European Commission welcomes the entry into force of new rules to prevent tax evasion and money laundering

As of 1st January 2018 the provisions of Directive on Administrative Cooperation (Directive 2011/16/EU) entered into force, according to which national tax authorities have direct access to information on beneficial owners of companies, trusts and other entities, as well as customer due diligence records of companies. It is anticipated that access to these data collected…

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From 1st January 2018 large ships must monitor and report CO2 emissions

As of 1st January 2018, according to EU Regulation on monitoring, reporting and verification of carbon dioxide emissions from maritime transport (Regulation No. 757/2015 as amended) ships over 5000 gross tonnage (“relevant ships”), regardless of their flag and subject to a few exclusions (warships, naval auxiliaries, fish catching etc.), will become subject to monitoring and…

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EU Commission approves Maltese tonnage tax scheme

Following an in-depth examination of the Maltese tonnage tax scheme, the EU Commission has conditionally approved under EU State Aid rules the Maltese tonnage tax scheme for a period of 10 years.  The scheme will ensure a level playing field between Maltese and other European shipping companies, and will encourage ship registration in Europe. Malta…

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One Planet Summit: 35 countries pledge to reduce maritime transport emissions

The “Tony de Brum” declaration, signed by 35 countries including among others the UK, France, Denmark, Germany, Canada, Malta and Greece in terms of the first One Planet Summit, aimed at adopting the first strategy for reducing greenhouse gas emissions from ships by 2018 and a revised strategy by 2023. These currently account for 3%…

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The EU issues black list of non-cooperative jurisdictions for tax purposes

Late last week, the Finance Ministers of EU member states agreed on a list of 17 countries which according to the EU have failed to meet agreed tax good governance standards.  These countries are all non-EU member states and are the following: American Samoa, Bahrain, Barbados, Grenada, Guam, Korea (Republic of), Macao SAR, Marshall Islands,…

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ECJ Judgment on VAT (Di Maura C-246/16)

The European Court of Justice has recently issued an important judgement (Di Maura C-246/16) with regard to VAT and specifically to the interpretation of the provisions of the VAT Directive (Directive 2006/112/EC) for bad debts. European Court of Justice release new VAT judgement The Court ruled that, the Member States may not make the reduction…

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Malta elected to the Council of the International Maritime Organization

Malta was elected to the Council of the International Maritime Organisation (IMO) for the 11th consecutive time. The IMO regulates the maritime sector within the United Nations. In this election, which took place during the 30th edition of the General Assembly of this same organisation in London, Malta was elected from amongst 20 countries in…

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Greece published the list of preferential tax regimes for 2016 and 2017

The Greek tax authorities have recently issued a Ministerial Decision by the Minister of Finance (circular ΠΟΛ. 1173/2017) with the list of the countries having a privileged tax regime under the provisions of the Greek Code of Income Tax for the years 2016 and 2017. Greece included in the preferential tax regimes of 2016-2017 As…

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