The crisis of 2013 has proved to be a stimulus to reform and prosperity. Cyprus has become a fully compliant jurisdiction and has introduced a number of incentives to encourage foreigners to bring their business to the country. The Emergency Loan has been repaid and banks are again lending. There has been considerable inward investment.…
Singapore signed a Competent Authority Agreement (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS) with France. It followed the signing of CAAs with Denmark on 15 March and with Belgium and Luxembourg on 13 March. Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange financial…
13 March 2017, the Swiss Supreme Court published its decision of 13 February permitting the Swiss Federal Tax Agency (SFTA) to comply with a French request for information about a UBS client’s bank account – despite the request for legal assistance probably being based on stolen bank client data. In 2014, the SFTA approved a…
Finance Ministers and Central Bank Governors of the world’s 20 largest economies (G20) said they remained committed to a timely, consistent and widespread implementation of the Base Erosion and Profit Shifting (BEPS) package at their meeting in Baden-Baden, Germany. In the official communiqué, they said they welcomed the growing membership of the Inclusive Framework on…
The UK Supreme Court reaffirmed the general principle of testamentary freedom in unanimously setting aside a Court of Appeal decision to award an estranged daughter about a third of her late mother’s £486,000 estate, which had all been explicitly left to three animal charities. In Ilott v The Blue Cross and others 2017 UKSC 17,…
UBS is set to stand trial in France for allegedly assisting clients to evade taxes in France after negotiations between the Swiss bank group and the French prosecutor broke down over the size of the proposed €1.1 billion fine. No date has been set for the trial. UBS is accused of illicitly soliciting clients on…
The Conseil Constitutionnel ruled that the uncapped 12.5% (5% prior to 8 December 2013) penalty on trust assets provided for under Article 1736 IV bis of the French tax code for each failure to comply with trust reporting obligations was disproportionate and therefore unconstitutional. The decision takes effect as of the date of publication, which…
The Ministry of Financial Services, Commerce and Environment introduced 11 bills into the Legislative Assembly to strengthen Cayman’s regulatory framework, provide for new financial services vehicles and improve the business environment. A number of these bills are in preparation for the Caribbean Financial Action Task Force’s (CFATF) evaluation of Cayman’s Anti Money-Laundering/Counter-Financing of Terrorism (AML/CFT)…
The Swiss parliament approved an exemption from withholding tax for some intragroup interest payments. The amended regulations, which are intended to encourage multinational groups established in Switzerland to carry out targeted financing activities in Switzerland rather than abroad, will enter into force 1 April. Under the existing system, a Swiss withholding tax of 35% is…
8 March 17, the UK government announced a 25% overseas transfer charge on certain transfers from a UK-registered pension scheme to a qualifying recognised overseas pension scheme (QROPS) and transfers of UK tax-relieved funds to a QROPS made on or after 9 March. The charge will not apply where the member is resident in the…
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