Global minimum tax (GMT): An overview
Fact: The Global Minimum Tax (GMT) sets a proposed rate of 15% on profits and was approved at the October 2021 Summit in Rome with an effective date of 2024.
compliance
CySEC suspends Cyprus investment firm license over compliance issues
The Cyprus Securities and Exchange Commission (CySEC) has suspended the Cyprus Investment Firm (CIF) license of W.G. Wealth Guardian Ltd due to suspicions of violations of the Investment Services and Activities and Regulated Markets Law of 2017. The company is suspected of not consistently meeting the authorization conditions set out in the law, including initial capital requirements and safeguarding client financial instruments and funds. The company has one month to comply with the relevant provisions, and during the suspension period, it is prohibited from providing investment services, entering into business transactions, accepting new clients, and advertising itself as a provider of investment services.
How UK tax changes post-election could impact business compliance – The CFO
Fact: The Conservative party aims to maintain the current Corporation Tax rate at 25% and has no plans for increases this year irrespective of the election outcome.
Federal Tax Authority issues corporate tax guide on free zone persons
The Federal Tax Authority (FTA) has issued a guide outlining the application of corporate tax to free zone persons, enabling qualifying free zone persons to benefit from a zero per cent corporate tax rate on qualifying income.
The best SEPA Cryptocurrency exchanges
Fact: SEPA transfers offer a standardized, quick, and cost-effective method for transferring euros between bank accounts in its member countries in Europe.
CySEC issues decisions on firm license withdrawals, public takeover exemption
CySEC recently announced decisions to withdraw licenses from Ganita Global Gateways UCITS V.C.I.C Platform PLC, Oval Money (Europe) Ltd, and Forextime Ltd.
Corporate tax not rising for compliant listed companies
Tax rates for publicly-listed companies may remain unchanged in the upcoming fiscal year, with some changes in parlance that could affect the availing of lower tax rates. The base rate may see a rise for publicly listed companies, but compliance with cashless transactions could bring it back down to existing rates. Listed companies with free float up to 10% and above with cashless transactions would have tax rates of 20% and 22.5%. Noncompliance with the cashless transaction limit would result in higher tax rates. The government may also impose capital-gain taxes on individual investors for the first time if profits exceed Tk 4.0 million. The tax gap between listed and non-listed companies may be reduced by cutting corporate tax rates for non-listed companies by 2.5%. Capital-market experts believe that higher taxes and reducing the tax gap between listed and non-listed companies could discourage companies from entering the capital market. The government should focus on simplifying investment procedures rather than increasing taxes on the capital market.
Waived or abandoned court judgment
If a beneficiary does not comply with a judgment obtained upon condition, they are deemed to have abandoned it.
Europe sets benchmark for rest of the world with landmark AI laws
Europe’s landmark rules on artificial intelligence will enter into force next month after EU countries endorsed a political deal reached in December, setting a potential global benchmark for the technology. The AI Act is more comprehensive than the United States’ approach and China’s approach, aiming to maintain social stability and state control. The legislation imposes strict transparency obligations on high-risk AI systems and restricts governments’ use of real-time biometric surveillance in public spaces. The new legislation will have a global reach, impacting companies outside the EU who use EU customer data in their AI platforms. Fines for violations range from 7.5 million euros to 35 million euros depending on the type of violations.
Federal Tax Authority releases much-anticipated free zone persons guide
The Federal Tax Authority of the UAE has released a guide that improves users’ understanding of corporate tax on free zone businesses.