Blog

06
jun

BVI Financial Services Commission concludes Memorandum of Understanding with European Securities and Markets Authority

Andorra to introduce income tax

Under pressure of EU

Andorra is to introduce a tax on personal income for the first time as it faces pressure from its European neighbors to tackle tax evasion.

At the meeting in Paris, Antoni Marti, the head of the Andorran government, told French President Francois Hollande that he will introduce a bill before 30 June.

The principality will “gradually meet international tax standards”, according to the office of the French president.

There is currently no income tax applied to individuals or corporations.

www.bbc.co.uk

Global OECD boosted by decision to open membership talks with Colombia and Latvia with more to follow

The applications for accession by the other countries reviewed by the OECD will be further considered on a case-by-case basis

On 30th May 2013 OECD took a significant step to extend its global reach by deciding to open membership talks with Colombia and Latvia and signaling its intention to do likewise with Costa Rica and Lithuania in 2015.

The next stage in the accession process will be the establishment of individual roadmaps. Accession talks will take place individually between the candidate countries and the OECD involving the committees with responsibility for the substantive aspects of the Organisation’s work.

In 2007, OECD invited five nations to open talks on accession. Chile, Estonia, Israel and Slovenia became full members in 2010 and accession talks with the Russian Federation are ongoing.

www.oecd.org

BVI Financial Services Commission concludes Memorandum of Understanding with European Securities and Markets Authority

Memorandum of Understanding allows BVI Mutual Fund Industry to market in the EU and to EU Investors

31 May 2013, the British Virgin Islands Financial Services Commission (FSC) announced that the European Securities and Markets Authority (ESMA) approved a cooperation agreement between the FSC and European Union securities regulators.

The agreement was negotiated by ESMA on behalf of EU securities regulators with responsibility for the supervision of alternative investment funds (AIFs), including hedge funds, private equity funds and real estate funds.

This ensures that the BVI Mutual Fund Industry will be able to market its products within the European Union.

The MOU between the FSC and EU securities regulators is further evidence that the FSC remains committed to fulfilling its international obligations relating to information exchange and combating illicit activity that may involve the use of regulated financial services structures. In addition, it demonstrates the recognition and importance of BVI funds in the global funds industry.

www.bvifsc.vg