Archive for June, 2018

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Malta Approves Three Blockchain and Crypto-related Bills

In on June 29, 2018 by NEWCO

bitcoins

The Maltese Parliament has unanimously approved three digital ledger technology and crypto-related bills on the 26th of June, thus becoming the world’s first country to have put in place a legal framework for the creation of a regulatory body in the sectors of Blockchain, Artificial Intelligence, and IOT devices.

The Government had already announced recently that it was working closely with the industry to come up with a legal framework that satisfies the Anti-Money Laundering and KYC regulations, without stifling technology innovation in such a highly dynamic sector. With the publication of these Bills, Malta is now unquestionably the right place to set up crypto-currency exchanges, ICOs and related activities.

The three bills include the Innovative Technology Arrangements and Services Bill, the Virtual Financial Assets Bill, and the Malta Digital Innovation Authority Bill. The first two bills provide for the regulation of digital ledger technologies (such as blockchain) and virtual financial assets in Malta under the supervision of the Malta Digital Innovation Authority.

The third bill establishes the Malta Digital Innovation Authority in order to “promote consistent principles for the development of visions, skills, and other qualities relating to technology innovation” as well as support regulations of the sector.

In addition to the passing of the three bills, the Government has also appointed the first chief executive of the Malta Digital Innovation Authority, Mr. Stephen McCarthy, who has worked in accountancy and iGaming before serving as CEO of the Housing Authority in the past few years.

These recent developments are a clear proof of Malta’s commitment to be at the forefront in the regulation of this sector, and will clearly contribute to the fast growth of new companies, that will occur as soon as subsidiary regulations that are to supplement these new laws are published.

Please contact us for more information on how to benefit from Malta’s advantages for international operations.

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Malta’s Participation Exemption regime even more competitive

In on June 28, 2018 by NEWCO

Malta

Recent changes to Malta’s “participation holding” concept have improved the competitiveness of the Maltese (already quite flexible and comprehensive) participation exemption regime.

In practice, the equity holding test still requires that at least one of 6 conditions are satisfied (the conditions are outlined here) but the shareholding percentage in the subsidiary has been reduced to 5% (formerly 10%) which holding entitles to at least 5% of any two of the following rights:

i) right to vote;
ii) profits available for distribution;
iii) assets available for distribution on a winding up.

Another relevant change is that, where one does not have an equity holding in a ‘company’ (as defined), one may now consider 2 new classes of entities in which a Maltese resident company has a holding for the purposes of this definition, namely:

Class A – Maltese entities:

The partnership en nom collectif;

  • The partnership en nom commandite, whether or not its capital is divided into shares (one exception – for partnerships with shares set up prior to 2015 whose share capital is divided into shares);
  • A registered civil partnership set up in terms of the Civil Code;
  • A European Economic Interest Grouping – EEIG;

in all cases, provided the entity in question has elected to be taxed as a ‘company’ in terms of Article 27 of the Income Tax Management Act.

Class B – non- Maltese entities:

Any ‘body of persons’ (as defined) constituted, incorporated or registered outside Malta AND of a nature similar to a Maltese limited liability company;

Any ‘body of persons’ (as defined) constituted, incorporated or registered outside Malta AND of a nature similar to:

  • A Maltese limited liability company
  • A partnership en nom collectif;
  • A partnership en nom commandite, whether or not its capital is divided into shares (one exception – for partnerships with shares set up prior to 2015);
  • A registered civil partnership set up in terms of the Civil Code;
  • A European Economic Interest Grouping – EEIG;

in all cases, provided the entity in question has elected to be taxed as a ‘company’ in terms of Article 27 of the Income Tax Management Act.

Thanks to its legal, operational and tax environment, Malta is one of the European Union’s most competitive jurisdictions for the development of international activities. Learn more about its advantages here: http://www.newco.pro/en/malta

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NEWOFFICE – new offices with shared services

In on June 21, 2018 by NEWCO

 BLOG_newoffice

The speed and ease of setting up their companies in new jurisdictions has been one of the factors increasingly highlighted by our clients. In response to this growing concern, NEWCO is now offering furnished offices with shared services in Madeira and Malta. This will mean our clients can begin their activity in a space dedicated to their team without the demands of investing in a fully autonomous office.

NEWCO’s offices include support for reception and administrative services, IT and telecommunications structure, IT support, electricity, internet and telecommunications, cleaning services and proximity to the NEWCO team, which handles the necessary outsourcing of services.

Come and discover your new place in Madeira and Malta: NEWOFFICE

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Additional protocol to the DTA between Portugal and India

In on June 1, 2018 by NEWCO

India Flag-2181887_1920

The protocol signed in Lisbon on 24 June 2017, amending the convention between the Government of the Portuguese Republic and the Government of the Republic of India for the purpose of avoiding double taxation and guarding against tax evasion as regards income tax (signed in Lisbon of 11 September 1998),  has been approved.

The amendments introduced serve to reinforce the conditions and forms of cooperation between the authorities of both States as regards tax-related matters. Enabling an adequate exchange of information, this will foster more effective control of the financial flows between the two countries.

The amended protocol contains a new provision relating to the exchange of tax information. Under this provision, the competent authorities of the two States will exchange information that is likely to be relevant for the application of the convention or for the administration or application of domestic legislation relating to taxes of any nature or denomination charged in benefit of the contracting States, their political or administrative subdivisions, or local government, insofar as the taxation provided for in them does not contravene this convention.

Any information obtained by a State will be considered confidential in the same way that information obtained pursuant to that State’s domestic law would be. Such information may only be disclosed to the people or authorities (including courts and administrative authorities) in charge of the liquidation or collection of the taxes, or the declarative or executive procedures, or appeal decisions, relating to these taxes, or their control. Such information may be disclosed during public court hearings or judicial decisions.

The full text is available for consultation online at: https://dre.pt/application/conteudo/115392182.

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