Micro News

The Australian Tax Office (ATO) has launched an official consultation on the practical issues associated with businesses regarding cryptocurrencies and their tax treatment.  The purpose of the consultation is to gain feedback on issues such as compliance arising from fulfilling taxation obligations…

China is looking to ease restrictions on foreign investment in its industries, starting with the removal of the current limit on the foreign ownership of banks and asset management companies. The move hopes to help Beijing build itself into an attractive international fiscal management centre and hub,…

El Agencia Estatal de Administración Tributaria, the main tax agency for Spain has reportedly requested cryptocurrency traders at over 60 financial services companies to surrender their clients' names and trading data, suggesting that an enforcement surge against virtual currency tax evasion is being…

The OECD has released the second edition of its handbook on automatic exchange of account information under the Common Reporting Standard. It clarifies that 'controlling persons' are the beneficial owners of the trust, and must be identified with the 'natural persons who are in control of the accountholders,…

The US has released the names of 38 Russian individuals and business entities with ties to Russia, as Specially Designated Nationals, and consequently a further 7 individuals have had their assets frozen and 12 prominent companies owned or controlled by them.  In the US, it is illegal to carry out any…

Indonesia has enacted a decree requiring all businesses to disclose details of their ultimate beneficial ownership. As well as aiding the authorities' fight against tax evasion and money laundering, the legislation will support Indonesia's bid to become a member of the international Financial Action…

The EU Council of Finance Ministers has added the Bahamas, Saint Kitts and Nevis, and the US Virgin Islands to the EU blacklist of non-cooperative tax jurisdictions. At the same time, Anguilla, Antigua and Barbuda, the British Virgin Islands and Dominica have been put on the 'grey list' of jurisdictions…

After US President Donald Trumps statement that he will impose extra tariffs of USD $100 billion on China’s imports, China called upon the EU to act together and stand up against US protectionism. Mr Zhang (the head of the Chinese mission to the EU) blamed the US for not being in compliance with the…

The shortage of software engineers, cyber-security experts and specialists in blockchain in Japan’s cryptocurrency industry has played a vital role in the recent hack of USD $530 million in digital money, while Financial Regulators are pushing for tighter security. With 32 exchanges operating in Japan…

The EU proposal for digital tax focused on US tech companies gives rise to more problems to companies such as Facebook and others that pay lower tax rates by shifting earnings around Europe and have worldwide annual turnover above EUR €750 million (USD $924 million). Welcomed France, Germany, Italy,…