us banking lobby urges congress to challenge
As US financial institutions become increasingly aware of FATCA and its implications, a growing number of them are urging Congress to think again, says David Kuenzi, of US-based Thun Financial Advisors
Tax & Regulation
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tax haven moniker well and truly dead says manx
The Isle of Man has become the first British Crown Dependency to sign an agreement with the UK extending the automatic disclosure of tax information.
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uk tax gap falls marginally to 7
The UK’s ‘tax gap’ for the 2011-2012 tax year at stood at £35bn ($56bn, 41bn), or 7%, continuing a long-term downward trend, according to figures released late last week.
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swiss to start talks on revised savings tax deal
The Swiss government has signalled that it is close to starting a renegotiation of its savings tax agreement with the European Union and also indicated a more open stance to wider cooperation on tax matters with the rest of the world.
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hmrc should launch tax amnesty for evaders
HM Revenue & Customs is losing more than £17bn each year by not launching a tax amnesty, according to a report by accountants Crowe Clark Whitehill.
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hong kong seeks agreement with us
The Securities and Futures Commission has confirmed Hong Kong is one of 80 countries globally currently in negotiations with the US over its controversial FATCA law.
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HMRC under fire from independent body
HM Revenue & Customs has come under fire for not getting to grips with the rise in level of complaints against it, which more than doubled over the year to the end of March 2013.
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Singapore ifas welcome regulator response
Financial advisers in Singapore have welcomed the greater clarity given by the Monetary Authority of Singapore response to the FAIR consultation.
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ESMA clarifies final guidelines on aifmd
The European Securities and Markets Authority (ESMA) has published final guidelines on the reporting obligations for alternative investment fund managers under the new Alternative Investment Fund Managers Directive, launched in July.
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watered down version of indian garr
The Indian government has confirmed that it is ploughing ahead with its general anti-avoidance (GAAR) rule, albeit in a more watered down form, according to reports, with the new tax rules set to come into force from April 2016.
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Swiss finally come on board with fatca
Following months of speculation, the Swiss authorities have confirmed that Switzerland will comply with the US Foreign Account Tax Compliance Act(FATCA)in line with the new deadline of 1 July 2014.
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singapore advisers face future commission ban
A commission ban or cap in Singapore is still on the future agenda, the Monetary Authority of Singapore has outlined in its response to the FAIR consultation.