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Sovereign Report Issue 49

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Content Summary

    1. European News

    • UK finalises tax reforms for non-UK domiciled individuals
    • Cyprus approves revised citizenship scheme
    • EC adopts Directive on access to beneficial ownership information
    • Swiss voters reject tax reform plan
    • Cyprus amends IP regime
    • Gibraltar Parliament approves Private Foundations Bill
    • Portugal introduces surcharge on high-value homes
    • UK opens Worldwide Disclosure Facility

    2. USA & Caribbean News

    • US Justice Department completes Swiss Bank Programme
    • Bahamas gazettes laws to amend trusts regime and enable CRS
    • Panama signs OECD multilateral tax information sharing convention
    • Canada to impose capital gains tax on foreign homebuyers
    • UK not to force OTs to make beneficial ownership registries open to public
    • US offshore voluntary compliance initiatives net US$10 billion

    3. Middle East and Asia

    • India agrees tax treaty Protocols with Mauritius, Cyprus and Singapore
    • China launches pilot scheme to unify working permits for foreigners
    • South Africa opens Special Voluntary Disclosure Programme
    • China imposes changes to Foreign Invested Enterprises (FIE) regime
    • UAE signs Multilateral Convention on Mutual Administrative Assistance
    • Hong Kong and Singapore begin signing AEOI agreements

    4. Legal News

    • EC publishes final negative decision in €13 billion Apple tax case
    • French Court rules against public access to Register of Trusts
    • English divorce courts cannot order sharing of overseas pension fund
    • Jersey Court ruling on beneficial ownership of Jersey companies
    • French Court acquits art dealer Wildenstein of tax fraud

    5. Fiscal News

    • G20 leaders endorse new international standard for tax transparency
    • OECD launches Automatic Exchange Portal for bilateral relationships
    • EU instigates screening process for tax haven ‘blacklist’
    • European Commission puts forward major corporate tax reform
    • Italy introduces ‘non-dom’ tax status for foreign residents
    • UK tax treaty with United Arab Emirates comes into force
    • EU introduces automatic exchange for cross-border tax rulings
    • Australia brings in Diverted Profits Tax for large multinationals
    • United Nations to incorporate BEPS changes into Model Tax Treaty

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