The Intellectual Property (“IP Box”) regime in Cyprus offers one of the most attractive frameworks in Europe for companies and individuals seeking to monetize its intellectual property rights. Under this regime, qualifying IP assets — such as patents, software, and other copyrighted innovations — benefit from significant tax advantages through an 80% exemption on qualifying […]
The Slovak government has passed on 18 September 2024 a law on a new tax – Financial Transaction Tax. If approved by the Parliament, as it is expected, it will be effective from April 2025 and it will apply to both legal persons and natural persons who are entrepreneurs/sole traders. Essentially, the transaction tax will […]
What is a gift tax? In the nutshell, it is a transfer tax imposed on the gratuitous transfer of money or property from one individual or entity to another. To be considered a gift, the transfer must be made without full compensation or at a value less than its market worth. Estate planning frequently uses […]
Italy’s government has approved increasing the flat tax from 100,00 EUR to 200,000 EUR applied to income earned by wealthy individuals who transfer their tax residency from abroad to Italy under its optional, non-domiciled (‘non-dom’) tax regime introduced in 2017. This non-dom tax regime aims to help Italian sluggish economy by attracting wealthy foreigners to […]
Oman is set to become the first GCC (Gulf Cooperation Council) country to implement personal income tax, expected to be introduced in 2025. While analysts foresee other GCC nations eventually adopting similar taxes, the United Arab Emirates (UAE) has confirmed that as of now it has no plans to introduce personal income tax, emphasizing its […]
The interpretation of Section 41 Paragraph 2 of the Thai Revenue Code underwent a significant shift with the new law issued on September 15, 2023. Previously, Thai tax residents were taxed only on their foreign-sourced income if it was brought into Thailand within the same tax year. This interpretation meant that income from employment, overseas […]
Luxembourg’s tax system distinguishes between corporate residents and non-residents. While corporate residents are required to pay taxes on their worldwide income, corporate non-residents are only taxed on their Luxembourg source of income, i.e. income originating within Luxembourg’s borders. The corporate income tax (CIT) rates in Luxembourg are structured in a progressive manner. Businesses with taxable […]
According to the recently published Vistra 2030 Report (“Preparing for a New Era of Globalisation”) the British Virgin Islands (BVI) maintains its position as the leading offshore jurisdiction. The report suggests that businesses and investors prefer established and proven jurisdictions, as evidenced by the BVI’s consistent top rankings since 2010. Mrs. Elise Donovan, CEO of […]
A comprehensive report of UK consultancy Pragmatic Advisory commissioned by BVI Finance (‘Beyond Globalisation: The British Virgin Islands Contribution to Global Prosperity in an Uncertain World’ — The-BVI-Advantage/Beyond-Globalisation) has assessed the role and highlighted the value of the British Virgin Islands (BVI) as a globally respected international business and financial centre. According to the report […]
On November 4, 2022, the Czech Parliament approved a tax on extraordinary profits of energy, petroleum, mining companies and banks. It is to be paid for a period of three years until 2025, its rate will be 60 percent, and the income from this tax is to be used to cover the extraordinary costs that […]
