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 […]
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 Cypriot government abolished the €350 annual levy on February 21st, 2024. This government fee was paid by all registered businesses to the Registrar of Companies in Cyprus. The move to cancel it is a part of a larger €60 million support package to stimulate the Cypriot economy. Originally introduced in 2011 during fiscal consolidation […]
Luxembourg is a small country by size, but a big one by its importance for the investment industry, as it is the largest domicile for investment funds in Europe and the second largest worldwide after the United States. It is a renowned international financial centre offering a full range of investment vehicles: regulated, indirectly regulated […]
Dutch Private Foundation is a civil law alternative for the Anglo-Saxon Trust for the purpose of asset protection. It is a legal entity with its own rights and obligations, can hold assets in its own name and have beneficiaries including a settlor. Key features of the Dutch Private Foundation: Tool suitable for asset protection and […]
The United Arab Emirates (UAE) is making significant strides towards exiting the Financial Action Task Force (FATF) ‘grey list,’ which comprises countries under increased monitoring for deficiencies in their anti-money laundering (AML) and counter-terrorism financing (CTF) regimes. Recent progress has been observed in areas such as facilitating money-laundering investigations, imposing sanctions on non-compliance at financial […]
Panama has achieved a significant milestone by exiting the Financial Action Task Force (FATF) grey list of financially high-risk countries. The FATF plenary meeting in Paris recognized Panama’s strengthened anti-money laundering and counter-terrorism financing prevention system and its implementation of substantial standards. Panama has achieved a significant milestone by exiting the Financial Action Task Force […]
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 […]
Three cities in the United Arab Emirates (UAE) – Abu Dhabi, Dubai and Sharjah – are among the top ten most affordable global cities in the world, based on a study by Workyard Research. Kuwait claims the top spot as the cheapest city to live in globally, owing to its favorable balance between an average […]
