Managers of Wealth Offshore

Taxman To Tackle Wealthy Families With Trusts

Trusts set up as part of estate planning exercises to minimise inheritance tax are specific targets for the consultation.

The ex-wife, the offshore bank accounts and the $14 million tax bill

Now the fallout has spilled into public view after Ms Doyle applied for a stay in proceedings in the NSW Supreme Court where the tax office has lodged a statement of claim against her over a $14 million tax bill.

EU targets tax loopholes on Isle of Man and Italy

The Isle of Man and Italy have reportedly given illegal tax breaks to some of the world’s wealthiest people over their purchases of private jets and yachts. And now the European Commission has launched infringement proceedings.

UK renews crackdown on offshore tax evasion

This legislation is expected to come in the 2018-2019 finance bill, according to the budget.

Budget 2018 – Key highlights for international clients

We have pulled out a few of the key highlights for our international clients and their advisors, along with a recap of some of the major changes coming up in 2019 and 2020.

EU plan to tax Facebook, Amazon heads for Brussels showdown

Spearheaded by France, the plan has met resistance from countries such as Ireland and Sweden, which question the wisdom of the EU going it alone given the global nature of digital services.

Switzerland to amend definition in the CRS

This article discusses the change announced in the FAQ, details the jurisdictions affected and highlights the key obligations and considerations for Swiss FIs in complying with the amendment

Crown dependencies to comply with EU tax regulation

Guernsey and Isle of Man join Jersey to avoid EU tax haven blacklist

Japan lands trove of offshore asset data to fight tax evasion

Half a million overseas accounts identified through reporting program

Ecuador joins international efforts against tax evasion and avoidance

The Convention is the key instrument for swift implementation of the Standard for Automatic Exchange of Financial Account Information in Tax Matters

Labor plans crackdown on deductions for travel to tax havens

Anyone wanting to claim back costs of visiting a designated tax haven would have to convince the tax commissioner

Applying for China’s DTA Benefits in Profit Repatriation

Other details in the DTA must also be satisfied to determine whether the applicant is qualified, and whether the applied benefits are eligible to be enjoyed.

U.K. Government Refreshes Its Crackdown on Offshore Tax Evasion

In addition, the Panama Papers cited almost 2,000 U.K.-based intermediaries that helped individuals or entities to evade tax.

Big banks and hedge funds face tax hit to their offshore banking units

The cost of the OBU tax break to the government has risen to $325 million a year, up from $200 million in 2013-14 and $160 million in 2006-07, according to Treasury figures.

Romania’s Chamber of Deputies votes offshore law with amendment on stable taxation

The taxation framework remains the one proposed by PSD earlier this year.

New IBC regime approved to replace existing HQ regimes

Thailand must implement the four minimum standards (i.e. countering harmful tax practices, preventing treaty abuse, transfer pricing documentation and enhancing dispute resolution).

Draft regulation addresses requirements under new “horizontal monitoring” procedure

Horizontal monitoring involves ongoing communications with the tax authorities to discuss and resolve issues in lieu of a standard tax audit, thus giving taxpayers more certainty.

Introduction of Country-by-Country reporting in Curaςao

Part of the new law concerns the master file and local file that needs to be available for the Curaςao Tax Department.

Chinese Film Companies Flee Desert Tax Haven

Official representatives of Khorgos and representative agencies were advocating the scheme.

Returning expats face property tax bombshell

Wales and Scotland have different rules on stamp duty.