04/30/2021
Cayman Islands: Updates regarding DITC portal and CRS and FATCA compliance
The update advises that the CRS reporting functionality in the DITC portal has been re-enabled
Tax
04/27/2021
Users as digital assets: highlights from a tax perspective
Therefore, users are to be taken into account as important assets for enterprises, capable of driving and changing the taxation approach of various transactions.
04/26/2021
Tax avoidance not a main purpose of transaction, says UK tribunal
It was originally envisaged that the consideration for the sale would be a mixture of cash and ordinary shares issued by the purchaser.
04/26/2021
Swiss bank pays up to settle German tax evasion probe
A long-running dispute with Germany is fading now that both countries and others automatically exchange data about bank accounts.
04/23/2021
UK Footballers and their agents face increased tax bills as HMRC clamp down on perceived tax loophole
The element of the payment which is made on behalf of the player will be treated as taxable income of the player as a ‘benefit in kind’.
04/23/2021
No or only nominal tax jurisdictions carry out first annual information exchanges
The information to be exchanged relates to the identity, activities, and ownership chain of entities that are noncompliant with substance requirements or that engage in “high-risk” activities, such as activities relating to intellectual proper
04/21/2021
Beware the offshore tax crackdown
The offshore financial interests of millions of Britons have been handed to HMRC since 2018
04/20/2021
You heard NY finalized its budget: What does this mean for the art world?
While some may forecast a negative impact on the art market as collectors may have less cash in their pockets available for discretionary purchases (like art), we do not think this tax change spells all doom and gloom.
04/19/2021
New carbon price makes energy efficiency in the German building sector even more important
It is expected that the costs incurred as a result will be passed on by the so-called distributors to their customers, and therefore to anyone who uses fossil fuels.
04/16/2021
New US proposals for reforming the international tax system
The Organisation for Economic Cooperation and Development (OECD) has been working on proposals for addressing the tax challenges of the digitalisation of the economy for a number of years.
04/16/2021
Luxembourg: Tax assessments: Pre-litigation and litigation procedures for corporate taxpayers
This article provides a brief overview of the key elements of the procedural framework for contesting decisions issued by the LTA, as applicable to corporate income tax, municipal business tax, and net wealth tax.
04/14/2021
Dentons Canada is successful in a Tax Court decision involving section 160 of the Income Tax Act and the General Anti-Avoidance Rule
The negotiated price was higher than the amount of the proceeds that would have remained in the subsidiaries after paying taxes from the land sale.
04/14/2021
A new dispensation and a potential retirement fund tax bomb for emigrants from South Africa
All new emigration applications from 1 March onwards will be processed by the South African Revenue Service (SARS) in terms of a new procedure which will focus on the cessation of tax residence by a South African resident.
04/13/2021
UK tax compliance and enforcement for wealthy individuals
Wealthy individuals sit predominantly within the department's wealthy and midsized business compliance directorate (WMBC) which is responsible for general compliance, including spotting and correcting mistakes.
04/13/2021
NGO criticises law that allows avoiding criminal penalty for tax evasion
The organization argues that Romania has introduced "one of the mildest sanctioning regimes in the European Union" that encourages tax evasion, G4media.ro reported.
04/12/2021
New York is raising taxes for millionaires. Will other states follow?
The plan also includes more relief for those hit hardest by the coronavirus pandemic such as renters, small businesses, and undocumented immigrants.
04/12/2021
New Tax Transparency Rules for Digital Platforms introduced by DAC 7
The overall aim of this Directive is to improve administrative cooperation in the field of taxation and address the challenges posed by the digital platform economy.
04/12/2021
Cryptocurrency users beware: IRS targets unknown taxpayers via John Doe summons
The summons require the crypto exchanger to produce records identifying all such taxpayers falling above this US$20,000 threshold, along with any documentation related to their cryptocurrency transactions.
04/08/2021
US gift and estate tax legislative proposals
The proposals would change the gift and estate tax exemption amounts and rates and meaningfully impact trust planning.
04/07/2021
Luxembourg lists of CRS Participating and Reportable Jurisdictions
Such agreement will either be in the form of the OECD’s Multilateral Competent Authorities Agreement (MCAA) or another type of exchange of information agreement such as a Tax Information Exchange Agreement (TIEA).