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

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

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 99) creates significant issues for non-resident beneficiaries of Australian discretionary trusts. In fact, the Court’s decision states that capital gains distributions from a trust to...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 to evaluate their compliance with taxpayers’ privacy rights and the General Data Protection Regulation (GDPR). This request follows concerns raised in Austria, France, Luxembourg and...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 US financial institutions (FIs) to file reports of the annual aggregated inflow and outflow from every individual and business taxpayer’s accounts. This follows cuts to...Read More