- Managers of Wealth - Legal - Wealth, private banking and asset management news and opinion

An Overview of OECD Pillar 2

Addressing the tax challenges raised by digitalization has been a priority of the OECD/G20 Inclusive Framework on base erosion and profit shifting (BEPS) since 2015.

UK tax authority seizes NFTs for first time in £1.4m fraud probe

The digital tokens, which emerged in 2014, can be thought of as certificates of ownership for virtual or physical assets.

Tax disputes: follower notices and accelerated payments

The rules apply to income tax, National Insurance contributions (NICs), capital gains tax, corporation tax, apprenticeship levy, inheritance tax, stamp duty land tax and the annual tax on enveloped dwellings.

How a Tiny Tennessee Court Case May Shape the Future of Digital Assets: A Dispute over a $3,800 Tax Bill Could Have Billions of Dollars in Consequences

In essence, this staking process lets validators use tokens they already have (and a relatively small amount of computing power) to obtain additional tokens.

Foreign-owned companies responsible for third of suspected underpaid UK tax

The figures showed £11.5 billion from a total of £35.8bn suspected to be underpaid.

HMRC rethinks new VAT policy for early termination and compensation payments

Under the new policy, which applies from 1 April 2022, where supplies subject to VAT are made, other payments that are required to be made to the supplier under that contract, such as early termination fees, will usually also be subject to VAT.

Tax Meets ESG: Emerging Corporate Governance Risks and Opportunities

Companies must be prepared to respond to the increasing pressure for tax transparency. At a minimum, this preparation enables the company to control its tax narrative.

French Tax Report and Financial Market News

This tax report provides you with the relevant current French tax news together other general information regarding the French financial market.

UAE set to impose corporation tax in 2023

Businesses will only need to file one corporate tax return each financial year

VAT, employee incentives and vouchers

The desire to incentivise employees did not constitute a sufficient business purpose within the meaning of Article 26(1)(b).

MTD income tax pilot attracts just over 1,000 volunteers

The data, acquired from HMRC via a freedom of information request, shows that the number of annual sign ups has fallen from 877 in 2018-19 to only 26 in the most recent full year, 2020-21.

Increased US Gift and Estate Tax Exemptions and Further Planning Opportunities in 2022

The maximum gift and estate tax rate remains at 40% of the fair market value of the relevant assets.

US Tax Issues For Non-US Crypto Investors

This is because, for US tax purposes, gain on the sale of property is generally treated as tax-free foreign source gain in the hands of a foreign seller.

How Can Financial Institutions Achieve Efficient Regulatory Reporting?

When the accountholders provide their information to a financial institution, they expect that the institution will use their information to comply with the law.

Ed Renn featured in Accounting Today's "IRS Having Difficulty Processing Power of Attorney Forms"

Last year as part of Biden’s proposals we suddenly had refundable Child Tax Credits and the change to the Employee Retention Tax Credit on the employer’s side.

Jersey to introduce taxation for enveloped property transactions

Guernsey introduced such a measure back in November 2017 in a law which reflects much of the same language as that now proposed in Jersey.

OECD releases latest edition of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations

Governments need to ensure that the taxable profits of MNEs are not artificially shifted out of their jurisdiction and that the tax base reported by MNEs in their country reflects the economic activity undertaken therein and taxpayers need clear guidance

New Attribution Requirement Denies Foreign Tax Credits for Certain Withholding Taxes (And Other Taxes)

In particular, the Final Regulations adopt a new “attribution requirement” (Attribution Requirement) that restricts the availability of FTCs to foreign taxes that the Treasury and the IRS consider to be similar to US taxes.

The Mauritius FSC clarifies requirements to meet substance conditions

As a reminder, effective 1 January 2019, the deemed tax credit regime whereby companies holding a Category 1 Business Licence were entitled to claim a deemed tax credit of 80% was abolished and replaced by a partial exemption regime on qualifying income.

Italian tax authorities provide new guidance on the tax treatment of Liechtenstein family foundations

The asset was intended to be sold and the proceeds so derived by the Stiftung were to be distributed to the heirs of the founders.