Gibraltar Parliament approves Private Foundations Bill

A Bill to permit the establishment of Private Foundations in Gibraltar was passed by Parliament together with the consequential amendments to the Income Tax (2010) Act. The legislation will provide a long-awaited framework for the establishment of foundations in Gibraltar. A foundation is an entity with a separate legal personality. The foundation charter and foundation rules…

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Australia introduces Diverted Profits Tax

The Australian Parliament approved a new Diverted Profits Tax (DPT), which is designed to “encourage greater compliance by large multinational enterprises with their tax obligations in Australia, including with Australia’s transfer pricing rules.” The DPT will apply at a penalty tax rate of 40%, from 1 July 2017, and will be inserted into the existing…

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