News

HMRC will apply tax evasion legislation to all overseas jurisdictions

HM Revenue & Customs (HMRC) will be clamping down on anyone evading tax, by declaring overseas income and gains will apply to income from all jurisdictions abroad and not just income and gains who have omitted to sign up to the Common Reporting Standard (CRS) as originally arranged.


AUSTRIA: introduce new stricter tax reforms

Austria's National Assembly has approved a new wide-ranging tax reform programme proposed by the government for the fiscal year 2015-2016.


CYPRUS: Parliament approve number of key tax reforms

The House in Cyprus approved a number of tax reform bills last week, aimed at restructuring taxation and encouraging investment in Cyprus.


UK announce new summer budget for 2015

The UK government has announced its emergency summer budget which they hope will improve the tax free personal allowance system, reform dividend tax as well as ensuring that businesses and high net worth individuals are paying what they owe.


Austria: Significant changes to property transfer tax, again

The draft tax bill of the Tax Amendment Act 2015/2016 in Austria provides for new rules on the taxation of gratuitous real estate transfers, including amendments to the current tax regime as well as the introduction of new liberal tax rates.


INHERITANCE TAX: Conservative party confirms campaign promises

The UK Treasury Minister, David Gauke MP has confirmed in a statement to parliament that the new Conservative government are finalising plans to introduce a transferable main residence allowance of €246,500 for each person, adding to the pre-existing nil band rate.


OECD: Welcomes EU action plan to combat tax evasion

The Organisation for Economic Co-operation and Development (OECD) has shown its support for the adoption of legislation by the EU regarding its action plan to help combat corporate tax avoidance.


EC: After publishing a “black list” of countries, response is underwhelming

The European Commission (the EC) released a list of 30 'non-cooperative' jurisdictions last week. On this list, the EC claim that these countries do not meet European standards of transparency, exchange of information, and just tax competition. The list of 30 territories includes Andorra, Monaco, and…