Russia creates new domestic foundations Russian Federal Law No.287-FZ will come into force on 1 March 2022, allowing Russian business owners to transfer to new private foundations business and personal...Read More
Spanish law against tax fraud extends list of ‘non-cooperative jurisdictions’ On July 10, the Spanish Law for the Prevention and Actions Against Tax Fraud (Law 11/2021) came into force, affecting...Read More
Ireland enacts new rules for BO’s registration The European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations (the ‘2021 Trust Regulations’) have recently come into effect in Ireland. By revoking and replacing...Read More
Australian court confirms foreign residents are taxable on trust gains. The decision of the Federal Court of Australia in Peter Greensill Family Co Pty Ltd (Trustee) v ATO (2021 FCAFC...Read More
Switzerland announces new succession law from 2023 At its meeting on 19 May 2021, the Federal Council decided to set the date for the implementation of the revision of Swiss...Read More
EU to re-assess tax information exchange agreements The European Data Protection Board (EDPB) asked EU Member States to re-assess their tax information exchange agreements (TIEA) with third countries in order...Read More
US Treasury wants financial institutions to report taxpayers’ cash flows As part of the Biden’s administration’s strategy to collect more taxes from high-net-worth individuals, the US Treasury Department will ask...Read More
Growth and debt relief measures at the centre of the Summit on Financing African Economies Today, 18 May 2021, Paris will host the Summit on Financing African Economies, which will...Read More
Chile’s Lower House approves Wealth Tax On the 21st of April, Chile Chambers of Deputies approved a Bill proposing a constitutional reform project which will implement tax measures to finance...Read More
Kenya Revenue Authorities set up new Voluntary Tax Disclosure Programme The Finance Act 2020, assented into law by the President of Kenya on June 30, 2020, introduced a series of...Read More
Changes in estate and gift taxes proposed to US Senate In March 2021, US Democratic Senators proposed to the US Senate two pieces of legislation that if enacted will revolutionise...Read More
Russian company registry: new rules for shares held in trusts On 26 April 2021, amendments to Russia’s Federal Law No. 129-FZ (the State Registration Law), which requires reporting to the...Read More
Colombia to propose wealth tax in new tax reform Bill On April 5, the Colombian Ministry of Finance’s tax reform Bill was presented to the Congress of the Republic of...Read More
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
