The regulatory landscape for international business is changing once again: November brings new asset transparency requirements, tax adjustments in various countries around the world, and updates to the EU’s offshore lists.

The key developments and practical implications for companies are summarised in our review.

1. The British Virgin Islands will tighten financial reporting requirements

The BVI Financial Services Commission (FSC) has approved amendments to the annual financial statements for companies and limited partnerships, which will come into force for the 2027 financial year.

What will change for companies:

1. A breakdown of each type of fund, specifying the names of banks, financial institutions and their jurisdictions.

2. Mandatory disclosure on an item-by-item basis if their combined value amounts to 25 per cent or more of the total value of assets.

3. Separate valuation of shares, bonds, mutual funds, REITs, derivatives, virtual assets, as well as tangible and intangible fixed assets.

4. Disclosure of general and limited partners’ capital, realised and unrealised gains and losses, as well as interest income and expenses.

5. Companies planning to redomicile to another jurisdiction or to be wound up through a merger are required to submit full accounts to the registered agent for any outstanding periods.

Businesses should organise their data on bank accounts and assets in advance in accordance with the new categories, as the updated reporting forms will come into effect as early as 2027.

2. The UK is updating its reporting rules at Companies House

The UK has postponed the mandatory publication of profit and loss accounts for small businesses, but from April 2028 will finally transition all companies to electronic filing in iXBRL format.

What will change for companies:

1. Small businesses and micro-enterprises will still be able to withhold profit and loss data from the Companies Register by submitting abridged financial statements.

2. From April 2028, filing via websites or on paper will no longer be permitted – all companies must file using specialised commercial software.

3. The rules on applying for exemption from audit are being tightened, and restrictions on changing reporting periods are being introduced.

Businesses should select and configure compatible software in advance, as the digitisation of data submission via Companies House is becoming inevitable.

3. Tax changes in Ireland

On 6 October, the Irish Government presented the 2027 Budget, which sets out the following changes for businesses:

1. Capital Gains Tax will be reduced from 33 per cent to 31 per cent.

2. The threshold for defining a ‘small company’ (in terms of advance tax payment requirements) has been increased from €200,000 to €350,000.

3. The Corporation Tax Start-Up Relief for new companies has been extended until 31 December 2030.

4. The ‘Knowledge Development Box’ (KDB) scheme has been extended until 1 January 2032.

The tax changes in the Irish 2027 Budget are aimed at supporting businesses by reducing the capital gains tax rate, easing tax compliance requirements for small businesses and extending key innovation incentives.

4.The Marshall Islands are strengthening financial monitoring of cryptocurrency transactions

The Marshall Islands have signed an Annex to the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Information (CRS MCAA). This step formally integrates the updated CRS 2.0 standard into national exchange systems.

What will change from now on?

1. Reporting now extends not only to traditional bank deposits and securities, but also to crypto-assets, stablecoins and central bank products;

2. Financial institutions are required to carry out stricter identification of accounts, beneficial owners and controlling persons;

As a result, businesses registered in the Marshall Islands will no longer be able to hold digital assets without reporting data to the tax authorities of the beneficiaries’ tax residence.

5.The Council of the EU has officially updated the ‘blacklist’

During the meeting of the Economic and Financial Affairs Council (ECOFIN) on 9 October 2026, a decision was taken to update the blacklist of tax jurisdictions:

1. The EU Council has officially removed Panama from the blacklist of jurisdictions for tax purposes following its successful fulfilment of commitments to reform its tax legislation.

2. Belize has also been removed from the list of countries with tax reform obligations.

Consequently, Panama’s removal from the list indicates that it has attained the status of a jurisdiction that cooperates fully with the EU in tax matters, which significantly reduces compliance risks and potential restrictions for cross-border business structures in Panama.

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