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Mauritius Key Tax Amendments: Finance Act 2019 – Key amendments and commentary
Further to the budgetary speech on 10 June 2018, the Finance Miscellaneous Provisions Act 2019 (the Act) received the Acting President’s agreement on 25 July 2019. The Act incorporates the various measures announced by the Minister of Finance. In this article and summary PDF we will cover the key amendments…
New double tax agreement between Mauritius and Kenya
Following a tumultuous start, a new Double Taxation Agreement (DTA) has been ratified between Kenya and Mauritius. While some details still need to be finalised, this bodes well for investors who want to diversify their portfolios into Africa. Background: Why the previous treaty was not finalised The original treaty became…
BVI Economic Substance Code Published
The move to require substance of entities established in the BVI has now received some clarity with the publication on 23 April 2019 by the BVI International Tax Authority of the draft Economic Substance Code (the Code). This complements the previously published Economic Substance (Companies and Limited Partnerships) Act, 2018…
Cryptocurrency: tax treatment and exchange controls in South Africa
The South African Revenue Service (SARS) is of the view that the current tax framework and normal income tax rules are wide enough to apply to cryptocurrencies – see the SARS media release of 6 April 2018. SARS’S stance on the tax treatment of cryptocurrencies. SARS has not published an…
Italian fixed tax regime or “res-non-dom” scheme
Following on from the UK’s assault on the resident non-domiciled rules, Italy has introduced a very attractive alternative for those seeking certainty at a reasonable cost right in the heart of Europe. From 1st January 2017 individuals can transfer tax residence to Italy and gain benefit from a fixed flat…
South African Yachting Crew. How to plan your affairs
The world’s yachting management business is large and attracts staff from around the world. The South African contingent has been growing considerably of late, not least because it offers an opportunity to work with limited passport and visa issues. The question arises though, as to how to optimize that opportunity…
BVI modernises AML requirements to recognise new technologies
Following consultation with the Joint Anti-Money Laundering and Terrorist Financing Advisory Committee (JALTFAC), the Anti-Money Laundering Code was amended on 19 July 2018 by means the Anti-Money Laundering and Terrorist Financing (Amendment) (No. 2) Code of Practice, 2018. The amendments came into force as of 1 August 2018. The major…
Italy Introduces Non-Domiciled Tax Regime
Italy has taken the plunge and set out to attract high net worth individuals to its shores. It may prove remarkably attractive. The Italian Tax Code was amended in the 2017 budget approved by Parliament in December 2016. The timing coming on the heels of the tightening up of the…
Hong Kong And China Sign The 4th Protocol To The Double Tax Treaty
Hong Kong and China signed a protocol to the double tax treaty between them in April 2015. That protocol has come into force with effect from 29 December 2015. The protocol amends the existing treaty as follows: Profits from the operation of ships or aircraft in the other country will…
The 4th Protocol To The Treaty Between Hong Kong And China Enters Into Force
Hong Kong and China signed a protocol to the double tax treaty between them in April 2015. That protocol has come into force with effect from 29 December 2015. The protocol amends the existing treaty as follows: Profits from the operation of ships or aircraft in the other country will…