The offshore centres of the United Arab Emirates attract companies and investors by low or zero taxation and weak regulatory compliance rules, often connected with simple and fast incorporation procedures. However, as Sabine Ebert points out, other countries have enacted legislation, meaning international legal and tax advice is needed and carefully structured set-ups are essential to avoid shortfalls.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap