Micro News

India: Cracks Down on Shell Companies

The Indian government has noticed a rapid wave in shell companies which were depositing cash in banks, apparently in an attempt to hide who owned that wealth. This is following the surprising ban of high denomination currency bills last year by India’s Prime Minister, Narendra Modi. According to Modi’s…


The Swedish Parliament has now transposed the Fourth EU Anti-Money Laundering Directive (4AMLD), into their national legislation with immediate effect. And so, private companies and other entities have to now register their beneficial owners with the Companies Registration Office in Sweden. With regards…


Under the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 in New Zealand, the number of overseas trusts decreased by 75% in the beginning of July, after the new launch of disclosure and registration regulations. A statement released by Inland Revenue says that the department…


EU finance ministers are currently developing a joint project from Germany and France on potentially taxing home-sharing platforms, like Airbnb. The proposal is said to be discussed in the meeting in Tallinn, Estonia on Saturday the 16th of September. Airbnb is a leading competitor within the sharing…


The European Court of Justice (ECJ) is now being asked to look into a Dutch business’ suit regarding the rules in Germany for anti-tax treaty shopping which are allegedly conflicting with EU law. The provisions under examination affirm that Germany has the ability to charge withholding tax on payments…


US: Suspension of 1MDB civil suits

The US Department of Justice have now asked the courts to suspend national forfeiture action brought to reclaim assets which are allegedly embezzled by the Malaysian financier, Low Taek Jho, in the 1MDB investment fund scandal. The department is seeking to avoid any leakage of sensitive information regarding…


Abu Dhabi Global Market (ADGM)  has now introduced a foundations system for supporting the expansion of the wealth management sector in the UAE, as a substitute to corporate vehicles and trusts. The goal of the regime is to appeal to families and high-net-worth individuals from the United Arab Emirates…


The Hong Kong Government’s new policy paper includes details of the introduction of the OECD/G20 Base Erosion Profit Shifting (BEPS) Package. Back in June 2016, Hong Kong showed its responsibility to the BEPS package to the OECD, due to Hong Kong being a global financial centre. Moreover, the paper…


A Swiss asset management firm has now complied to pay USD $5 million to the US authorities. This is in return for immunity from prosecution for helping US customers to manage undeclared foreign bank accounts from the years 2001 to 2010. With regards to the settlement, the Swiss firm will renounce USD…


A discussion is now underway by the European Commission's Tax Code of Conduct Committee concerning the sanctions that the EU member countries will exercise to their upcoming blacklist of jurisdictions used by multinationals for tax avoidance. Leaks from the discussion indicate that each Member State…



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