Is it the End of International Tax Planning Seminar in Minsk Belarus
Is it the End of International Taxation? Seminar, held on 29th November 2018 in Minsk by FinExpertiza Cyprus’ C-Suite Michael Hadjihannas and George Tsamourlidis, was a great success – the attending parties had a chance to learn more about the relevant changes in the Regulatory and Compliance landscape, the effects they have and the impacts they make – equally – on small businesses, corporations, entrepreneurs,conglomerates, and how exactly are they influenced by turbulence in political landscapes globally.
The Seminar brought attention to current issues, starting with the reasoning behind the Regulatory and Compliance updates, portrayed as joint efforts of world’s leading economics to put a stop to money laundering, profit shifting, tax evasion, conduit companies, complicated corporate structures with dozens and dozens of layers of companies and nominees. The Speakers pointed out that when it comes to financial industry, staying on top of continuously changing rules and regulations has become a challenge as much as for individual and corporate clients as for the professional services providers.
The Speakers further examined the importance of substance and the challenges of corporate banking and opening a bank account, especially in Europe, and how it has become a time consuming and a difficult procedure as the Compliance Departments and Tax Authorities request more and more documentation, information and transparency, as well as the importance of Transfer Pricing approaches and Restructuring strategies, tools and resources.
While the overall focus was brought to Cyprus, the Speakers also conversed on pros and cons of trending jurisdictions – Cayman Islands, Malta, Singapore, United Arab Emirates and Hong Kong, as well as which aspects should be addressed when it comes to considering whether it’s worth maintaining the ‘international status’, discussing international trading, safeguarding of assets, currency risk and currency controls, tax savings, etc.