IMF praises Switzerland’s response to the Covid-19 Pandemic Despite the difficulties posed by the Covid-19 Pandemic, Switzerland’s GDP, according to the latest data from the International Monetary Fund (IMF), is...Read More

FinCEN begins consultation on beneficial ownership reporting The Financial Crimes Enforcement Network (FinCEN) recently issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on questions related to...Read More

DAC7 will require digital platforms to be more transparent EU Member States have recently amended the Directive on administrative cooperation in taxation. Such amendments will need to be adopted by...Read More

BVI introduced new legislation amending trust and estate law The British Virgin Islands government has introduced significant changes to its trust and estate law through five new statutes: the Trustee...Read More

Registrar in Cayman Islands inflicts first penalties under new BO regime In May 2020, the new beneficial ownership reporting system in Cayman Islands officially set off, affecting trust and company...Read More

Argentina amends its definition of beneficial owner With the General Resolution (AFIP) No. 4912/2021 published on January 26, 2021 in the Official Gazette, Argentina modified the previous definition of final...Read More

UK Trust Register: features of the new system The 31 January deadline for Trusts Registration Service notifications to Her Majesty’s Revenues and Custums (HMRC) has been at the centre of...Read More

The EU resolves to blacklist nil tax jurisdictions The European Parliament has agreed that the EU Code of Conduct Group (Business Taxation) should broaden the criteria used to blacklist non-cooperative...Read More

Financial innovations push for a review of OECD’s CRS The Organization for Economic Co-operation and Development (OECD) has announced that the Common Reporting Standard (CRS) for the automatic exchange of...Read More

Jersey’s Beneficial Ownership Register is now active Jersey’s Financial Services (Disclosure and Provision of Information) Law 2020 was adopted on 14 July 2020 and registered on 23 October 2020. The...Read More

HMRC condemns tax avoidance agreements with revenue service trusts With the release of its guidance “Disguised remuneration: tax avoidance by selling future business revenues to a revenue service trust”, Her...Read More

The UK seeks legislative freedom by withdrawing from DAC6’s disclosure provisions Following Brexit, the UK government has decided not to proceed with the implementation of the EU’s Council Directive (EU)...Read More

EU remedies to the inefficiencies of its blacklisting system for tax havens The Members of the European Parliament (MEPs) recently adopted a resolution introducing changes in the system used to...Read More

Argentina passed wealth tax to fund Covid relief On December 4, Argentina passed a one-off wealth tax with the goal of mitigating the effects of the pandemic. The Draft Law...Read More

Canada enacts new trust reporting and disclosure rules from 2021 New Canadian trust reporting and disclosure rules will come into effect in 2021, imposing a filing obligation both on non-resident...Read More

EU Member States agree on new tax transparency rules for digital platforms On December 1, EU Member States reached an agreement on the extension of EU’s tax transparency rules to...Read More

Colombia discussing beneficial ownership legislation The Colombian Congress recently issued for consultation Draft Bill 341/20 (Proyecto de Ley 341/20) with the aim to promote legality, reinforce transparency and tackle corruption...Read More

U.S. Congress to pass company beneficial ownership disclosure rules In the upcoming days, the US Congress is expected to vote on the final passage of the Corporate Transparency Act as...Read More

US asks Switzerland to disclose FATCA non-compliers’ account details On December 1, the Swiss Fedral Tax Administration (SFTA) acting on behalf of the American Internal Revenue Service (IRS), asked twelve...Read More

New Zealand’s Trust Act: what changes? The new Trusts Act 2019 (the Act) has modernised the existing trust law framework in New Zealand, providing better guidance to trustees in the...Read More