes Interest On Early Tax Payments
The Hong Kong Inland Revenue Department has announced a further reduction to the interest rate payable on Tax Reserve Certificates. From June 7, 2021, the new annual rate of interest will be 0.0500 percent, down from 0.0833 percent. As such, the new rate is equal to HKD0.0042 per month…
Hong Kong Issues Tax Returns For Individuals
On May 3, 2021, the Hong Kong Inland Revenue Department issued over 2.62 million tax returns for individuals for the year of assessment 2020-21. The IRD said that, in general, taxpayers should file their tax returns within one month, making the due date June 3, 2021. For sole proprietors…
Singapore Issues Corporate Tax Return Filing Guidance
The Inland Revenue Authority of Singapore has released guidance for companies on filing a corporate income tax return this year. The deadline for filing the form is November 30, 2021, for the 2021 year of assessment. Companies should file one of three forms depending on the size…
Mexico Enacts Outsourcing Tax Law Changes
Mexico has recently enacted legislative amendments to various tax laws in a bid to restrict the ability of companies to enter into outsourcing arrangements. The changes are intended to prevent companies from circumventing obligations that would apply to them if they engaged their workforce directly, not only in…
Bermuda To Launch Codes Of Conduct For Banks, Insurers
The Bermuda Monetary Authority has released a responses document on the development of a conduct of business regulatory regime in the territory. In August 2020, the BMA released a discussion paper on its plans to broaden its mandate by developing a conduct of business regime for the financial…
Hong Kong Issues 2020-21 Tax Returns
On April 1, 2021, the Hong Kong Inland Revenue Department began issuing profits tax, property tax, and employer’s returns for the year of assessment 2020-21. This year’s Budget proposed a one-off reduction of 100 percent of profits tax, salaries tax, and tax under personal assessment for 2020-21, subject to…
Cyprus Extends Deadline For Filing 2019 Corporate Tax Returns
Cyprus has extended the deadline for the submission of corporate tax returns and the TD1A form required from certain self-employed persons. The extension was included in the Confirmation and Collection of Taxes (Extension of Deadline for Submission of Tax Return) Decree of 2021, which was published in…