News

Sovereign Report – Issue 44

Content Summary

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  1. European News
    • Gibraltar announces legislative and regulatory overhaul
    • Portugal changes rules on tax residency and taxation of trusts
    • Fourth European AML Directive published in full
    • Swiss Federal Council consults on international exchange of tax information
    • San Marino Aircraft Registry ratifies Cape Town
    • Cyprus relaxes restrictions on capital movement
    • Italy opens voluntary disclosure programme for foreign assets
    • Russia introduces “de-offshorisation” Law
  2. USA & Caribbean News
    • Obama proposes tax on overseas profits of US firms
    • Canada launches immigration pilot programme for HNWIs
    • IRS opens FATCA data exchange service
    • Cayman stands firm on beneficial ownership regime
    • Cayman Grand Court (Amendment) Law comes into force
    • BVI brings Arbitration Act 2013 into force
  3. Far East News
    • Abu Dhabi financial free zone selects English common law
    • Microsoft fined $137 million for “tax evasion” in China
    • China announces new measures on FTZs and pilot reforms
    • Dubai proposes new succession rules for non-Muslims
    • MEBA makes debut at Al Maktoum
    • Singapore to adopt OECD information exchange standard by 2018
  4. Legal News
    • UK Revenue loses CGT dispute over Reynolds painting
    • Dutch Tax Court confirms ECJ decision on incompatibility of fiscal unity regime
    • German Court orders amendments to inheritance tax exemptions for family-owned firms
    • The UK’s highest high-net-worth divorce settlement
    • Credit Suisse ordered to pay US$1.8 billion to finalise US guilty plea
  5. Fiscal News
    • EU signs off on enhanced parent=subsidiary directive
    • European Commission extends enquiry on tax rulings to all Member States
    • UK ramps up tax measures in Autumn Statement
    • Swiss voters retain “lump sum” tax regime for wealthy foreigners
    • UK agrees to limit patent box regime
    • OECD says tax revenues are rebounding from the financial crisis
  6. and introducing…
    • Simon Garveen is…Sovereign Man

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Tel: +350 200 76173