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Sovereign Report – Issue 48

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Content Summary

  1. European News
    • Cyprus to begin accepting online betting applications
    • UK votes to leave the European Union
    • UK Budget tax changes heralds a further clampdown on avoidance
    • Swiss parliament approves corporate tax reform bill
    • France opens Register of Trusts to public access – then suspends it
    • UK government targets foreign owners of UK property
    • Gibraltar’s new Limited Liability Partnerships Act comes into force
    • New EASA rules come into force
    • EC proceeds with common property regime for international couples
  2. USA & Caribbean News
    • US Treasury rules to increase financial transparency
    • Cayman to repeal Confidential Relationships (Preservation) Law
    • Julius Baer signs deferred prosecution agreement with the US
    • Canada to tax Florida and Delaware LLPs and LLLPs as corporations
    • US court dismisses FATCA challenges
  3. Middle east and Asia
    • India to tax Mauritius and Cyprus investments from April 2017
    • New Hong Kong tax concessions for corporate treasury centres
    • South Africa revises Special Voluntary Disclosure Programme
    • China’s Unified Business Certificate
  4. Legal News
    • UBS agrees to US tax authority’s Singapore disclosure request
    • Swiss bank in serious breach of money laundering regulations
    • Spanish and French tax authorities raid Google’s offices
    • Former model secures £75 million divorce settlement in UK Court
    • High Court dismisses claim over division of Liechtenstein assets
    • Guernsey court refuses to set aside “mistake” over £500,000 tax charge
  5. Fiscal News
    • Singapore and Hong Kong sign up to OECD BEPS project
    • European Council agrees draft rules on corporate tax avoidance
    • UAE signs tax treaty with UK and protocol with Singapore
    • Five more nations agree to automatic exchange of information
    • G5 agree to automatic exchange of beneficial ownership information
    • China completes transition to VAT

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Tel: +350 200 76173