In the UK, with effect from 6 April 2013, the Statutory Residence Test (SRT) determines an individual’s residence status for the purposes of income tax and capital gains tax. The legislation can be found at Schedule 45 of the Finance Act 2013. Due to its mechanical approach, the SRT should objectively determine whether an individual […]

On 7 June 2022, the UK and Luxembourg signed a new double tax treaty and protocol that, among other changes, removes withholding tax on most dividends and all royalties and extends source taxation of capital gains. The document introduces exemptions from withholding tax on most dividends and all royalties. Following the end of the benefits […]

Recently, the Economic Crime (Transparency and Enforcement) Act 2022(ECA 2022) received Royal Assent.  It covers three separate areas. It establishes a register of overseas entities and their beneficial owners and require overseas entities who own or wish to acquire land to register in certain circumstances; It makes additional provisions about UWOs; It makes additional provisions […]

The Central African Republic has become the second country in the world to adopt Bitcoin as official currency, after El Salvador. Lawmakers in the parliament voted unanimously to pass a bill legalizing bitcoin and other cryptocurrencies.

Following the innumerable requests from large economies seeking to close tax avoidance loopholes, the UAE’s have introduced a 9% levy on corporate profits in an attempt to modernise its economy and adapt to international standards. The UAE was one of 136 nations that agreed to try to ensure that large companies undertake to pay at […]