Articles

Minister for Trade and Industry of Singapore arrived to Brazil to start his  official visit to the country. Minister Lim will meet Brazil’s Minister for Development, Industry and Foreign Trade for intense discussions on economic cooperation between the two countries. The Ministers will discuss ways to increase business opportunities in both countries. Singapore and Brazil … more »

The Monetary Authority of Singapore (MAS) has accepted the recommendations made by the Corporate Governance Council (Council) on the Code of Corporate Governance (Code), and issued the revised Code of Corporate Governance. The key changes to the Code are focused on the areas of director independence, board composition, director training, multiple directorships, alternate directors, remuneration practices and … more »

It can be tricky to find out who owns a company. Many countries provide the opportunity for a company to conceal who really owns it. This benefits both the shareholders and the professionals making money registering such firms and handling all the details. Last year 150 big corruption cases were found to involve the misuse … more »

During Budget Seminar arranged by the Tax Academy of Singapore, the Commissioner of Inland Revenue, has disclosed that the Inland Revenue Authority of Singapore (IRAS) will introduce an extra tax simplification for small companies. “We recognize that small companies face greater challenges in managing their tax obligations,” he said. “Their resources are already highly stretched, … more »

Delegates of  90 countries at the Global Forum agreed to carry out a transfer pricing risk assessment, developing a detailed “how-to” manual which will establish good practices for governments when they assess transfer pricing risk at the beginning of an audit. Transfer pricing rules determine how international transactions within a multinational company must be priced … more »

The Global Forum on Transparency and Exchange of Information for Tax Purposes has published reviews of 11 jurisdictions including Brazil, Chile, Costa Rica, Cyprus, the Czech Republic, Guatemala, Malta, Mexico, Saint Vincent and the Grenadines and the Slovak Republic. In reviews peers evaluate whether national laws of the each country allow transparency and international exchange … more »

Cyprus and Poland have signed a new tax treaty protocol, with a few changes affecting the taxation, royalties, the earnings of directors of companies. New additions also address the treaty’s method of calculating an individual’s residence period to determine his/her tax rights on income from services and employment, license fees and profits of associated enterprises. … more »

Cyprus offers a very positive environment to any Investment companies, Investment consultants, Brokerage companies and Brokers to invest within. Cyprus is a well established and respectable jurisdiction in regards to the issuing of a Cyprus Forex or Broker licences. It guided by very strict rules and regulations which are implemented by the financial services authority … more »

Aimed at aiding governments to tackle the use of aggressive tax planning, the Organization for Economic Cooperation and Development (OECD) launches a new publication, ‘Hybrid Mismatch Arrangements: Tax Policy and Compliance Issues’. The OECD said the report “describes arrangements that exploit national differences in the tax treatment of instruments, entities or transfers to deduct the … more »

The new Central Bank data show that the banks and Cooperatives resist, since deposits have been stabilized while loans to Cypriots are growing with relatively high rate. The liquidity in the system is under pressure, encouraging the bank’s turning to the new European Central Bank mechanisms. Deposits in the domestic system in January 2012 grew … more »

At the conclusion of the ASEAN meeting in Myanmar, the economic ministers noted the development in the implementation of various initiatives aimed at establishing the ASEAN Economic Community (AEC) in 2015. Of primary focus is to intensify efforts in facilitating trade, services and investment within ASEAN.  In addition, to seriously address the impediments to market … more »

As of March 30, 2012 a protocol to the existing double taxation agreement (DTA) between Singapore and Estonia will enter into force.  The purpose of this protocol is to facilitate the exchange of tax information. The DTA between Singapore and Estonia was completed on September 18, 2006, and entered into force on December 27, 2007. … more »

Russia has recently adopted the Organisation for Economic Cooperation and Development (OECD) Anti-Bribery Convention. Alongside 34 OECD members which have previously undertaken the accession process, Russia is welcomed as an additional member.  The OECD said the adoption of the Convention is a major step for the nation towards upholding international anti-bribery standards. On April 17, … more »

A second protocol has been signed between the UK and Singapore.  The purpose of this 2nd protocol is to amend withholding tax rates for their Double Taxation Agreement (DTA). Now with this new protocol the withholding tax rate for dividends will be 0%, the exception will be in the case of real estate investment trusts … more »

The Statistical Service of Cyprus announces that it has published the new monthly electronic publication “Intra-Extra E.U Trade Statistics (by commodity and country)” for January – October 2011. It includes detailed quantity and value data on imports/arrivals and exports/dispatches of domestically produced goods and foreign goods classified by the 6th digit commodity code and by … more »

On February 17th, the government of Singapore will announce the 2012 country budget.   Of great interest is what will have been decided on the policy proposals from The Singapore Business Federation-led Small- and Medium-Sized Enterprise (SME) Committee. The government has been asked to put a focus and make decisions based on the following high priority … more »

OBLIGATORY ISSUE OF VAT INVOICES AND RECEIPTS According to the new amendments in VAT Legislation dated January 16, 2012, all Cyprus VAT Registered Companies are obliged to issue invoices and receipts when they are trading (in goods and services) with non – VAT registered companies and/or individuals. The invoice should include the following: i.        Date … more »

Due to the recent austerity measures imposed by the Cyprus Government Cyprus company compliance has been tightened and therefore all companies have to be up to date on the filing of Annual Returns. Prior to the implementation of new measures, the Registrar of companies had a relaxed approach toward compliance matters. Failure to submit the … more »

PROCEDURE TO ACQUIRE TEMPORARY WORK PERMIT FOR EMPLOYEES FROM NON – EUROPEAN COUNTRIES WHO ARE EMPLOYEED IN INTERNATIONAL COMPANIES IN CYPRUS An International Company registered in Cyprus can employ non – European personnel. In order to do so, the company must firstly apply for a permit to employ non-European personnel. The Required Documents are: Certificate … more »

Following a Law proposition the House of Representatives has decided, for a period of 6 months, to ban transfer fees where VAT is imposed on buying and selling and to reduce transfer fees by 50% in the remaining cases. more

According to Bank of Cyprus analytical Research, issued in June 2011, Cyprus is still an attractive regional financial hub, due to its strong rule of law, Euro-area membership and low corporate tax rate (10%). Of course, it is hard to give certain future investment activity predictions due to the world economic imbalance. However, Cyprus position … more »

In recent months Eltoma Corporate Services has been engaged in assisting clients with debt collection services.  This is now to be a new service offered by Eltoma (Singapore).  An agreement is in its last stages for cooperation between Eltoma (Singapore) and D & B Debt Collections. When you operate a business, you shoot make a … more »

Eltoma has worked with several clients on registering their trademark in Singapore. The application process is quick and low cost.  We are seeing an increased interest from our Russian clients that wish to protect their brand in Singapore.  Your brand is important and in order to protect it, you should register it as a trade … more »

Eltoma offers comprehensive solutions for the creation of EU-regulated Cyprus-domiciled financial services companies (Cypriot Investment Firms, hereinafter referred to as “CIF”).  Such CIFs are licensed to provide brokerage and portfolio management services in the EU and third countries.  The major benefit of creation of a CIF is that income derived from the transactions in financial … more »

Holding Structures – Advantages & Benefits A holding structure is an ideal way in which to manage diversification and growth of business operations.  There are a large number of benefits that can be seen by the implementation of a holding structure. A holding structure can address certain constraints, costs and risks; it ensures assets are … more »

On 26 August 2011 the House of Representatives voted as a first package of austerity measures a number of amendments to tax legislation for the purpose of raising revenues and decreasing government spending and for the objective of avoiding entry into the support mechanism. These changes relate to increasing various taxes, introducing a levy for … more »

The severity of the crackdown is almost certainly related to the financial crisis. Governments that imprudently increased their spending during the recent boom are now running record budget deficits. But heavily indebted governments are mistaken if they think their campaign against OFCs will solve their fiscal crisis. In reality such measures, by penalizing productive, wealth-generating … more »

Mixed In With Affiliate Marketing Are you a webmaster who needs funds to keep your website running? Or is your website the only way for you to earn income? Whichever you are, for as long as you are a webmaster or a web publisher and you need cash, affiliate marketing may work well for you. … more »

A Russian philanthropic foundation with the name “International Club Philanthropists and Patrons of Europe” unveiled plans to build the tallest statue of the world in Cyprus’ southern coast. Particularly the project will be located at Monagroulli village which is located in Limassol. The construction will cost 100 million euro and will be a 135 meter … more »