News

US Court rules against FATCA disclosures

The US government has supported the dismissal of a case bringing several challenges to the FATCA (Foreign Account Tax Compliance Act) and the FBAR (Report of Foreign Bank & Financial Accounts) regimes.


Cayman Islands delay FATCA & CDOT reporting deadlines

Key reporting deadlines for 2016 that Cayman Island- based financial institutions must comply with regarding UK and US exchanging of information have been delayed by approximately 6 months.


Singapore joins OECDs multilateral tax convention

On May 1st 2016 the OECD (Organisation for Economic Cooperation and Development) implemented a convention on Mutual Administrative Assistance relating to tax matters in Singapore, effectively establishing these requirements on a multilateral level.


Beneficial Ownership information exchange scheme incites international support

UK Chancellor George Osborne has announced that over 20 countries have signed up to a new pilot scheme for exchanging information held on beneficial ownership registers, as well as trust registers.


The Gulf nations take measures to reduce deficit driven by low oil price

The International Monetary Fund released a statement saying they are happy with Saudi Arabia and other Gulf oil exporter’s actions taken in an effort to repair damage to their national finances as the recent drop in crude prices have significantly reduced their export revenues.


Blacklisting criteria to be published in 2017 G20 summit

Finance Ministers of the G20 countries have met and are to planning to implement new blacklisting criteria for jurisdictions they deem to be non-cooperative, in order to take defensive measures against them.


Panama Papers: an opportunity for Cyprus

The Cyprus government made a great move last week by pro-actively responding to the Panama papers, which named Cyprus to be amongst the 21 EU, US and other jurisdictions as one of channels used by the wealthy to send their money.