ARTICLES
The British Virgin Islands New IP Regime
The British Virgin Islands has introduced a new intellectual property regime by enacting the Trade Marks Act 2013 and the Trade Marks Rules 2015 which came into force on 1 September 2015. This has replaced the local and UK trade mark rules which have been in force in the BVI for over a century. Previously there were two ways in which [...]
Salaries for Contractors in 2015
As we enter the new year thoughts inevitably turn to wondering what this will hold in store for us. Career and money are always a top concern particularly in international contracting circles due to the somewhat unpredictable nature of the work. Therefore we take this opportunity to review salary fluctuations in 2015 in order to hopefully help [...]
France Adopts Mandatory Health Insurance
All companies regardless of size will be obligated to provide complementary health insurance to employers as of 1 January 2016. The previous system has contributions whereby 0.75% are paid by employees and 13.10% by employers of the gross salary. Individuals are then reimbursed by the French health systems 70% of health care costs which comprises [...]
Jersey signs Agreement with Seychelles
Jersey signs Agreement with Seychelles The Double Tax Agreement was signed between Jersey and the Republic of Seychelles in London on 28 July 2015. This agreement is significant because it boosts credibility for the Seychelles and provides investors in Jersey a favourable route into Africa. In accordance with the agreement the following withholding taxes will apply; Dividends 0% Interest [...]
Guernsey and Jersey granted ‘third country’ passport under AIFMD
The European Securities and Markets Authority have now recommended that Guernsey and Jersey be granted a ‘third country’ passport under the Alternative Investment Fund Managers Directive (AIFMD). These passports are currently only available to EU entities, but this recommendation means a possible extension to non-EU entities. If the recommendation is approved by the EU commission this may [...]
Awards for IT Women
The search is over for the FDM everywoman in Technology Awards 2016 with a total of eleven awards up for grabs. The areas to be honoured include the following:- Unconventional design and implementation. Entrepreneurs Start-up companies under 18 months old Rising stars, woman under the age of 26 Engineers Digital/social experts Leaders Apprentices/students Currently women [...]
Getting a Mortgage When You Are A Contractor
Whilst being an international contractor has many perks, including a higher take home pay it can also produce some unforeseen problems that may not necessarily affect your regular Joe in a permanent job. Among them is the ability to get a mortgage. However with more and more people deciding to become contractors institutions are having to rethink how they [...]
Hong Kong Tax Exemption for Offshore Private Equity Funds
The introduction of The Inland Revenue (Amendment) (No.2) Ordinance 2015 which was enacted as of 17 July 2015 has brought about the extension on profit tax exemptions on specified transactions conducted by offshore private equity funds or their special purpose vehicles. This exemption applies to transactions carried out after 1 April 2015. Although a previous exemption did exist this [...]
Cyprus Tax Amendments
The Cyprus House of Representatives has made a series of tax reforms on the 9 July 2015 in order to make the jurisdiction more attractive. There are also a number of reforms that have been deferred until a later date which are also expected to be enacted. These make the most significant changes to the current tax regime since [...]
UAE Free Trade Agreement with Switzerland
The Free Trade Agreement was signed between the countries in June 2009, but was not effected until July 2014 and has now been fully implemented as of 1 July 2015. It is hoped that this will allow the two governments to enable duty free access to goods. It was noted by Swiss officials that nations that have [...]
Corbyn’s Pledge for Contractors
Speaking at his first conference as Labour leader, Jeremy Corbyn has pledged to give Britain’s contractors and other independent workers maternity, paternity and sick pay. Mr Corbyn recognised that people who work for themselves now represent one in seven workers, but do not enjoy the same privileges as their fellow countrymen. He has pledged that to remedy [...]
South African Foreign Trust Distribution Tax Ruling
On 1 July 2015 The South African Revenue Service (SARS) published ruling No 197 whereas a South African resident receiving a distribution from a foreign trust and then subsequently using this to buy foreign property and having a disposition of assets would not be liable for the following taxation; income tax on the award from the foreign [...]
Hong Kong Launches New One-Stop Web Portal to Attract Talented Expats
On 11 August 2015 Hong Kong launched its one-stop web portal to provide information for people considering relocating to Hong Kong. This is only one of a number of initiatives ongoing to attract professional contractors to the city. In an address made by the Chief Executive in January it was announced that Hong Kong was to be [...]
Zero Corporation Tax in Ireland
Start-up companies in Ireland can benefit from an exemption from paying corporation tax for the first three years of their existence. The purpose is to alleviate some of the burden and allow new companies to get abreast of any cash flow problems without the additional worry of corporation tax. There are conditions which apply to qualifying for this [...]
Employment Benefits for Contractors
International contracting can have a variety of advantages, but it is not without its disadvantages. Whilst a regular employee enjoys a certain amount of security there is always the worry about losing their job, but this isn’t so much of a worry as a certainty for contractors who normally negotiate a fixed term of employment before [...]
Reforms to The Singapore Companies Act
In October 2014 The Companies (Amendment) Bill was passed by Parliament, this amendment was the consequence of a comprehensive review of the Companies Act which began in 2007. The amendment is being implemented in two stages, the first stage which was implemented in July 2015 and the second stage to be implemented in the first quarter of [...]
Preparing Contractors for the New Dividend Tax
In the UK budget held in July of this year George Osborne announced the introduction of a new dividend tax. Contractors who operate a business through a company and remunerate by taking dividends as opposed to other forms of renumeration may therefore find themselves worse off after 6th April 2016. There are several avenues however available in order [...]
Favourable Clauses for FATCA
During the negotiation stage prior to the implementation of the Foreign Account Tax Compliance Act by the US the British Virgin Islands managed to negotiate what the US Treasury is referring to as ‘more favourable terms’ than earlier executed versions of the intergovernmental Agreements (IGA). This is possibly due to the admittance by the US that the [...]
