New tax transparency agreement between Monaco and the EU

Monaco and the European Union have recently signed an agreement for increased tax transparency, by which they will automatically exchange information for all financial accounts regarding all individuals residing in Monaco from 2018.

US Treasury lobby’s Congress to introduce beneficial ownership legislation

The US Treasury is petitioning for federal legislation in America to force companies & legal entities to release all details regarding beneficial ownership information upon each respective incorporation, in order for it to be filed with the IRS (Internal Revenue Service) in the US.

Guernsey officially shares BO register with the UK in support of G5 initiative

Guernsey (a Crown Dependency of the UK) has recently been added the list of countries that are showing their support for the G5 initiative to launch the automatic exchange of information reporting requirements for BO (Beneficial Ownership).

Indonesia: new tax amnesty scheme implemented

Indonesia’s Finance Ministry General Hadiyanto has released a press statement regarding the new tax amnesty scheme that officially came into ruling on the 18th of July.

New CRS trust legislation to help combat overseas tax evasion

The OECD (Organisation for Economic Cooperation and Development) have established that new rules apply concerning trusts in order to comply with the Common Reporting Standard’s regime of automatic information exchange of information between member jurisdictions.

Hong Kong: Inland Revenue Ordinance 2016 amendment

An amendment made to the Inland Revenue Ordinance for 2016 in Hong Kong came into effect last month on June 30th.

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.