UK report illustrates the effect of non-domiciled tax reforms

The proposals mean that non-domiciles will no longer be able to mitigate UK inheritance tax on residential property in the UK through the use of an overseas company or trust, and permanent non-domiciled status will no longer be allowed for UK tax purposes. Those who have been UK tax resident for at…

Indonesia will open Tax Haven Island to stop overseas investment in Singapore

The government based in Jakarta has released plans to reserve two Indonesian islands near Singapore for the purpose of having its own tax haven to prevent taxpayers from keeping their investments overseas in rival jurisdiction Singapore.

German trust laws amended in favour of offering special inheritance tax rate

Germany’s Lower Tax Court based in Düsseldorf has made a ruling in the taxpayer’s favour regarding Germans living overseas to be entitled to receive a special exemption from German gift and inheritance tax.

What was the blacklist report that was released by the EC last month?

Last month, the EU Commission (EC) published a “black list” of jurisdictions that are non-cooperative. This list was comprised of 30 countries, which seemingly have been found to not meet transparency standards that are in line with the rest of the European Union.

New Zealand: Interest & investment tax proposals

A discussion document released today could simplify taxpayers’ fiscal year-end processes while increasing accuracy in the system, says Revenue Minister for New Zealand Michael Woodhouse.

The Federal Council agree on data sharing with 7 new jurisdictions

Last month, the Federal Council in Switzerland announced that it would be officially implementing the report that was released, regarding the introduction of the automatic exchange of financial information with Jersey, the Isle of Man, Japan, Canada Iceland, Guernsey and Norway which has been submitted to Parliament for approval.

New trust rules invoke uncertainty for UK AML Directive

As reported in the first week of July, the European Commission released a reformed version including all amendments to be made to the 4ML, following its announcement in February this year that further restrictions were necessary to combat terrorist financing. The so-called 4ML Directive, agreed in May…