Colombian Bill proposes tax reforms and introduction of a BO register The Colombian government has recently submitted to its Congress a tax reform Bill, the Social Investment Law (Ley de Inversión Social). The bill includes: a) modifications to VAT, with certain exclusions such as the one for foreign portfolio investments fixed-income securities (now subject to...Read More

The Italian Revenue Agency changes its opinion on taxation of trust settlements The Italian Revenue Agency has just published for consultation the draft of a new circular on direct and indirect taxation of trusts. The main news is the long long-awaited change in the Revenue’s attitude towards the settlement of assets into trust as far...Read More

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 assets of at least RUB100 million. The reform aims to provide continuity to businesses by reducing inheritance disputes. Unlike existing inheritance foundations, it will be...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 almost every aspect of the Spanish tax system both for companies and individuals. In particular, the Law will extend the Spanish list of ‘non-cooperative jurisdictions’...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 the 2019 beneficial ownership of trust regulations, the 2021 Trust Regulations provide for the establishment of a Central Register of Beneficial Ownership of Trusts, maintained...Read More