Managers of Wealth Offshore

Important CRS updates for Cayman Islands entities

The Cayman Islands Department for International Tax Cooperation (DITC) is implementing version 2.0 of the OECD CRS XML Schema.

Luxembourg Confirms Gibraltar Exclusion from the Benefit of the EU Parent Subsidiary Directive

A summary of the recent Luxembourg tax authorities decision to exclude Gibraltar companies from the benefits of the EU Parent Subsidiary Directive as of 1 January 2021.

KPMG comments on wealth tax recommendations

The Wealth Tax Commission (WTC), has published its recommendations on whether the UK should have a wealth tax.

Does cross-border tax planning stand up to scrutiny?

Countries have shared details of offshore assets worth €10trn

Cayman compliant with automatic tax information exchange frameworks

Cayman began exchanging the relevant information in 2017.

International community reaches important milestone in fight against tax evasion

The report notes that a second stage of the monitoring process, now underway, will assess the effectiveness of automatic exchange now underway in more than 100 jurisdictions.

Cayman compliant with automatic tax information exchange frameworks

Cayman began exchanging the relevant information in 2017.

Africa losing $25.7b to fraudsters using tax havens

Global Alliance for Tax Justice said tax loss of $25.7 billion every year is equivalent to 52.46 percent of the continent’s combined health spending and equates to 28.67 percent of Africa’s combined education spending.

Open consultation | Non-resident capital gains tax

The Finance Act 2019 expanded the scope for taxing gains made by non-UK residents on UK property

Finding tax-saving, job-creating opportunities in 12J investments

This scheme allows for tax deductions while also contributing to much-needed employment creation and ultimately extra revenue collection for the state.

Reform of global taxation cannot wait

The massive inequalities inherent in the global economic system have been evident for a while but they have been laid bare and intensified over the past year.

Jersey ‘causes $8bn worth of tax losses’

JERSEY has been accused of causing the loss of almost $8 billion of tax revenues in other countries in a new report – but the Island’s finance sector says the study does not ‘give the whole picture’.

Reporting criteria and tax non-residence claims

BVI entities which do not carry on any ES relevant activity do not need to report on (but should still ensure they have considered) any foreign tax status or obligations.

USA and Monaco agreed on Tax Exchange reports

The agreement was signed by the US IRS’s Douglas O’Donnell and Monaco’s Minister of Finance and Economy, Jean Castellini.

HMRC targets individuals in latest offshore undeclared tax drive, says accountants Mercer & Hole

But this time around it is being more direct suggesting that it has information that could result in criminal offences or prosecution for individuals if they do not act.

Tech Mogul in Biggest U.S. Tax Case Facing Dementia, Lawyers Say

Robert Brockman’s doctor cites ‘defective’ long-term memory

Rishi Sunak's wife owns part of firm that funnelled money through Mauritius

The involvement of Sunak’s wife, Akshata Murty, has emerged from an investigation by the Guardian into a range of financial assets held by Sunak and his close family, many of which have not been declared in the official register of ministers’

Tax Evasion Costs Morocco Over $521 Million Per Year

Morocco suffers the eighth-largest corporate tax losses in Africa.

Taxing The Super-Rich To Help The Poor

Half of the world’s population lives on less than $5.50 per day.

Cayman Islands Update: Additional Updates On Economic Substance

The Advisory includes a link to notes7 published by the DITC, which explain the purpose of the ES Returns and provide a high-level overview of the required data points.