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Modification of the tax haven list
The following jurisdictions and regimes have been removed from the list of tax havens effective as of 3 October 2022:
Svalbard - Spitsbergen
Gibraltar
Grand Duchy of Luxembourg
Isle Of Man - Mann
Channel Islands
Principality Of Liechtenstein
Republic Of Albania
Republic Of Cyprus
Republic Of Malta
Republic Of San Marino
Ostrava
Ireland (in relation to its corporate income tax treatment in Section 71 of its Finance Law that granted a 12,5% tax rate – Minor Tax Jurisdiction)
Other applicable changes in the Law
Furthermore, the Ecuadorian Internal Revenue Service eliminated the following concepts: minor tax jurisdiction, special tax regime, special tax regimes specifically in Costa Rica, Netherlands, New Zealand, and the United Kingdom.
At the moment, there is no regulatory or complementary legislation on these changes. Accordingly, it is anticipated that the Tax Authority will confirm whether it will issue new legislation or if such concepts are indefinitely eliminated.
For additional information with respect to this Alert, please contact the following:
EY Addvalue Asesores Cia. Ltda., Quito
- Javier Salazar
EY Addvalue Asesores Cia. Ltda., Guayaquil
- Carlos Cazar
- Eduardo Góngora
Ernst & Young LLP (United States), Latin America Business Center, New York
- Lucas Moreno
- Ana Mingramm
- Pablo Wejcman
- Enrique Perez Grovas
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
- Lourdes Libreros
Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific
- Raul Moreno, Tokyo
- Luis Coronado, Singapore
For a full listing of contacts and email addresses, please click on the Tax News Update: Global Edition (GTNU) version of this Alert.