Managers of Wealth Offshore

£50m of public cash ploughed into firm linked to tax haven by bank set up by Nicola Sturgeon

The Scottish National Investment Bank was launched in 2020 by First Minister Nicola Sturgeon.

MTD income tax pilot attracts just over 1,000 volunteers

The data, acquired from HMRC via a freedom of information request, shows that the number of annual sign ups has fallen from 877 in 2018-19 to only 26 in the most recent full year, 2020-21.

‘NOT A RATE HIKE’: Increase in some real property tax result of revaluation, says economic affairs minister

Minister maintains “everyday, working-class Bahamian” not being targeted

Inclusive Framework BEPS Agreement – Policy Perspectives

KPMG response to the Inclusive Framework BEPS announcement made on 20 December 2021.

BAHAMAS: ‘Absolutely Livid’ Over Doubling, Tripling Tax

To cushion the blow of sustaining such “a correction all at once”, Mr Halkitis said the Government is providing a $312.50 tax rebate to all owner-occupied properties

How Can Financial Institutions Achieve Efficient Regulatory Reporting?

When the accountholders provide their information to a financial institution, they expect that the institution will use their information to comply with the law.

Jersey to close tax loophole on property transactions

Guernsey introduced such a measure back in November 2017 in a law which reflects much of the same language as that now proposed in Jersey.

OECD releases latest edition of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations

Governments need to ensure that the taxable profits of MNEs are not artificially shifted out of their jurisdiction and that the tax base reported by MNEs in their country reflects the economic activity undertaken therein and taxpayers need clear guidance

Do tax exposés help HMRC?

Journalists were able to find widespread irregularities such as the backdating of documents

Bermuda: Amended economic substance regulations released

The industry notice also indicates that revised economic substance guidance notes reflecting the changes in the Amendment Regulations will be published on the Registrar of Companies website in early January 2022.

EU members push back against fast adoption of minimum tax

The minimum levy, agreed by 137 countries in negotiations led by the Organisation for Economic Co-operation and Development, is part of wider corporate tax reform plans that address the challenges of taxing large tech companies and other multinationals th

CIIPA ESG committee convenes first meeting in 2022

The ESG framework assesses environment, social and governance factors to measure the sustainability, social responsibility and ethical structure of an organisation.

Bermuda’s tax status to be affected by 15% minimum tax rate

The rating agency noted that Bermuda companies responded to the passage of TCJA with various strategic changes in how they manage offshore operations to offset the overall negative impact of the tax change.

The global minimum tax rate: Are we nearly there yet?

On 20 December 2021, the OECD published keenly awaited model rules designed to implement Pillar Two of its ambitious plans to reform international taxation.

FIAU’s tax evasion guide lists red flags for suspect companies

Around 10% of STRs – suspicious transaction reports – relate to serious and complex cases that involve the misuse of complex corporate structures, undeclared or falsely declared income, foreign proceeds of crime or links to organised crime

Guernsey tax office apologises for delays on returns

It has taken on extra support from former staff and local accountants to help clear the backlog.

Barbados country-by-country reporting tax law takes effect

The Barbados Revenue Authority plans to hold information sessions on the new requirements in February.

UK launches consultation on domestic implementation of global minimum tax for large multinational groups

The UK government has today (11 January 2022) published a consultation seeking views for how a worldwide 15% minimum corporation tax should be domestically implemented.

Bahamas Gov’T Targets Property Tax Tripling To $400m

A 25 percent revenue-to-GDP ratio, which Prime Minister Philip Davis QC is aiming to achieve by the time his administration’s term in office ends in 2026, is far higher than the Government’s fiscal performance has ever before produced.

Relaxation of late tax return filing penalties

A 5% late payment penalty will be charged if tax remains outstanding, and a payment plan has not been set up, by midnight on 1 April 2022.