Author Archives: admin

Dear Clients,   The European Free Trade Association, which comprises Liechtenstein, Iceland, Switzerland, and Norway, intends to take forward free trade negotiations with India, Indonesia, Malaysia, Vietnam, and Ecuador this … >>more

Dear Clients,   Mexico’s Inland Revenue is extending the deadline for an amnesty for the repatriation of undeclared overseas assets and income to October 19, 2017.   On January 19, … >>more

Dear Clients,   The arrangements for collecting the alleged state aid involved in the EU Apple tax investigation should be in place before the end of the year, according to … >>more

Dear Clients,   The IMF has recommended that the Canadian Government undertake a “holistic” review of the tax system, to identify areas for improving efficiency while maintaining the country’s competitiveness. … >>more

Dear Clients,   The EU has asked France to amend how it calculates personal income tax for taxpayers who receive income from foreign sources.   The European Commission said that … >>more

Dear Clients,   An administrative court in Paris has ruled that Google is not liable for EUR1.1bn (USD1.25bn) in unpaid taxes, dealing a blow to the tax authority’s anti-tax avoidance … >>more

Dear Clients,   China and New Zealand have held the second round of negotiations on an upgrade to their free trade agreement (FTA).   Representatives from the two countries met … >>more

Dear Clients,   The Canada Revenue Agency (CRA) is to investigate reports that real estate speculators are manipulating loopholes in the property residence rules to evade taxes.   In a … >>more

Dear Clients,   OECD Secretary General Angel Gurría has stressed the need for policy makers to provide a certain tax environment for businesses, to maintain trade and investment.   Discussing … >>more

Dear Clients,   Slovenia will increase corporate tax by two percent and reduce personal income tax for middle-income taxpayers in 2017, the Government has announced.   Under a package of … >>more

Dear Clients,   Irish Finance Minister Michael Noonan has said that the Government is no longer committed to its election pledge of a one percent cut to the main Universal … >>more

Dear Clients,   The Nansha Area of China’s Guangdong Pilot Free Trade Zone (GDFTZ) has signed a cooperation deal with the Dubai Airport Freezone Authority, as part of the Chinese … >>more

Dear Clients,   Income tax cuts for businesses and individuals are being lined up by the French Government ahead of next year’s elections.   The Government has confirmed a previous … >>more

Dear Clients,   The UK’s new Chancellor, Philip Hammond, has hinted that he will abandon his predecessor George Osborne’s plan to cut corporation tax to below 15 percent.   Shortly … >>more

Dear Clients,   While acknowledging the complexity of the task ahead, Donald Tusk, the President of the European Council, has called for the UK Government to begin the process of … >>more

Dear Clients,    Scotland’s SNP administration has published its Programme for Government for 2016-17, which sets out proposals for reforms to income tax, air passenger duty (APD), and council tax. … >>more

Dear Clients,  The American Institute of Certified Public Accountants (AICPA) has urged Congress to modify the reporting deadline for estate basis statements.   AICPA is proposing a reporting deadline of … >>more

Dear Clients,    Visitors to Spain’s Balearic islands will soon be expected to pay extra for their stays as a result of a new tourist tax.   Under proposals recently … >>more

Dear Clients,    The European Parliament’s Economic and Monetary Affairs Committee has voted in favor of the Commission’s proposal for the automatic exchange of country-by-country reports.   MEPs approved a … >>more

Dear Clients,    More than 20 jurisdictions have signed up to a pilot project to exchange data held on beneficial ownership registers and registers of trusts, according to UK Chancellor … >>more

Dear Clients,    Canadian and European Union (EU) trade ministers have said that their top priority is to sign their Comprehensive Economic and Trade Agreement (CETA) this year.   Canada’s … >>more

Dear Clients,    Foreign companies in Norway will be given the option to choose whether or not to register through a VAT representative under amendments to the VAT Act proposed … >>more

Dear Clients,   French Economy Minister Emmanuel Macron courted controversy in a recent interview by suggesting that France should abolish its wealth tax.   Macron told insurance industry magazine “Risque” … >>more

Dear Clients,    Singapore’s Ministry of Finance is inviting feedback from taxpayers on measures for the territory’s upcoming Budget.   The Ministry said the consultation is intended to be garner … >>more

Dear Clients,    The Swedish Government has announced an “urgent review” of tax regulations after learning that existing rules may lead to the double taxation of some companies that restructure. … >>more

Dear Clients,    Concessionary rates of withholding tax in the New Zealand-Samoa double tax agreement became effective on February 1.   The new DTA replaced two existing tax deals: a … >>more

Dear Clients,    Switzerland still needs to overcome a range of challenges relating to international tax and financial matters, according a new report adopted by the Federal Council.   The … >>more

Dear Clients,    From February 1, 2016, VAT-registered persons acquiring wholesale supplies of electronic communication services will be required to account for value-added tax (VAT) under a reverse charge.   … >>more

Dear Clients,    According to the statistics released by the Hong Kong Companies Registry, the total number of local companies registered under the Companies Ordinance at the end of 2015 … >>more

Dear Clients,    The UK tax authority, HM Revenue and Customs (HMRC), has announced that new double tax avoidance treaties with Bulgaria and Croatia have entered into force.   The … >>more

Dear Clients,    The Internal Revenue Service (IRS) has reminded US taxpayers living abroad, as well as other international taxpayers, that its website provides a good starting place for getting … >>more

Dear Clients,    As part of the Isle of Man Government’s continuing commitment to meet international standards in tax co-operation and transparency, a tax information exchange agreement (TIEA) has been … >>more

Dear Clients,    Guernsey Finance will open a representative office in Hong Kong during the first quarter of 2016.   The office will be the promotional agency’s second overseas outpost, … >>more

Dear Clients,    New Zealand lawmakers approved at first reading a Bill to levy a withholding tax on offshore property speculators and apply goods and services tax to online purchases … >>more

Dear Clients,    On December 1, the Italian Revenue Agency issued a guide delineating how companies can take advantage of Italy’s “patent box,” together with a circular containing the answers … >>more

Dear Clients,    The European Commission has released a new version of its Taxation Trends in the European Union report, which provides a detailed statistical and economic analysis of the … >>more

Dear Clients,    The Irish Government has introduced legislation to postpone the revaluation date for the Local Property Tax (LPT) from 2016 to 2019.   The Finance Department said that … >>more

Dear Clients,    On November 16, the European Council authorized the launch of negotiations toward a free trade agreement (FTA) with the Philippines. The negotiations will be led by the … >>more

Dear Clients,    Gavin St Pier, Guernsey’s Minister for Treasury and Resources, recently spoke about the direction the Government intends to take on the economy and fiscal reform.   In … >>more

Dear Clients,    Switzerland’s new Anti-Money Laundering Ordinance will enter into force on January 1, 2016, now that it has been signed off on by the Federal Council.   The … >>more

Dear Clients,    The German Government is likely to run a surplus for the next few years as the strong economy fuels growth in tax revenue.   The Working Party … >>more

Dear Clients,    Ratings agency Moody’s has increased Cyprus’s credit rating by two points, from B3 to B1. The two-notch upgrade was unexpected, as Cyprus had previously been assigned a … >>more

Dear Clients,    Australia and Germany have signed a new double tax agreement (DTA) that lowers withholding tax rates on cross-border income and introduces new anti-abuse and prevention of non-taxation … >>more

Dear Clients,    China’s State Council executive meeting on November 11, presided over by Premier Li Keqiang, decided to introduce measures to boost domestic consumption, including the opening of more … >>more

Dear Clients,    The European Commission has indicated that it may drop a plan announced in 2013 to introduce a standard VAT return across all EU member states.   The … >>more

Dear Clients,    The European Union and New Zealand have said they will launch negotiations toward a free trade agreement.   The commitment was made in a joint statement issued … >>more

Dear Clients,    On November 2, President Barack Obama signed the Bipartisan Budget Bill of 2015, which includes increased appropriated spending for the 2016 and 2017 fiscal years, a suspension … >>more

Dear Clients,    The Swiss Federal Council has adopted dispatches on a new double tax agreement (DTA) with Liechtenstein and a protocol to the agreement with Norway.   The DTA … >>more

Dear Clients,    Canadian tax revenues were up 10.3 percent in the first five months of the 2015-16 fiscal year, and there was a budgetary surplus of CAD2.8bn (USD2.1bn). The … >>more

Dear Clients,    China’s State Council decided on August 19 to improve and extend the tax breaks Available for small and micro enterprises, noting that these firms are the main … >>more

Dear Clients,    Greece has repealed a 26 percent withholding tax on business transactions with Cypres Following pressure from the European commission.   The tax, which was introduced by Greece in March, applied … >>more

Dear Clients,    The International Monetary Fund (IMF) has said that Spain should expand the indirect tax Burden to boost the economy and put debt on a downward path.   The IMF … >>more

Dear Clients,    Greece’s Deputy Finance Minister, Trifon Alexiadis, has fired Greece’s first salvo in the fight To overcome the country’s non-compliance problems, announcing the introduction of a Comprehensive scheme of … >>more

Dear Clients,    The Finance Ministry of the United Arab Emirates (UAE) has provided a progress update on The adoption of a value-added tax Gulf Cooperation Council (GCC) level.   … >>more

Dear Clients,    Following a protest from Barbados Ministry of International Business, Spain has Removed Barbados from its tax blacklist.   Barbado’s international Business Minister, Donville  Inniss, Praised the move and said It was … >>more

Dear Clients,    The International Monetary Fund has recommended that China introduce a single rate Of Value added tax, during recent talks on the rapid progress China is making on fiscal Reform.   The … >>more

Dear Clients,    The Swiss Federal Council has decided to implement a new federal law Governing the tax treatment of not-for-profit organizations profits from early 2018.   The law was … >>more

Dear Clients,    The Luxembourg Government has said the VAT increases introduced on January 1, 2015. Have had a limited impact on the prices paid by consumers.   Luxembourg hiked each … >>more

Dear Clients,   France’s President Francois Hollande, has confirmed that the government hopes to introduce Income tax deduction at source from 2018.   In an interview with French newspaper Sud … >>more

Dear Clients,    The Dubai International Financial Centre announced on June 10, 2015, that it is looking to Grow threefold over the next 10 years, through a new strategy that … >>more

Dear Clients,    The “Future of the financial Center” advisory board, appointed by the Swiss Federal Council, Held its first meeting on June 9.   The Federal Council decided in … >>more

Dear Clients,    The Romanian Government on June 1, 2015. Cut the rate of VAT applicable to most Foodstuffs and food services.   The law extends the scope of the … >>more

Dear Clients,   The Federation of Canadian Municipalities (FCM) has recommended the introduction Of tax incentives that remove barriers to new affordable and market-rental housing.   In a new report,” … >>more

Dear Clients,    Germany’s new road toll, planned to be operational from 2016, is likely to be opposed by the European Commission, reports say.   Under the plan, a vignette … >>more

Dear Clients,   Gilbratar  Income Tax Office has announced that taxpayers will soon be able to complete Employment and income tax-related forms online.   The tax department said online filing … >>more

Dear Clients,    Italian media has reported that the European Commission has rejected the nation’s Plans to introduce a value-added tax reverse charge on the supplies of large retailers.   … >>more

Dear Clients,    The French Government has announced that it intends to work towards the Introduction of a system to deduct income tax at source   France already employs deduction at … >>more

Dear Clients,    In a surprise result, Poland has elected as President Andrzej Duda, who has made it clear That he intends to push for tax reforms.   During the election campaign, … >>more

Dear Clients,    Switzerland and Oman have signed a new double tax agreement (DTA) that sets withholding tax rates for dividends, interest, and royalties income.   Under the DTA, dividends will be taxed … >>more

Dear Clients,    Officials from the member states of the Gulf Cooperation Council, (GCC) have concluded a Draft agreement on implementing a GCC wide value-added tax.   The agreement was … >>more

Dear Clients,    Estonia’s Prime Minister, Taavi Roivas, has stressed the importance of an Efficient tax agency to be able to offer low rates of tax.   He made to … >>more

Dear Clients,    Belgium’s Finance Minister Johan Van Overtveldt, has ordered a report onto the Feasibility of rebasing the Government’s estimates of properties rental values, to Boost the tax property … >>more

Dear Clients,    Officials from Mexico’s Tax administration Service (SAT) met with Costa Rican tax Administration officials from April 20 to 22, 2015, to share their experiences in the area Of … >>more

Dear Clients,    European Competition Commissioner Margrethe Vestager has called for a common Consolidated corporate tax base (CCCTB) and the automatic exchange of information On tax rulings.   Vestager appeared … >>more

Dear Clients,    Total tax revenue for the January–April 2015 period was up 11.3 percent year-on year and was some 4.2 percent above target.   Irish tax revenue was down … >>more

Dear Clients,   The Romanian Government has approved a new law to introduce tax relief foreign venture capitalists.   The law aims to encourage start-up businesses and was passed by … >>more

Dear Clients, Greek Finance Minister Yanis Varoufakis has announced that he intends to introduce a bill to allow taxpayers to declare funds held abroad without incurring penalties.   Funds declared … >>more

Dear Clients,    Hong Kong’s Financial Services Development Council ( FSDC) has released a report setting Our recommendations on policies, including tax measures, to help Hong Kong capitalize on The increasing number … >>more

Dear Clients,   Recent Developments.   On April 22nd 2015, the Cabinet of Ministers of Ukraine approved the draft intergovernmental agreement with the U:S: Government on the Improvement of Tax Compliance … >>more

Dear Clients,   The unfair tax treatment of Irish entrepreneurs means that they could be better off starting a business in the UK or the US, Brian Purcell, the new President of the Institute of Certified … >>more

Dear Clients,   On April 29, the US Senate Finance Committee unanimously passed a markup of legislation to expend 529 college savings accounts, whose tax-free distributions president Barak Obama had … >>more

Dear Clients,   The Czech Cabinet has approved its National reform Program for 2015, which places Emphasis on increasing tax collections.   The program sets out key measures for stimulating … >>more

Dear Clients,   Following our previous note regarding Draft Bill no.182 amending the Code of Commerce of Panama, we would like to inform you that it has now become Law … >>more

For the prevention of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.   Dear Clients,   We would like to update you on Draft … >>more

Dear Clients,   We are writing to update you on Draft Bill No. 182, which is currently going through the approval process in the National Assembly of Panama. It is … >>more

Dear Clients,   Please note that the National Assembly of Panama is in the process of approving Draft Bill No.183, amending Law 47 of 6 August 2013, which adopts a … >>more

Dear Clients, Draft law on the voluntary declaration of property (amnesty), and an extended deadline for filing notifications on owning shares in foreign companies   The draft law “On Voluntary … >>more

Dear clients,   On 29 October 2014, over fifty countries signed a Multilateral Competent Authority Agreement implementing the new Automatic Exchange of Information standard, signalling a new step towards greater … >>more

Dear Clients,   We refer to our previous publications regarding the new features in Panamanian law that now allows the reactivation of Panamanian Corporations that have previously undergone a formal … >>more

Dear Clients,   The new Hong Kong Companies Ordinance, Chapter 622 of the Laws of Hong Kong becomes effective on 3rd March 2014.  This law provides new requirements for incorporation … >>more

Dear Clients   In its expansive efforts to curb international tax evasion, the U.S. Treasury Department has signed intergovernmental agreements with both the Cayman Islands and Costa Rica, as implementation … >>more

Dear Clients,   Of the ten (10) standards evaluated in this ranking, The Bahamas was deemed fully compliant in eight (8), and largely compliant in two (2), rendering it “Largely … >>more

Dear Clients,   Foreign individuals who meet certain criteria can now obtain the Cyprus citizenship, in order to be eligible to apply for citizenship; the foreign individual should a) have … >>more

Dear Clients,   The National Assembly of Seychelles is currently in the process of passing a bill which contains amendments to the International Business Companies Act, 1994.   The Bill … >>more

Dear Clients,   New draft legislation to be included in the 2013 UK Finance Bill will introduce a new charge, referred to as the Annual Residential Property Tax. This new … >>more

Dear Clients,   As you may have already learned, amendments were recently introduced to the BVI Business Companies Act and the BVI Business Companies Regulations, including amendments to some of … >>more

Dear Clients,   We inform you that on the 6th of August 2013,  Law No. 47 “ADOPTING A CUSTODY SYSTEM APPLICABLE TO SHARES ISSUED TO BEARER “ was passed in … >>more

Dear Clients,   The Office of the Attorney General and the Ministry of Legal Affairs of the Bahamas, in the exercise of the powers conferred by section 67(5) of the … >>more