Our Response to the COVID-19 Pandemic

Walkers continues to monitor the impact of the COVID-19 pandemic on its people, its clients and its business.

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Walkers is a leading international law firm. We advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
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Walkers is pleased to announce that its 2020 Students, Graduates and Training Programmes are open.

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BVI: Court of Appeal Rules Black Swan Wrongly Decided

In a judgment handed down on Friday 29 May 2020 in Broad Idea International Limited - v - Convoy Collateral Limited (BVICMAP 2019/0026), the Eastern Caribbean Court of Appeal (Pereira CJ, Blenman, Michel JAA) has ruled that the BVI Court cannot grant a free standing freezing injunction against a BVI company where that company is not a party to substantive proceedings either in the BVI or elsewhere. In so deciding, the Court of Appeal has determined that the case of Black Swan Investments ISA - v - Harvest View Limited (Claim No BVIHCV 2009/399) ("Black Swan") was wrongly decided. The Court of Appeal also ruled that the assets of a BVI company are not to be considered the assets of its shareholders such that the company's assets may be subject to a freezing injunction.

Walkers Partners Rosalind Nicholson and Murray Laing, along with Associate Catherine O'Connell, acted for the successful Appellant, Broad Idea International Limited. Walkers instructed Richard Morgan QC of Maitland Chambers.

DAC 6 – EU Mandatory Disclosure Regime

What is DAC 6? 
Council Directive (EU) 2018/822 (the “Directive” and “DAC6”) imposes a new obligation on EU based “intermediaries” (as well as taxpayers in certain circumstances) to report on certain “cross-border arrangements” containing features which are considered to be indicative of potential aggressive tax planning. The intermediaries must report details of the arrangements to their local tax authorities which in turn are obliged to exchange the information with all other EU tax authorities.

The scope of the regime is wide and will require intermediaries to implement new processes and procedures to assess the transactions on which they act, advise or assist and be in a position to report on an ongoing basis.

The European Commission has recently proposed deferring DAC 6 reporting by at least 3 months as a result of the COVID-19 outbreak and reporting by intermediaries should not now commence until after 1 October 2020 (see further below). However, transactions since 25 June 2018 (the date of the Directive) remain in scope and will need to be reviewed and assessed.

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Ireland Update: Government introduces further financial support

As global communities and economies continue to deal with the multitude of COVID-19 related issues, the Irish government’s response to the economic impact continued with the introduction of further new measures to support businesses negatively impacted by COVID-19.

 

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Reducing the Risks of Returning to the Workplace – Key Issues for Irish-Based Employers

Since restrictive measures were introduced to reduce the spread of COVID-19, businesses have had to fundamentally change. In many cases, this has meant implementing remote working, suspending operations where remote working is not feasible and laying off employees.  

In this advisory we look at the key measures outlined within the Irish Governments Return to Work Safely Protocol for employers.

 

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Cayman Islands: Update on Automatic Exchange of Information and Country-by-Country Reporting

In this advisory, we provide a round-up of recent updates to the Cayman Islands framework for automatic exchange of information ("AEOI") and country-by-country reporting ("CbCR"), including the new universal DITC portal, the AEOI reporting deadline extension, the authorising person and principal point of contact and the CRS compliance form. 

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