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The Isle of Man's Chief Minister, Howard Quayle, has assured the island's parliament that tackling recent allegations of VAT avoidance on aircraft leasing is a top priority. The allegations of VAT fraud were made by media associated with the International Consortium of Investigative Journalists, who broke the "Paradise Papers" story, and center on the importation of business jets via the Isle of Man into the EU. When these allegations first emerged two weeks ago, a press release was issued by the island's Cabinet Office, which said the UK's Treasury Department had been invited to conduct an assessment. The island has...

NEWS 2020

Malta's Minister for Finance, Edward Scicluna, told his fellow finance ministers at the recent EU Economic and Financial Affairs Council meeting that the island fully supports the EU's new VAT e-commerce legislative package. The package is aimed at simplifying cross-border trading for EU firms while requiring that they support European tax authorities to mitigate fraud. Most notably, the proposals would make online platforms liable for collecting VAT on the distance sales that they facilitate. Scicluna emphasized the importance of simplifying rules and obligations for small and medium sized businesses, while highlighting the importance of the reforms to combating cross-border tax...

NEWS 2020

Bermuda reinsurers have paid out USD208.7bn to US policyholders over the past 20 years, according to commercial market claims data newly published by the island's financial services regulator, the Bermuda Monetary Authority. The data shows that from 1997 to 2006, claims payments to US policyholders for large catastrophes, related property insurance, and general liability losses totalled USD56bn, rising to USD152.7bn between 2007 and 2016. The figures are based on survey responses of 250 commercial insurers/reinsurers, alternative capital entities, and insurance-linked securities funds. More recently, the 2017 hurricanes Harvey, Irma, and Maria led to recorded estimated losses of USD31.2bn net of...

NEWS 2020

Guernsey has heralded the recent formation of the island's first Chinese insurance company, Brilliant Reinsurance (Guernsey) Limited, as further evidence of the growing ties between China's business sector and the island's insurance industry.It follows in the footsteps of four insurance-related memoranda of understanding signed between the jurisdictions over the past 18 months.Managed and established by independent insurance manager Alternative Risk Management (ARM), Brilliant Reinsurance will focus on business from the Lloyd's of London market.Brendan Reeves of ARM said the high regard in which Guernsey's insurance sector is held internationally played an important part in the vehicle's creation. He also highlighted...

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Jersey and the Isle of Man have each received the highest possible OECD rating in recognition of their compliance with global standards of information exchange in tax matters.Each jurisdiction's tax transparency framework was subject to a peer review assessment carried out by a team of experts on behalf of the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, the 147-member body that evaluates compliance with global standards of exchange of information.The Global Forum's assessment is carried out in two phases. The first phase assesses a jurisdiction's legal and regulatory framework, and the second phase assesses whether...

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The Malta Fund Industry Association, the Malta Association of Retirement Scheme Practitioners, and the Society of Trust and Estate Practitioners have welcomed the recent endorsement of the island's tax system by an EU parliamentary committee. The validation of Malta's tax system was given by the European Parliament's Committee of Inquiry into Money Laundering, Tax Avoidance, and Tax Evasion, said Finance Malta, the island's financial services promotional agency. It said in the conclusions to its final report issued on November, 8, 2017, the Committee said Malta's tax system is in line with current international and EU standards as regards harmful tax...

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Ras Al Khaimah Economic Zone (RAKEZ), the new regulator with oversight of the Ras Al Khaimah Free Trade Zone and RAK Investment Authority, has announced a 10 percent discount for license and lease deed renewals.The offer is open to licensees and lessees who approach the regulator 30 days prior to the expiry of their license or lease deed contract and request a discounted three-year renewal package. The offer is valid until February 28, 2018.RAKEZ was established to oversee and consolidate the specialized parks and clients of both Ras Al Khaimah Free Trade Zone and RAK Investment Authority, which are now...

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The Bahamas has welcomed news that it will be removed from the EU's list of non-cooperative jurisdictions for tax purposes. The Government said it received confirmation of this in writing on April 17, 2018, from the Secretariat of the Code of Conduct Group, which makes recommendations to the EU Council on jurisdictions that should be included on the EU tax blacklist. The development follows a meeting of EU member states on April 12, 2018, at which they agreed to recommend this decision to the EU Economic and Financial Affairs Council (ECOFIN), which is responsible for making the decision official. Based...

NEWS 2020