FOREIGN OWNERS IN CANADA MUST REGISTER TO PAY A NEW TAX ON “UNDERUSED” PROPERTY Most foreign individuals, companies and other entities that own residential properties in Canada must now file a return even if no tax is due. This is one of the requirements of the new “Underused Housing Tax Act” (“UHT”) effective for the calendar...Read More

SOUTH AFRICA: A B.O. OWNERSHIP REGISTER TO COME INTO FORCE IN APRIL 2023 These are really busy days for South Africa on both the international and domestic tax and regulatory fronts. At a plenary meeting of the AML standard-setting body on 24 February 2023, the “Financial Action Task Force” (FAFT) has added the African country...Read More

ECOFIN PUTS RUSSIA AND BVI ON BLACKLIST The blacklist of tax havens continues to grow. At its meeting on 14 February, the Economic and Financial Council of the European Union (also known as Ecofin) added Russia, the British Virgin Islands, Costa Rica and the Marshall Islands to the list of non-cooperative jurisdictions for tax purposes....Read More

ATAD 3 AND SWISS HOLDING COMPANIES While the European Union’s implementation of ATAD 3 will not directly affect Swiss entities, it might as a matter of fact make Swiss holding companies more attractive for international corporations and wealthy individuals. STATUS QUO The latest amendments to the European Commission’s draft directive for preventing the misuse of...Read More

COLOMBIAN TAX REFORM BECOMES LAW The president of Colombia, Gustavo Petro, sanctioned on 13 December the tax reform promoted by his government, which has become law and will start to be in force as of January 2023. The new law, centrepiece of new president economic policies, will raise an additional 20 trillion pesos ($4 billion)...Read More