FASB amends reporting requirements for US companies

The Financial Accounting Standards Board (FASB) in the US have published an update to improve the current system of financial reporting regarding leasing transactions. The update will affect any companies that are leasing any assets in the form of property, vehicles, or general equipment.

Most taxpayers in the UK are unaware of imminent changes to the tax system

The HMRC have made changes to the taxation of savings and dividends included in the Draft Finance Bill for 2016, which have been criticised by the House of Lords for being overly complicated and confusing, and have been badly communicated to the public.

The Cayman Islands intensify outsourcing standards for financial firms

Following newly implemented legislation, financial services companies will now be responsible for any damage caused to individual clients, rather than the outsourced service providers.

Trusts: New tax statement rules for land & property transactions

Starting from October 1st, 2015, a complete “tax statement” should be completed by all parties involved in a transaction which includes interest or transfer of land, as part of the registration process in New Zealand.

European Parliament publishes paper on Third-Country Tax-Governance

The European Parliament has released a study on “Selected International Third-Country Tax-Governance Issues” facing taxation challenges which could evolve in the coming decade.

GIBRALTAR: New proposed legislation amending the LLP Act

The Government of Gibraltar has called for a public consultation on the amendment of the suggested UK legislation regarding the Limited Liability Partnership Act.

Hong Kong is no longer on the EC’s Tax Co-operation Black-list

Due to a technical error Hong Kong was listed on the European Commission’s website as a non-cooperative tax jurisdiction, an issue that has been recently resolved.

Success for the US Offshore Voluntary Disclosure Programme

US taxpayers that are using the IRS’s OVDP (Offshore Voluntary Disclosure Programme) number has increased to 85,000 generating almost US$8 billion in extra revenue since the launch in 2009.

Anti-Money laundering report findings could be misleading

The supervisors of AML (Anti-money laundering) across the UK legal sector are warning of a new report that was published by the HM Treasury & Home Office on the risks of money laundering and terrorist financing lacks balance by its own admission and is not supported efficiently.

India requests Switzerlands assistance to help combat tax evasion

India has been offered legal support from Switzerland regarding the case of a high-profiled married couple that is been suspected of evading taxes while hiding money within a HSBC bank account in Geneva.