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

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.

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’.

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

Beware the offshore tax crackdown

The offshore financial interests of millions of Britons have been handed to HMRC since 2018

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

Cyprus releases its 2021 lists of CRS Reportable and Participating Jurisdictions

Reportable Jurisdictions are those participating jurisdictions with an agreement in place to exchange relevant CRS account information with Cyprus.

Buffet of tax-evading secrecy revealed by US settlement with Swiss bank Rahn+Bodmer

This is a global ranking of the countries most complicit in helping wealthy individuals hide their wealth from the rule of law

Non-fungible tokens: at the UK legal and tax frontier

Is this just another bubble waiting to burst or is it the sign of an important shift in attitude towards the digital world?