DTA amendment in the pipeline for Russia and Switzerland Following Russia’s recent request to revise the existing double taxation agreement (DTA) with Switzerland, the two Countries’ finance ministers have held a meeting to initiate discussion upon the matter. Starting from 2020, Russia has renegotiated a number of DTTs (as with Malta, Luxembourg and Cyprus), increasing...Read More

New Zealand is consulting on domestic trust’s reporting requirements The New Zealand Inland Revenue Department (Inland Revenue) has recently issued a proposal regarding minimum requirements for the financial statements that trustees of domestic trusts will have to prepare starting in the 2021/22 tax year. The new requirements apply to all trusts that have assessable income...Read More

Switzerland is consulting on AML Ordinance amendments Switzerland’s federal government has published draft amendments to the Anti-Money Laundering Ordinance (the Ordinance), which aim to implement the measures in the revised Anti-Money Laundering Act (the Act). The Act introduces most of the Financial Action Task Force’s (FATF’s) 2016 recommendations for Swiss anti-money laundering (AML) reform, including...Read More

BO reporting proposed in Mexico’s 2022 economic reform Mexico’s Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) has presented to the Chamber of Deputies (Cámara de Diputados)  its Economic Package for 2022 (Paquete Económico para 2022). The proposal aims at increasing compliance with international reporting standards, with particular reference to automatic...Read More

Mauritius: foreign trusts no longer exempt from income taxes With the amendment of the country’s Finance Act (Miscellaneous Provisions) the Mauritius Revenue Authority (MRA) has recently announced that foreign trusts held within the country will no longer be exempt from income taxes. This means that even if you are a non-resident your will be required...Read More