Canada enacts new trust reporting and disclosure rules from 2021 New Canadian trust reporting and disclosure rules will come into effect in 2021, imposing a filing obligation both on non-resident trusts that currently have to file a Trust Income Tax and Information Return (also known as “T3 return”, which needs to be filed if the...Read More

EU Member States agree on new tax transparency rules for digital platforms On December 1, EU Member States reached an agreement on the extension of EU’s tax transparency rules to digital platforms, in order to ensure fair tax payment from digital retailers and service providers. The formal adoption of this agreement will follow once the...Read More

OECD: FHTP enforces new economic substance rules Starting from January 2021, the Organisation for Economic Co-operation and Development (OECD) Forum on Harmful Tax Practices (FHTP) will begin to carry out annual compliance monitoring of the financial sectors of 12 jurisdictions (Anguilla, the Bahamas, Barbados, Bahrain, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, the...Read More

Argentina closer to the introduction of a wealth tax law Argentina’s Chamber of Deputies is opening up to the possibility of introducing a one-off wealth tax with the goal of mitigating the effects of the pandemic. The Draft Law of solidarity and extraordinary contribution (Proyecto de Ley de aporte solidario y extraordinario para ayudar a...Read More

Wealth tax increase and anti-avoidance measures introduced in Spain The Spanish government has announced an increase in the measure of 1% in the highest wealth tax band, raising the levy on assets above EUR10.7 million to 3.5%. The bill is expected to take effect either in 2020 or 2021, depending on whether it will be...Read More