Micro News

Micro News

The French Tax Authorities have released a draft bill for reporting requirements for financial institutions in France to report new accounts opened by inobedient accountholders (individuals who have not declared their tax residence and the corresponding tax identification number-TIN). The requirements…


Under Italy's Law Decree no.124 of October 26th, trusts are about to become increasingly regulated. Going forward, income distributions from any suspicious trusts outside the Eurozone will be taxable in the hands of an Italian-resident beneficiary. A trust distribution will be presumed to be income,…


The Cyprus Ministry of Finance has released a draft Bill which will effectively implement the EU DAC6 into national legislation. The Bill requires the disclosure and exchange of cross-border tax arrangements.  The Cyprus draft is an extension of the EU's own text on the matter; alluding to the fact…


The Cayman Islands' Ministry of Financial Services just finished a nationwide consultation on extra anti-money laundering regulations regarding single-family offices.  It lasted for only one week, and closed on Monday November 4th, and the consultation document was only available on individual requests.…


Ireland and France have finally published national legislation to implement the EU DAC 6 on co disclosure of cross-border tax planning schemes.  The German government has approved its draft DAC 6 proposal for further consultation, and Slovakia has published the final version of its DAC 6 legislation…


The Cyprus government has recently been involved in a mini scandal following the granting of citizenship to eight colleagues and relatives of Cambodian Prime Minister Mr Hun Sen. The process has started an internal investigation to ensure that there were no untoward circumstances surrounding the checks.  The…


The Internal Revenue Service in the US has relayed information to foreign financial institutions (FFIs) operating under the US that that they are not automatically required to close accounts of US citizens who have failed to provide their tax identification number (TIN) after the relevant regulations…


Swiss bank UBS has agreed to pay the Italian authorities EUR €125 million to end criminal investigations into money laundering by its employees, in a case whereby the bank has supposedly profited from tax evasion by its Italian client base.  A confiscation order totalling EUR €8.9 million was also imposed.…


Gibraltar and the UK have signed a double taxation agreement, the first such agreement ever signed by Gibraltar. It is not currently in national legislation however regulators hope the next stage of implementation will take place when both countries have completed their regulative procedures.



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