Managers of Wealth Offshore

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.

KPMG sells Cayman and BVI restructuring practices to Teneo

The sale would enable KPMG to accelerate investments in audit, tax and other advisory services, he said.

Cyprus: Introduction Of Additional Corporate Tax Residency Test

The Law amendment will enter into force on 31 December 2022.

Chile Lower House Committee Adds Wealth Tax to Pay Pensions

An indication was added that creates a wealth tax or “super rich tax” which was approved 7 to 6, according to Radio Biobio

Legislators face battle to implement historic global tax deal

Countries agree reform of corporate revenues but will struggle to make it legally binding

Elon Musk says his taxes are simple and that he doesn’t use offshore accounts or tax shelters

The Democratic senator had accused him of “freeloading” over taxes after he was named Time’s Person of the Year, and Musk snapped back by calling Warren “Senator Karen.”

Global corporation tax proposal is not a threat to the Isle of Man

Many people on the island understand that the gap between rich and poor has grown over the last few decades - and it’s not conducive to a successful economy.

Tax for remote workers?

Recent research carried out by UK property consultants Cluttons found that the finance and insurance sectors had the ‘highest potential’ for remote working, with more than 75% of work within those industries suitable.

Year in review: 136 countries agreed global corporate tax reform deal

The OECD believes countries will collect around US$150 billion in new revenues annually as a result of the reform.

Major Canadian Tax Avoidance Cases at Risk After Loblaw Ruling

Agency lost several big court battles in 2021

European Commission proposes minimum corporate tax and end to tax havens in the EU

It includes a common set of rules on how to calculate this effective tax rate, so that it is properly and consistently applied across the EU.

Indicators for tax-related money laundering

Any further use of the said proceeds or any efforts to legitimise such proceeds would constitute money laundering.

EU to combat taxation ‘race to the bottom’ with 15% rate for big companies

Officials confident draft law will secure unanimity, despite concerns from Hungary and Estonia

French Budget targets trusts in low tax jurisdictions

It introduces an automatic presumption that the required 10% stake in the investment holding settlement is attained in order to tax its income and gains on a look-through basis.

Tax Alert: Guidance released in respect of further CRS powers in Guernsey

Where this change in circumstance arises prior to 1 January 2022 and there is no valid self-certification held, there is a one off deadline to report to the GRS by 31 March 2022.

The ‘cowboy cocktail’: How Wyoming became one of the world’s top tax havens

An oligarch, a dictator’s aide and a beverage tycoon turned to America’s least populated state to shelter assets, the Pandora Papers show.