Stories that are tagged 'trusts'

	Australian Budget Scraps Planned Business Tax Cuts 5/10/2012 A planned cut to business tax rates will not go ahead in Australia, as the government seeks to redirect projected mining tax revenue to help families and small businesses in the face of ongoing disputes with opposition parties.
	Financial Crisis Hits Jersey Finance Industry Profits 5/10/2012 The Jersey government's latest statistical report shows a significant decline in the profitability and size of the nation's financial services industry since the start of the financial crisis, putting pressure on Jersey tax receipts. Recent figures for 2011, however, show modest signs of improvements.
	Ireland, US In Talks Over FATCA 5/1/2012 Ireland and the United States are in talks to establish a common approach to the Foreign Account Tax Compliance Act, drawing on domestic and international tax legislation and treaties.
	Switzerland Begins To Implement FATF Revisions 4/24/2012 Switzerland’s Federal Council has recently commenced work on implementing the latest Financial Action Task Force recommendations, according to the Swiss Federal Department of Finance.
	South Africa Pushing For Tax Compliance By HNWIs 4/20/2012 In reply to a question in the National Assembly, South Africa’s Finance Minister Pravin Gordhan confirmed that the South African Revenue Service has taken steps to improve income tax compliance among high net worth individuals (HNWIs).
	Gordhan Reviews South African Tax Season 4/3/2012 South Africa’s Minister of Finance, Pravin Gordhan, has disclosed the preliminary tax collection results of the South African Revenue Service for the 2011/12 fiscal year, and introduced its new five-year Compliance Programme.
	South Africa Issues Tax Guide For Shareholders 3/28/2012 The South African Revenue Service has issued a new tax guide for shareholders, in which it attempts to provide general guidance for the increasing number of South Africans who have become owners of shares.
	Australia Delays Financial Advice Reforms 3/26/2012 The Australian government has announced that its Future of Financial Advice reforms will not become mandatory until July, 2013, stressing that this will benefit the wealth management industry.
	Hong Kong Launches Consultation On Trust Law Reform Bill 3/26/2012 Hong Kong’s government has launched a two-month public consultation on its draft legislation on trust law reform, which followed the positive responses it had received from stakeholders in an earlier consultation held in 2009.
	Guernsey Wealth Management Promoted In India 3/23/2012 Guernsey's offerings as a wealth management domicile were promoted at the India Wealth Forum, held recently in Delhi and attended by Guernsey wealth management firm Nerine Group of Fiduciaries.
	PNL Pioneers New Offshore Insurance Products 3/14/2012 Paul Napier Ltd, an independent Lloyd’s insurance broker that specialises in the provision of professional and financial Lines insurance classes to the offshore financial services industry, has announced the arrival of a new range of insurance products for the UK and international offshore financial services industry including the trust, family trust, fiduciary and corporate service provider sectors.
	Hong Kong Reviews Plans For Financial Services 3/9/2012 Secretary for Financial Services and the Treasury, Professor K C Chan, has tabled a plan at the Legislative Council Finance Committee, whereby the government will continue to work closely with regulators and the industry to foster the sustained development of the financial services industry in Hong Kong.
	Guernsey Firm Gets CSP Licence 3/12/2012 Guernsey-based firm Alter Domus, a leading independent provider of professional administration services for multinational corporations and alternative investment funds, has received approval from the Guernsey Financial Services Commission to provide a wider range of products and services.
	US Court Closes Employee Insurance Benefit Tax Scheme 3/12/2012 The United States Justice Department has announced that a federal court has permanently barred the operation of an alleged scheme that helps high-income individuals attempt to avoid income taxes by funnelling money through purported "welfare benefit plans”.
	Mixed Fortunes For Cayman Finance Industry 3/1/2012 The Cayman Islands' Economics and Statistics Office has reported that the island's economy began to recover from the economic downturn during the first nine months of 2011, with growth of 1.2% year-on-year recorded, compared to a contraction of 5.8% in the same period a year earlier. However, the financial services sector continues to see mixed results.
	Appleby Set To Launch Shanghai Office 2/28/2012 Appleby, which claims to be the world's largest provider of offshore legal and fiduciary and administration services, has announced its decision to expand its global reach by establishing a new representative office in Shanghai, China.
	South African Budget Unveiled 2/24/2012 Despite the concerns previously expressed over prospective South African public sector debt levels, Minister of Finance Pravin Gordhan’s 2012 Budget confounded expectations by looking for reduced fiscal deficits, rather than increases, in the next three years, despite tax relief measures and significant increases in government spending.
	UK, Singapore Ink DTA Protocol 2/22/2012 The UK and Singapore have signed a second protocol to their existing Double Taxation Agreement, amending withholding tax rates.
	France Backs New FATF Standards 2/21/2012 French Finance Minister François Baroin has welcomed the adoption of the new Financial Action Task Force anti-money laundering standards following a lengthy process undertaken in close consultation with the private sector and civil society.
	Malaysian Budgetary Efforts Stunted By Economic Slowdown 2/16/2012 The International Monetary Fund has said Malaysia surpassed fiscal consolidation targets in 2011 as a result of better-than-budgeted revenue performance and efforts to broaden the tax base. The IMF has warned, however, that the government may be required to rein in austerity measures at the cost of consolidation as the economy slows in 2012.
	Guernsey Firms Scoop Offshore Business Awards 2/14/2012 A number of Guernsey-based law and wealth management firms were among the winners at the recent Citywealth Offshore Awards in London.
	Liechtenstein, UK Seal Tax Treaty 2/9/2012 During a recent working visit to Vaduz by Dave Hartnett, UK Permanent Secretary for Tax, Liechtenstein and the UK initialled a landmark comprehensive bilateral Income Tax Treaty, and extended the unique Liechtenstein Disclosure Facility.
	Osborne Urged To Slash UK Corporate Tax 2/3/2012 High corporation tax rates penalise the only organisations capable of driving economic recovery in the UK, according to the Centre for Policy Studies.
	Mourant Ozannes Opens Hong Kong Office 2/3/2012 Leading offshore law firm, Mourant Ozannes, has opened an office in Hong Kong to provide clients and intermediaries with access to the firm's offshore legal services in an Asian time zone.
	Switzerland Yields To US Tax Demands 2/6/2012 Following mounting pressure from the US attorney’s office, Switzerland has finally handed over to US investigators comprehensive, encrypted, banking data pertaining to eleven Swiss banks, alleged to have aided wealthy Americans to evade US taxes amounting to billions of euros.
	Liechtenstein's PM Welcomes Dawn Of New Tax Era 2/1/2012 Determined to portray a new and positive image of the Principality, Liechtenstein’s Prime Minister and Finance Minister Klaus Tschütscher has recently insisted that the age of so-called tax havens, jurisdictions deemed to be uncooperative in tax matters, is now over.
	Guernsey Outlines 2012 Financial Sector Agenda 1/25/2012 Guernsey's Commerce and Employment Department has outlined its agenda for the forthcoming year, which includes concluding legislative programs to allow for the creation of Limited Liability Partnerships, Limited Partnerships and Foundations in Guernsey.
	Malta Finance Centre In Good Shape 1/18/2012 Malta's efforts to establish itself as a dynamic, cost-efficient, financial services domicile is paying dividends, according to promotional agency MaltaFinance, which has highlighted that each of the island's financial services sectors, insurance, banking, trusts and funds, recorded solid performance during 2011.
	Ogier First Offshore Law Firm In Luxembourg 1/13/2012 Ogier, a leading provider of international legal and fiduciary services, has announced plans to target new clients in Luxembourg with the establishment of legal and fiduciary businesses in the territory.
	Jersey Ups Promotion In India 1/12/2012 Jersey Finance has undertaken further promotional activity in India this month following the signing of a Tax Information Exchange Agreement with the territory in November to strengthen business ties.
	Singapore Issues Revised E-Guide On Tax Treatment Of Trusts 1/9/2012 The Inland Revenue Authority of Singapore has published a revised version of its e-guide on the income tax treatment of trusts, following the several new provisions included in the Income Tax Act after the publication of its first e-guide on this topic in 2006.
	IoM Amends AML/CTF Handbook 12/30/2011 The Isle of Man's Financial Supervision Commission has announced amendments to the territory's Anti-Money Laundering and Countering the Financing of Terrorism handbook.
	Jersey Structure Employed In Polymetal's LSE Listing 12/23/2011 Channel Islands law firm Carey Olsen has advised Polymetal International, the largest silver and fourth-largest gold extraction company in Russia, and one of the top five primary silver extraction companies worldwide, on the Jersey aspects of its listing on the main market of the London Stock Exchange.
	Singapore Hikes Property Taxes 12/12/2011 Singapore’s government has announced an Additional Buyer’s Stamp Duty to be imposed on certain categories of residential property purchases, in addition to the current buyer’s stamp duty.
	Litigation Funding Now Available In Jersey 12/6/2011 A landmark judgment from the Royal Court in Jersey now officially recognises third-party litigation funding in Jersey, provided that it is properly structured.
	Trusts To Benefit From Australian Tax Reforms 11/28/2011 Australia's Assistant Treasurer Bill Shorten has recently announced that a new consultation paper concerning the modernization of trust taxation will give trustees and beneficiaries of over 660,000 trusts the opportunity to have a better say in their own financial future.
	UK Launches New Offshore Tax Unit 11/24/2011 A new specialist unit targeting those with undeclared offshore income has been launched by the UK tax authority, HM Revenue and Customs.
	Isle of Man Set To Introduce Foundations 11/18/2011 The Isle of Man's Treasury Minister Eddie Teare has welcomed the announcement of Royal Assent to new legislation that would permit the establishment of foundations in the territory, enhancing its position as a centre for international wealth management.
	Canada Consults On Income And Sales Tax Changes 11/3/2011 The Canadian government has unveiled a package of draft legislative proposals relating to income and sales tax regulations.
	UK Targets Foreign Property Owners 11/3/2011 The UK government is focussing on wealthy individuals with overseas property in its ongoing crackdown on tax avoidance.
	Hong Kong's Fund Managers Told Of New Opportunities 11/1/2011 A speech by Hong Kong’s Financial Secretary, John C Tsang, at the Annual Conference of the Hong Kong Investment Funds Association, looked at how Hong Kong's asset management industry can steer a path towards new opportunities during the period of China’s 12th Five-Year Plan.
	New Zealand Tax Man Targeting Overseas Accounts 10/19/2011 New Zealand Inland Revenue has issued a revenue alert advising people that they are required to declare all income from foreign sources.
	Atlas Targets Asian Trust Services Market 10/18/2011 Atlas Corporate Services Group, a leading international corporate and trust service provider, has announced that it has been granted new licences to operate in the Ras-Al-Khaimah Free Trade Zone and in Mauritius, as the firm expands its global reach into Asia.
	Further Call For Indirect Tax Switch In Italy 10/17/2011 With the government’s own proposals in danger of being overshadowed by political events, the President of Assonime (the association of Italian limited companies), Luigi Abete, has suggested a revenue-neutral tax reform package to encourage growth back into the Italian economy.
	Canada, SVG Begin Tax Information Exchange 10/13/2011 Last year's tax information exchange agreement signed between Canada and St. Vincent and the Grenadines has entered into force, the provisions of which are based on the Organization for Economic Cooperation and Development’s internationally agreed standard on exchange of tax information.
	Tax Incentives Feature In Malaysia's 2012 Budget 10/11/2011 In what is considered to be the last before he calls for elections, the Malaysian Prime Minister and Minister of Finance, Datuk Seri Najib Tun Abdul Razak, recently introduced a 2012 Budget that was full of tax breaks and incentives.
	Switzerland, UK Seal Tax Deal 10/10/2011 Swiss Federal Councillor Eveline Widmer-Schlumpf and UK Exchequer Secretary to the Treasury David Gauke recently signed a landmark tax agreement in London, concerning the taxation of UK investors’ income in Switzerland.
	Switzerland Reaches Out To Over-Taxed HNWIs 10/6/2011 Swiss cities including Bern, Lausanne, Lugarno and Lucerne have launched a new marketing campaign promoting the low taxes and the business benefits of moving to Switzerland, targeting UK companies and wealthy individuals suffering from a serious case of the fiscal blues.
	IRS Reminds Estates Of New Tax Break 10/5/2011 The United States Internal Revenue Service has reminded estates of married individuals dying after 2010 that they must file an estate tax return, before October 31, to pass along their unused estate and gift tax exclusion amount to their surviving spouse.
	Liechtenstein, North Germany Strengthen Ties 10/4/2011 During a recent visit by Liechtenstein’s Prime Minister Klaus Tschütscher to North Germany, the Principality was recognized as a stable and reliable financial and economic location.
	Jersey Rated As Top IOFC 9/29/2011 Jersey has retained its position as the highest rated offshore international finance centre in the latest Global Financial Centres Index published on September 26, 2011.
	Global Forum Affirms Liechtenstein's Fiscal Commitments 9/19/2011 In a recently published report, summarising the legal and regulatory framework for transparency and exchange of information for tax purposes in Liechtenstein, the OECD's Global Forum underlines the principality’s commitment in the area of taxation.
	New Zealand Government Welcomes Tax Avoidance Ruling 8/29/2011 The New Zealand Supreme Court has dismissed an appeal by two Christchurch surgeons who had challenged a ruling that the use of family trusts to artificially lower their salaries was illegal tax avoidance.
	Jersey To Widen Fund Prospectus Rules 8/19/2011 The Jersey Financial Services Commission has published feedback on two consultations, on Certified Fund Prospectuses, and on Codes of Practice for Certified Funds, both issued in 2009.
	Vistra Acquires Herald Fund Services 8/5/2011 The Jersey arm of Vistra Group, a leading independent provider of trust, fiduciary, corporate and fund services, has announced the acquisition of Herald Fund Services limited. Existing clients and Herald's fund administration have been transferred to Vistra Jersey.
	Australia To Remove Disability Trust Barriers 8/2/2011 Australian citizens with severe disability and their carers are being asked to comment on draft legislation that will remove income tax barriers to make it easier for people to contribute to a Special Disability Trust.
	First Channel Island Law Firm Opens In Singapore 8/3/2011 Collas Crill has become the first Channel Islands-based law firm to open an office in Singapore.
	Philippines Issues REIT Revenue Regulations 8/1/2011 The Bureau of Internal Revenue has issued its much-delayed revenue regulation governing the tax incentives to be granted to real estate investment trusts in the Philippines.
	Hong Kong Continues To Grow Its Fund Management Business 7/22/2011 The Securities and Futures Commission, in its annual survey of fund management activities, confirmed that such business in Hong Kong reached over HKD10 trillion last year, up 18.6% compared to 2009.
	Canada Amends 'Tax Fairness' Law 7/22/2011 The Canadian government is to amend its income tax legislation to bring in changes to the tax treatment of specified investment flow-through entities, real estate investment trusts and publicly-traded corporations. The changes were announced on July 20.
	Philippines REIT Tax Regulations Approved 7/12/2011 It is expected that the much-delayed publication by the Bureau of Internal Revenue of the proposed tax incentives for real estate investment trusts in the Philippines will be published shortly.
	Jersey Delivers Landmark Trust Ruling 7/12/2011 Carey Olsen has commented on a significant judgment delivered by the Jersey Royal Court, where Jersey chose not to apply the same methods as an English court in its decision on an important part of trust law.
	Hong Kong Strengthens Research Analyst Rules 7/6/2011 Hong Kong’s Securities and Futures Commission has published the consultation conclusions on proposals to expand the scope of conflicts-of-interest requirements governing research analysts.
	BVI Highlights Trust Expertise 7/6/2011 The benefits of using the British Virgin Islands as a jurisdiction for trusts and estates were the recent focus of a BVI International Finance Centre sponsored roundtable discussion with senior private sector individuals at BVI House in London.
	New Zealand Publishes AML Regulations 7/4/2011 Entities subject to the New Zealand Anti-Money Laundering and Countering Financing of Terrorism Act 2009 have two years to be compliant, following the publication of regulations and a commencement order.
	ATO Warns About Employer Loan Repayments 7/1/2011 The Australian Tax Office has issued a taxpayer alert warning people to be cautious when entering into arrangements where an employer repays a loan made to an employee by an employee share trust.
	Australian Tax Experts Welcome Trust Guidance 7/1/2011 The Tax Institute of Australia has welcomed the Australian Tax Office’s announcement of special administrative arrangements for the application of new distribution streaming measures for the nation’s 600,000 trusts.
	Portugal Expands Tax Treaty Remit 6/24/2011 Portugal is to add to its collection of tax treaties still further, with the announcement that negotiations have been concluded with two key countries, and that a new tax information exchange agreement has been signed.
	Guernsey At The Centre Of Major Trusts Ruling 6/24/2011 A long-awaited Privy Council judgment on a Guernsey trust case has overturned decisions of the Royal Court of Guernsey and Guernsey Court of Appeal in a move that is set to have a significant impact on how trust law is interpreted in the future.
	French Assembly Adopts Collective Budget Bill 6/17/2011 The French National Assembly has voted in favour of the government’s supplementary 2011 finance bill, providing for a reduction in the taxation of wealth and for the abolition of the highly controversial and increasingly untenable tax shield mechanism.
	Hong Kong Studies Listing Of Business Trusts 6/14/2011 In answer to a question in the Legislative Council, Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, disclosed that the Securities and Futures Commission and Hong Kong’s Stock Exchange are looking into the potential listing of active business trusts.
	Guernsey Seeks Trusts Data 6/14/2011 The Guernsey Financial Services Commission has announced that 2011 Fiduciary Annual Return forms will shortly be available with changes made in light of a key recommendation from the International Monetary Fund to improve the island's monitoring of island-based assets.
	UK Legislates For San Marino TIEA 6/13/2011 The UK has begun the legislative procedure for the ratification of its tax information exchange agreement with San Marino, paving the way for its application.
	South Africa Consults On 2011 Budget Bills 6/6/2011 South Africa’s National Treasury has released for public comment a draft of the 2011 Taxation Laws Amendment Bills that give effect to most of the 2011 Budget tax proposals, as well as to additional urgent measures.
	Kleinwort Bensons Expands Offshore Reach 6/7/2011 Kleinwort Benson has announced the completion of its acquisition of Close Offshore Group, first publicized in March 2011.
	Australia Clarifies Trust Taxation 6/7/2011 Australia's Assistant Treasurer, Bill Shorten on June 2 introduced legislation that will ensure that capital gains and franked distributions can continue to be 'streamed' through trusts.
	Canada Expanding TIEA Network 6/6/2011 Canada's network of tax agreements is in the process of substantial expansion, with the entry into force of two tax information exchange agreements, and the commencement of negotiations on four others announced by the Department of Finance.
	OECD Reviews Jurisdictions' Tax Transparency 6/2/2011 The Organisation for Economic Cooperation and Development has released a series of new Peer Review reports, covering the exchange of information for tax purposes, and making recommendations for improvements in this area.
	Australia Improves Disability Trust Tax Rules 5/23/2011 The Australian Assistant Treasurer Bill Shorten has announced that the Government will introduce legislation to remove further income tax barriers that impede families from making financial contributions to a Special Disability Trust.
	Philippines To Announce REIT Tax Exemptions 5/19/2011 It is expected that the much-delayed approval by the Bureau of Internal Revenue of the proposed tax incentives for real estate investment trusts in the Philippines will be available shortly.
	France Presents Wealth Tax Reform Plans 5/13/2011 During a recent council of ministers meeting, French Budget Minister François Baroin presented the country’s 2011 supplementary finance bill, providing for the profound reform of the taxation of wealth in France.
	Carey Olsen Named Offshore Law Firm Of The Year 5/5/2011 Channel Islands law firm Carey Olsen has been named international offshore law firm of the year and client-focused law firm of the year by leading mergers and acquisitions publication ACQ.
	OECD Publishes Seven Country Reviews On Tax Transparency 4/28/2011 The Organisation for Economic Cooperation and Development has published two new reports in its assessments of countries’ frameworks for facilitating the tackling of tax evasion through tax information exchange.
	Jersey Finance Targeting Affluent Russians 4/25/2011 New quality business is ripe for the picking in Russia as growing numbers accumulate wealth, according to Jersey Finance, the government's financial services industry promotional body.
	Australia Delays Trust Tax Overhaul 4/21/2011 Managed Investment Trusts have an extra year to get ready for the new MIT tax system after the Australian federal government announced that it will defer the start date of the new laws from July 1, 2011 to July 1, 2012.
	First Jersey Company Law Reference Book Published 4/20/2011 Bedell Cristin partner Mark Dunlop has written the first comprehensive book to deal with Jersey company law.
	First Channel Islands Trust Firm Opens India Office 4/18/2011 Guernsey-headquartered Nerine Group has become the first independent trust company from the Channel Islands to open a full office in India, Nerine Advisory Services in Delhi.
	Guernsey Consults On Foundations Law 4/15/2011 Guernsey’s Commerce and Employment Department has published a consultation document on draft legislation providing for the proposed introduction of the foundation company form in Guernsey.
	Australia To Improve Taxation Of Trust Income 4/14/2011 The Australian Assistant Treasurer Bill Shorten has released for public consultation exposure draft legislation that will increase certainty for trustees and beneficiaries of approximately 660,000 trusts in Australia.
	Hong Kong Issues REIT Guidance 4/12/2011 Hong Kong’s Securities and Futures Commission has published an investor education article explaining key features and risks related to latest real estate investment trust products, particularly to those denominated and trading in renminbi.
	EU Launches Assault On 'Harmful' Taxes 4/5/2011 Speaking at the 'Workshop on the Outlook for Financial Markets, for their Governance and for Finance,' the EU Commissioner for Taxation, Algirdas Šemeta, disclosed that the European Union, as part of a three-point plan to tackle member states' debts, will increase their assault on 'harmful' tax regimes.
	IK Acquires Offshore Incorporations Group 3/29/2011 IK Investment Partners has announced that it has acquired from the Carlyle Group the Offshore Incorporations group of companies, which is the Asian market leader in company formation and associated services.
	US 'Free File' Open To Expats 3/29/2011 The United States Internal Revenue Service has announced that taxpayers living abroad can now use its Free File to prepare and electronically file their returns at no cost.
	NZ Ministers Highlight Tax Changes 3/28/2011 New Zealand’s second round of Budget 2010 tax changes will help make businesses more competitive and further rebalance the economy towards savings and exports, Finance Minister Bill English (pictured) and Revenue Minister Peter Dunne have said.
	Jersey Trust Experts Examine Court Rulings 3/29/2011 There was a significant turnout at a recent Jersey conference, which focused on the precarious future of the Hastings-Bass principle, which sets out when a court may intervene in cases where a trustee acts under his or her own discretion, particularly in cases involving tax.
	Jersey Expands Presence In Key Markets 3/16/2011 Jersey’s links with India and the Gulf Cooperation Council nations will be strengthened from this month through the official launch of Jersey Finance’s representative offices in Abu Dhabi and Mumbai, and the signing of a Tax Information Exchange Agreement with India.
	Philippines Introduces New Taxpayer Information Return 3/9/2011 The Philippines’ Bureau of Internal Revenue has promulgated regulations requiring the filing by certain taxpayers of an annual information return, either alone or in addition to their annual tax return, beginning with income earned in the 2010 tax year.
	Australia To Improve Taxation Of Trust Income 3/9/2011 In December, Bill Shorten, Australia’s Assistant Treasurer, announced that the government would conduct a public consultation process as the first step towards improving the taxation of trust income, and a discussion paper has just been released.
	Shorten Details Australian Tax Simplification Plans 3/7/2011 Australia’s Assistant Treasurer Bill Shorten took the opportunity to promote the success of the Gillard Government’s tax policies, including simplification, in a speech to the Taxation Institute of Australia in Brisbane last week. He also used the occasion to slam the opposition’s tax reform ideas as 'petty and cynical'.
	ATO Alert Targets Company Loans 3/7/2011 The Australian Tax Office has recently released a Taxpayer Alert warning taxpayers of arrangements involving loans to members of a company limited by guarantee and the operation of Division 7A of the Income Tax Assessment Act 1936.

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