The establishment of the European Customs Union in 1968 was a very significant step. It has an internal and external aspect. So too does direct tax policy. The internal aspect of the direct tax policy includes the Anti-Tax Avoidance Directive, containing a general anti-avoidance rule and other things. The policy aims at transparency – including…
The promise of a referendum on membership of the EU featured in the Conservative party memorandum before the last election. When the referendum took place, the “leavers” were = unexpectedly – successful. The Great Reform Act provided for the embodiment of EU law in domestic law, but it is contemplated that many of the provisions…
In some cases, onshore jurisdictions can offer much of the tax benefit of offshore trusts. The privacy of the trust is also a consideration. The New Zealand foreign trust takes advantage of what was originally an anti-avoidance provision: it and exempts trusts with foreign settlors and under some treaties is treated as New Zealand resident,…
Countries are required by the CRS to cause banks to collect and return information from reporting financial institutions, which is then exchanged with other jurisdictions. The rules can be seen as invading the individual’s right to respect for private life. In one case, a Portuguese resident was the founder and beneficiary of an Austrian private…
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.…
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 UK Ministry of Justice confirmed that it is to proceed, following a consultation, with government proposals to reform the fee payable for an application for a grant of probate. The regime will move, as of 1 May, from a flat fee to a banded structure where the fees increase in line with the value…
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…
The UK Court of Appeal overturned a High Court decision that law firm Taylor Wessing LLP had not breached the Data Protection Act 1998 (DPA) by refusing to carry out searches on grounds of proportionality, legal privilege and improper purpose. Subject to any appeal to the Supreme Court, the ruling reverses the previous position regarding…
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