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

OECD: FHTP enforces new economic substance rules Starting from January 2021, the Organisation for Economic Co-operation and Development (OECD) Forum on Harmful Tax Practices (FHTP) will begin to carry out...Read More

FINMA to issue revised circular on “Video and online identification” Four years on from the publication of the circular on “Video and online identification” 2016/7, The Swiss Financial Markets Supervisory...Read More

Argentina closer to the introduction of a wealth tax law Argentina’s Chamber of Deputies is opening up to the possibility of introducing a one-off wealth tax with the goal of...Read More

Wealth tax increase and anti-avoidance measures introduced in Spain The Spanish government has announced an increase in the measure of 1% in the highest wealth tax band, raising the levy...Read More

Switzerland implements national strategy against cyber-risks The Federal Council Cyber Committee recently adopted the 2018-2022 report on the progress made in implementing the national strategy for the protection of Switzerland...Read More

AEOI: The Swiss Federal Council adopts new Ordinance Following the assessment of the Global Forum on Transparency and Exchange of Information for Tax Purposes on the implementation in Switzerland of...Read More

Ombudsman affiliation requirement: new limitations On 25 September 2020, Parliament adopted the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology (DLT bill), with the...Read More

AML at the centre of FATF’s new exploratory projects The Financial Action Task Force (FATF) has initiated new exploratory projects which will take the form of questionnaires, seeking solutions and...Read More