Managers of Wealth Offshore

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.

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.