The European Securities and Markets Authority (ESMA) has approved co-operation arrangements on the supervision of alternative investment funds between EU regulators and 34 jurisdictions across the rest of the world.
The Swiss government said today that it had reached agreement on proposed legislation that would enable the country’s banks to comply with requests by US authorities for information in connection with their tax evasion investigations.
A France-based partner with the Spectrum IFA Group has found what she believes is proof that the French authorities do not expect foreign personal pension schemes with France-resident beneficiaries to report to them on these schemes’ holdings, as is now being required of other types of trusts.
All Maltese pension providers and administrators should meet a 17 June deadline to file an information disclosure document with the French tax authorities on behalf of “any French-resident beneficiaries”, according to a Maltese pension scheme association.
Three professional bodies representing more than half a million tax advisers worldwide have produced a Model Taxpayer Charter of taxpayer rights and responsibilities intended as a blueprint for what a good tax system should contain.
US institutions and individuals are becoming increasingly aware of the existence of the Foreign Account Tax Compliance Act, which received little media coverage in the States until a US senator earlier this month introduced a bill to repeal certain of the act's provisions, arguing that they infringed "upon basic constitutional rights".
The latest attempt by US lawmakers to crack down on Americans who have offshore income they do not report stands a good chance of being signed into law within months or even weeks people who are monitoring the situation in Washington say.
DeVere Group’s chief executive Nigel Green has heavily criticised the American government’s Foreign Account Tax Compliance Act in an interview with a US based news organisation.
A new French law that appears to require pension fund trustees to report to France’s tax authority on UK personal pensions that have French tax-resident beneficiaries is causing confusion among financial advisers and pension fund administrators.
Jersey is reported to be considering enshrining in law key provisions of Hastings-Bass, a popular UK rule that has been used for years to unwind mistakes by trustees that otherwise would end up costing their clients money.
Luxembourg’s finance minister is holding up the EU’s planned agreement on the sharing of tax information between member countries, according to media reports.
Guernsey has signed a Double Taxation Agreement with Luxembourg, giving the crown dependency a total of eight full DTAs to date.
