Two leading tax advisers have reacted to HM Revenue & Customs’ discussion document ‘Strengthening Tax Avoidance Sanctions and Deterrents’ following the closure of its consultation phase on 12 October.
A random walk through the world of wealth management.
Financial advisers in South Africa need to adapt their business models to take into account the Retail Distribution Review (RDR), due to be introduced next year, a senior manager at professional services firm KPMG has said.
Canada’s Revenue Agency (CRA) has audited 3,000 electronic funds transfers to the Isle of Man, made by around 800 Canadian taxpayers totalling C$860m (£472.2m, $672.5m, €593.4m).
The Alternative Investment Management Association (Aima), the global representative body for alternative asset managers, is to establish a new voluntary network in Bermuda.
The former head of investment advisory for KPMG in the UK, Patrick McCoy, is one of 10 people charged with tax cheating offences who have been ordered to appear at Birmingham Magistrates’ Court next month.
Guernsey funds drive £25bn of investment into the UK from global investors, according to a report from financial services giant, KPMG.
Swiss private banks will need to double their assets under management if they are to survive in a climate of consolidation, smaller margins and growing regulatory requirements, according to a recent KPMG study of Swiss banks.
“Many” US and global banking industry executives believe that the majority of banks required to comply with the Foreign Account Tax Compliance Act (FATCA) will not be ready to meet its deadlines some of which begin on Jan. 1, 2013, a survey conducted by KPMGs US operation has found.
KPMG has appointed a new director to its London-based Financial Services Forensics team.
A FATCA partnership with the US may not be as frightening as it may sound at first to those in Guernsey and similar other smaller jurisdictions, a KPMG Guernsey tax expert says, noting that, in terms of scope and commitment, it could be relatively similar to the EU Savings Tax Directive (EUSD).
Fund managers and promoters alike are unprepared for the impact of FATCA legislation, says KPMG.
