News

Country-by-Country Reporting to be established by 2017 in all EU jurisdictions

All companies within the EU with total income of over €750m will be obligated to send all data concerning monthly revenue, profits, tax paid, earnings, all tangible assets and the total number of people employed by the company.


The EU lost $1B to fraudulent claims in 2015

Last year, figures have been released showing that approximately $1 billion of EU funds were paid out to fraudulent Claimants, with the highest number of false claims suspected coming from Hungary, Bulgaria and Romania data within Europe.


2016 UK Immigration Statistics

The Home Office’s Immigration Statistics for the first Quarter of 2016 have been released, providing the latest figures on immigration acceptances in the UK. We have compiled some of the highlights from the official data below:


HSBC announce more cuts to its investment banking sector

After reports of two Senior Executives leaving HSBC, the bank is believed to be restructuring its current workforce, meaning that more senior positions will potentially be removed from its investment banking unit. The reason given was to reduce costs, ultimately making the business more supple.


Singapore will surpass the UK as offshore financial centre by 2020

In the next 4 years, figures show that Singapore is projected to surpass the UK, becoming the second biggest offshore financial centre internationally, behind Switzerland, marking the shift of global wealth to the east.


Singapore: New incentives for start-up crowdfunding projects unveiled

The Monetary Authority of Singapore (MAS) has unveiled plans to reduce the base capital and minimum risk prerequisite for crowdfunding programs which is hoped will make crowdfunding more accessible to SMEs and start-up companies.


BPF: New tax regime will cost the UK almost 10,000 potential jobs

The UK Government have released controversial proposals that will limit tax deductibility of interest, which could mean an additional spending expenditure of £670 million each financial year for the housing market. This is the equivalent of the creation of 9,500 jobs in the construction sector.


Additional 19 countries join the enhanced BO reporting requirements

HM Treasury in the UK have announced that an additional 19 countries have now joined the pilot project led by the UK with the help of France, Germany, Italy and Spain for the automatic exchange of information for all company beneficial owners.


UK: Tax avoidance measures brings additional half a billion in 2015

HMRC the UK has released figures showing that as a result of the crackdown on income tax avoidance, an additional £500 million has been collected from 2014 to 2015, according to figures obtained by UK Law Firm Pinsent Masons.


France's trust ownership register to be made public

During the G20 & IMF meeting, French authorities have announced plans to publish the register of beneficial ownership of trusts that was established in 2013, this means that all Beneficial Owners will be public.