Recent News

The Corporate Income Tax Agency Act 2024 was introduced in the House of Assembly on July 12. The Act provides for the establishment of a Corporation Income Tax Agency as the authority to administer the corporate income tax regime in Bermuda. The agency must administer a new income tax (15%). The tax will apply from 1 January 2025 for Bermudian taxpayers subject to the Global Minimum Tax rules. The agency shall consist of a Board of Directors, as well as a Chief Executive Officer and staff responsible for efficient and proper tax administration and...

Following consultations, Hong Kong's Financial Services and Treasury Bureau has published a legislative proposal for a company redomiciliation regime in Hong Kong. Redomiciliation is the transfer of a company's registered office from one jurisdiction to another without ceasing operations in the original country. The proposed regime will, in the future, apply to all five types of companies that can be registered in Hong Kong. The redomiciliation provisions will need to ensure that, upon successful completion of the process, the company retains its identity. It is understood that no new legal entity will be created during this process. A redomiciliated company will have the same rights and obligations as another registered company of the same type in Hong Kong and will be required to comply with the relevant legal requirements as any other...

Electronic invoicing will become mandatory from January 1, 2025. The final version of the guidance on these requirements, special issues, and electronic invoices is due to be published in the fourth quarter of 2024. At the moment, electronic invoices can be issued with the consent of the recipient. But from January 1, 2025, electronic invoices will become mandatory for domestic B2B transactions. There will be a structured format for the issuance and transmission of invoices, which will be processed electronically without the need for the recipient's consent. But, a transition period is provided until December 31, 2026. For transactions that will be completed before this date, invoices will be issued in a different form. And if the total turnover of the business did not exceed 800,000 euros in the previous year, other invoices can be issued until December 31,...

The Decree contains provisions for the implementation of the internal minimum additional tax. The QDMTT takes precedence over the income inclusion rule and the underpayment rule. The Decree must explain the meaning of the relevant terms and define the scope and conditions for the QDMTT. It also provides a detailed description of the calculation of QDMTT and the local accounting standards that should be used. The decree covers transitional and safe rules and establishes rules for tax payment. The QDMTT applies to fiscal years beginning after December 31,...

To diversify sources of income for the budget, the Omani authorities are planning to introduce an income tax. The bill has already been submitted to the State Council. This is how the country is trying to achieve economic stability. Currently, taxes are withheld only from corporate income (15% rate). Taxes are also levied on special payments for non-residents (10% rate). Oman may become the first Gulf country to adopt an income tax. In general, the rules are aimed at individuals who have a high income. The thresholds are $100,000 for non-residents and $1,000,000 for...

Evolve Bank was recently hacked, which is associated with a possible threat. Wise explained that they had previously cooperated with the specified bank and provided data on dollar accounts. Employees are concerned that some customers' data may have been compromised. The company is currently conducting an investigation and plans to contact all potential customers whose data was at risk of disclosure. Wise believes that it takes every precaution to protect its customers' data and reduce the impact of a breach. It is also working to improve its security system to prevent such cases from happening in the...

Hong Kong is preparing for the introduction of a special licensing system for the exchange of cryptocurrency for fiat. Hong Kong's main difference is the absence of capital gains tax on cryptocurrencies and other virtual assets. With its tax advantage, Hong Kong's crypto market can attract more investors. Therefore, such a move is aimed at making the city an attractive place for investments in virtual assets thanks to a favorable tax policy. For investors who prioritize yield, Hong Kong's low tax regime is a significant advantage. The attitude of the banking sector to virtual assets also plays a decisive role. Hong Kong may soon introduce a licensing system for cryptocurrency exchanges. The government has already taken steps to combat money laundering and cyber threats, demonstrating its commitment to promoting standardization and exploring regulatory options for this market. Unlike jurisdictions such as Singapore and the US, where licenses typically cover either cryptocurrencies or security tokens, Hong Kong licenses allow trading of both at the same time, so this dual capability simplifies transactions compared to the need to obtain separate licenses for...