Modern trends in business deoffshorization

On 24 November the UBA Committee on Tax and Customs Law organized its regular meeting, which on this occasion was dedicated to modern trends in business deoffshorization.

Ivanna Pylypyuk, managing partner of International Consulting Group, explained to the audience the meaning of “agents of influence” and how organizations like G20, OECD, FATF affect the policy, trends and standards of work. The first trend in business is deoffshorization. According to the speaker, deoffshorization is a system of actions aimed at increase attention to the payment of taxes. Describing the next trends, she mentioned transparency and control over income and expenses.

Further, the speaker explained the peculiarities of the Common reporting standard (CRS) that calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

Starting from 2017 about 100 countries, including Cyprus, the Netherlands and the UK, will share this information on the basis of the multilateral agreement.

Nuances of offshore business registration and tax planning were also discussed during the meeting.