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At a seminar to mark its 70th anniversary, the UN Economic Commission for Latin America and the Caribbean highlighted the importance of territories in the region to wholeheartedly adopting evolving tax transparency standards, given the reputational impact on their economies if they are found to be non-compliant. "This new anniversary gives us the opportunity to revitalize our mission and reaffirm our commitment to the values that underpin our daily work," ECLAC Executive Secretary Alicia Barcena told the seminar. "Now is the time to grow to be more equal, and be more equal to grow. We must break with the culture...

NEWS 2020

Guernsey has released a report into proposed pension system reform, which if implemented would see working age residents in Guernsey and Alderney automatically enrolled into a private pension scheme. The stated aim of the proposed "secondary pension" scheme is to increase the number of people of working age saving adequately for their retirement. Current estimates show that only 40 percent of the working-age population has access to an existing occupational or personal pension scheme. This includes the private and public sectors. The implication of this is that approximately 60 percent of the working-age population, currently around 25,000 people, are not...

NEWS 2020

Malta is to introduce a dedicated legal framework and regulator for the blockchain, artificial intelligence, and internet of things industries. Maltese lawmaker Silvio Schembri told the Unlock Blockchain conference at the Dubai International Financial Centre that Malta's Government had worked closely with industry to come up with a legal framework that satisfies anti-money laundering and countering the financing of terrorism regulations without stifling technological innovation. "This new regulator will help those who wish to invest in this sector to operate within a legal structure and gain the trust of millions of potential customers all over the world who want to...

NEWS 2020

The Isle of Man has delayed the planned introduction of a soft drinks industry levy by one year to April 1, 2019. The delay has been attributed to difficulties and the cost of introducing a standalone soft drinks levy, for both government and businesses. The delay is also due to the duty's inclusion on the schedule of common shared duties between the Isle of Man and the UK, requiring UK legislative amendments, which the UK Government is unable to make during 2017/18. The Isle of Man Treasury says businesses on the island buying soft drinks during 2018/19 should note that...

NEWS 2020

Jersey has registered new data protection legislation, which brings the island's law into line with the EU's General Data Protection Regulation. The Data Protection (Jersey) Law 2018 and Data Protection (Authority) Jersey Law 2018 strengthen individuals' rights and enable island businesses to continue accessing international markets. The new laws take effect from May 25, 2018, which is also the start date for the General Data Protection Regulation. The new laws were unanimously agreed by Jersey's Parliament earlier this year and will enable data to continue moving freely between Jersey and the EU. Assistant Chief Minister, Paul Routier, said: "This is...

NEWS 2020

Jersey regulator, the Jersey Financial Services Commission, is proposing a 3.6 percent inflation rate increase in investment business fees (including application fees) for 2018/19. Investment employee fee bands will remain the same as in past years. Although fees are increasing by only the inflation rate, the Commission has clarified that the fee amount payable by any particular firm may increase by more or less than inflation if, for example, its investment employee numbers have changed year-on-year. The due date for payment of annual fees is May 31, 2018, if the firm is already registered on May 1, 2018, and otherwise...

NEWS 2020

A Government delegation from the Seychelles visited Mauritius recently to discuss how they can work together for the benefit of their international finance centers. The Seychelles Investment Board said: "The capacity building and knowledge exchange visit forms part of the country's efforts to improve the overall ease of doing business in Seychelles." "Mauritius continues to be one of the most competitive economies in Africa, with the highest ranking for ease of doing business." Due to its network of double tax treaties with many substantial economies, and most significantly with India, Mauritius is often chosen as a base by firms seeking...

NEWS 2020

The new Budget of Caribbean territory Saint Vincent and the Grenadines includes company and income tax cuts and a three-month tax amnesty. The standard rate of company tax is to be reduced by 2.5 percent to 30 percent. This reduction is matched by a reduction in the marginal rate of personal income tax from 32.5 percent to 30 percent. The income tax rate for hotels, previously 30 percent, is to be reduced to 29 percent. The standard deduction for personal income tax is to rise from XCD18,000 (USD6,668) to XCD20,000 (USD7,409). This means the first XCD20,000 earned by Vincentians will...

NEWS 2020