The new reality, introduced by the consecutive lockdowns due to the COVID-19 pandemic, in combination with the robust networking infrastructure, through the completion of the licensing process of 5G networks, as well as the wider technological ecosystem in Greece has paved the way for exponential growth of the digital nomad population. According to an extensive … Read more
Malta is a socioeconomic miracle. Out of a rocky island, a nation of highly educated people, managed to establish an international corporate centre, a technological hub, a paradise for online gaming and a healthy leisure industry. Malta must be the only country in the world, where most placeholders for advertisement in the airport are occupied … Read more
While many EU countries have already adopted and apply in their national legislation the OECD Transfer Pricing Guidelines, Cyprus is the last country to introduce transfer pricing (TP) legislation in its income tax law. To date, Cyprus has had no detailed TP legislation included in its income tax law. In 2002, Cyprus legislation was amended … Read more
The rosy plan of the Biden administration to fight tax evasion was promoted heavily throughout the 2020 presidential campaign – and can be justified as fair and in the interest of the nation – much similar to how European policies generally work towards shielding the interest of the EU member states. The question arises, though, … Read more
The European Court of Auditors (ECA) carried out an audit in five member states including Cyprus in order to determine the effectiveness of the system for exchange of tax information in the EU. The ECA’s conclusions were recorded in Special Report No. 03/2021 under the title ‘Exchanging tax information in the EU: solid foundation, cracks … Read more
In anticipation of the impending expiry of the deadlines for reporting according to DAC6 guidelines, many European countries have already inaugurated the technical guidelines and platform for the automatic filing and exchange of information. Among them, the Cypriot tax authority, after the adoption of a six-month deferral because of the COVID-19 pandemic, published on January … Read more
Chevron Transfer Pricing (TP) case regarding an intragroup financial arrangement was heard over 21 court days in Australia. More than 20 witnesses and experts from financial and tax sectors participated in the investigations of the case. Snapshot of the group structure Chevron Inc, the ultimate parent of the Group with its headquarters in the US. … Read more
The US Senate issues occasionally reports which demonstrate how some U.S. multinational corporations have employed complex transactions and licensing agreements with offshore affiliates to exploit tax loopholes, shift taxable income away from the United States to tax heaven jurisdictions, and indefinitely defer paying their U.S. taxes. A relevant report, issued in April 2014, focuses on … Read more
The rules on transfer pricing were introduced in Russia in 2000, were substantially amended in 2011 and came into force on January 1, 2012. The rules did not refer directly to the OECD Transfer Pricing Guidelines even though they mainly follow these principles. The previous guidelines on transfer pricing had been invoked since 1999, but … Read more
Sustainable development of EU’ economies requires taking into account several issues, which are related to the increased scale of international trade. Globalization has led to a substantial increase of cross-border transactions between related parties and has exceeded 50% of all global trade. The tax rates and accounting principles are different in various countries. Multinational companies … Read more