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.
Australia is to sign a new tax treaty with Switzerland "at the earliest opportunity" as its government joins others around the world in making long standing bank secrecy arrangements more transparent.
Around 200 UK-based advisers, accountants and lawyers are to be scrutinised by HM Revenue & Customs for their involvement with “complex offshore structures” to conceal assets for wealthy individuals and companies.
A US senator has introduced a bill to repeal "anti-privacy" provisions of the controversial Foreign Account Tax Compliance Act, arguing that FATCA "infringes upon basic constitutional rights".
The Association of International Life Offices has written to two members of the European Parliament in a new salvo to get life products treated differently from investment funds, while also acknowledging that it faces an “uphill struggle” in getting this message across.
UK residents who have access to money through offshore trusts are being advised to check that their arrangements are still within the current tax laws following HMRC’s recently announced swoop on trusts that are being used to hide income and wealth overseas.
UK chancellor George Osborne claims to have a made a “significant step forward in tackling illicit finance”, after the Treasury announced “all British Overseas Territories with significant financial centres” had agreed to sign up to its latest strategy on tax transparency.
