Cayman Islands introduces 11 new bills

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)…

New Zealand strengthens disclosure regime for foreign trusts

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act, which will increase disclosure obligations for NZ resident trustees of NZ foreign trusts, received Royal Assent and was brought into force. Approved by Parliament on 14 February, the law further provides for New Zealand’s participation in the G20/OECD Common Reporting Standard for automatic international…

Australia introduces legislation for new Diverted Profits Tax

The government introduced legislation into the Parliament to implement the new Diverted Profits Tax (DPT). Designed to prevent multinational companies from shifting their Australian profits to offshore-related parties in order to avoid paying Australian tax, it will commence on 1 July. By making it easier to apply Australia’s anti‑avoidance provisions and applying a 40% rate…

Switzerland consults on AEOI with 20 more countries

Switzerland’s Federal Department of Finance launched a consultation on introducing automatic exchange of information (AEOI) in tax matters with 20 additional countries. The countries under consideration are: China, Indonesia, Russia, Saudi Arabia, Liechtenstein, Colombia, Malaysia, the United Arab Emirates, Montserrat, Aruba, Curaçao, Belize, Costa Rica, Antigua and Barbuda, Grenada, Saint Kitts and Nevis, Saint Lucia,…

South Africa finalises Special Voluntary Disclosure Programme

19 January 2017, the Taxation Laws Amendment Act 2016, which confirmed the final details of the Special Voluntary Disclosure Programme (SVDP), was promulgated. The SVDP provides a final window of opportunity for taxpayers to regularise their tax and exchange control affairs before automatic exchange of information under the OECD’s Common Reporting Standard (CRS) gets underway…