Sovereign Report – Issue 47

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Content Summary

  1. European News
    • UK targets second-home owners in Autumn Statement
    • Sovereign Malta pensions to offer “flexi-access” drawdown
    • Cyprus plans to amend Intellectual Property tax regime
    • Guernsey introduces flexibility of retirement benefits
    • Guernsey aircraft register to open for commercial operations
    • Swiss Senate votes for automatic exchange of tax information
  2. USA & Caribbean News
    • St. Lucia opens new Citizenship-by-Investment scheme
    • Overseas Territories resist demands for beneficial ownership registers
    • Cayman islands to introduce Limited Liability Companies
    • BVI introduces requirement to file a Register of Directors
    • US collects US$1.36 billion under Swiss Bank Programme
  3. Middle east and Asia
    • Hong Kong government gazettes tax information exchange bill
    • China and Singapore to enhance Free Trade Agreement
    • Hong Kong again ranked as world’s freest economy
    • Invest HK assists record number of foreign companies
    • China confirms drive to replace Business Tax with VAT
    • Mauritius to begin automatic exchange in September 2018
  4. Legal News
    • European Commission opens formal investigation into McDonald’s tax deal with Luxembourg
    • Spanish soprano receives suspended jail sentence for tax fraud
    • Florida appeal court upholds award to Robert Rauschenberg estate trustees
    • Widow’s claim for further financial provision rejected
  5. Fiscal News
    • G20 leaders endorse OECD’s plan to combat BEPS
    • European Council adopts Directive for exchange of advance tax rulings and pricing arrangements
    • European Commission finds Belgian “excess profit” tax scheme is illegal
    • EC presents new measures against corporate tax avoidance
    • Switzerland agrees AEOI with British Crown Dependencies

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