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.

US Treasury implements further legislation to combat anti-money laundering

After months of speculation, the US Treasury has announced the new procedure for Customer Due Diligence (CDD), which will impose new obligations on financial institutions in America to identify the Beneficial Ownership of all corporate clients, and directly pass these details on to the Department of Justice.

FATCA prosecution implicate first criminal liability case of it's kind

This month marks the first time the US Justice Department has brought criminal charges against an individual for violating tax reporting requirements as established under FATCA (the Foreign Account Tax Compliance Act).

Cayman Islands will abolish secrecy legislation & extend BO information exchange

The Cayman Islands Government visited London with plans to establish deals with various jurisdictions, similar to the agreement it has with the UK regarding the exchange of Beneficial Ownership (BO) information and to ultimately abolish the countries notorious secrecy laws.

India finally ends Capital Gains Tax loophole with Mauritius

Finally, after many years of discussions, India has decided to change its double-taxation treaty (DTT) laws with the Republic of Mauritius.

Greece pass controversial bills to meet EU bailout terms

This week Greek lawmakers passed a number of unpopular bills relating to tax pension reforms in hopes that this move will encourage EU creditors to reward the bailout agreement funds.

Asian stock market figures incites fear for global economic growth in 2016

The Asian stock market showed an overwhelming drop across the board yesterday after a disappointing US employment report created fears regarding the fundamental power of the globes largest economy and worse than predicted trade figures from China.