New Cyprus-Luxembourg double tax agreement enters into force Introduction The double tax agreement between Cyprus and Luxembourg was signed on 8 May 2017 and entered into force on 21 May 2018 following the completion of both countries’ domestic ratification procedures. The agreement will apply to income arising from 1 January 2019 with regard to taxes...Read More

UK requirement to correct offshore affairs applies to trustees too HMRC has just updated its guidance on the new requirement to correct offshore non-compliance, clarifying details of the deadlines, and how to reduce penalties once the taxpayer becomes liable. With the 30 September requirement-to-correct (RTC) deadline now less than 80 days away, law firms are...Read More

Tax Proposal 17 – Council of States launches further measures for the corporate tax reform   After the Swiss Federal Council has published its dispatch on the Tax Proposal 17 on 21 March 2018, the legislative proposal has been discussed in the first chamber of the Parliament (Council of States) on 7 June 2018. The...Read More

South Africa’s corporate income tax rate and restructuring rules Background The DTC formed a CIT sub-committee on 31 October 2016 to prepare the CIT Report setting out the DTC’s position. To ensure that the recommendations made in the CIT Report are practical, the DTC has taken South Africa’s current economic position, as well as its...Read More

Offshore trusts that indirectly hold UK residential property do not need to register HMRC has conceded following a letter from STEP’s UK Technical Committee that non-UK trusts that incur IHT as a result of schedule A1 do not need to register on the TRS on the basis that no other UK tax is due by...Read More