further deadline extensions unlikely for fatca
It is unlikely that there will be any further extensions or delays in FATCA deadlines following last week’s extension announced by the US authorities, according to international law firm Withers.
Tax & Regulation
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iom regulator spells out pension transfer advice
The Isle of Man’s financial regulator has underlined the importance of getting it right when it comes to advising on the tricky area of pension transfers by issuing a new set of guidance notes.
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fatca launch dates delayed
America's tax authorities have delayed the starting dates of key parts of FATCA for those non-US financial institutions in countries not covered by an intergovernmental agreement with the US.
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tax avoidance probe being considered by uk mps
The House of Commons’ public accounts committee in the UK is considering an inquiry into international tax avoidance, according to a report in the Financial Times.
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high profile culprits of 08 crisis jailed
Societe Generale’s high profile rogue trader Jerome Kerviel lost an appeal against fraud charges in France yesterday as across the pond ex-McKinsey and Goldman Sachs director Rajat Gupta was found guilty of feeding tips to a friend outside the firm.
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report sees risk to global accounting
A long-running effort to bring US accounting rules into line with global standards that were created in 2005 may be at risk, after having slowed down recently over key areas of disagreement, a report by a party to the convergence effort has said.
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isle of man life companies are ready for uk rdr
The Manx Insurance Association is ‘confident’ that its members are in a position to offer RDR compliant products and services for business written from 2013.
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uk adviser jailed for vat fraud gambled proceeds
A UK-based financial adviser has been jailed for five years for helping a client commit a VAT fraud, the proceeds of which he then used to gamble in London casinos.
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singapore and jersey sign dta
The Jersey government yesterday signed a double tax agreement (DTA) with Singapore at the Asian country’s High Commission in London.
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legislation would boost investor protection
Two bills aimed at protecting investors were introduced into the Singapore Parliament today, as the first part of a two-phase review of Singapore’s existing Securities and Futures and Financial Advisers acts.
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hmrcs foreign expat tax take increases
The tax-take from investigations into high income foreign workers has increased by 23% over the past two years, according to figures obtained by international law firm Pinsent Masons, indicating a heightened focus by HM Revenue & Customs on the financial affairs of those working in the City.
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singapore regulator ticks off pias
Professional Investment Advisory Services has been reprimanded by the Monetary Authority of Singapore for failing to ensure that “two of its representatives held the requisite licence under the Financial Advisers Act to carry out the financial advisory activities of advising others”.