ATAD 3: economic substance requirements


In December 2021, the European Commission published the first proposal for the Anti-Tax Avoidance Directive 3 (ATAD 3). Its goal is to tackle the abuse of companies that do not carry out any economic activities – namely shell entities. Therefore, the directive is also known as the “Unshell Directive”. The proposal was approved by the […]

Marshall Islands & Substance Reporting

As of November 1, 2023, the Trust Company of the Marshall Islands has implemented a penalty fee of USD 500 for entities failing to adhere to Economic Substance Reporting (ESR). This move comes as part of the country’s commitment to upholding international standards and remaining in the European Union’s whitelist.   Reporting obligation Since 2020 […]

UAE Tax Landscape: 9% CIT

The United Arab Emirates is no longer a zero-tax jurisdiction. We were informing about this major shift in our article, back in June 2023: Certain exemptions apply, however many of the businesses will now pay a corporation tax. On-shore entities, as well as Free Zone entities involved in transactions with on-shore entities, will be subject […]

What’s new in Cyprus in 2024?

We are highlighting 10 changes in laws and regulations that came into force this year or are expected soon.   1. Introduction of 15% Global Minimum Tax At the end 2022, the Council of the EU adopted the Directive ensuring a global minimum level of taxation -15%, for multinational enterprise groups and large-scale domestic groups. […]