Category: Guernsey

Isle of Man removed from EU grey list

The Isle of Man has been removed from the EU’s grey list of non-cooperative tax jurisdictions, along with the other Crown Dependencies, Jersey and Guernsey, after the three worked together with the EU to develop proposals to address the concerns raised. Chief Minister Howard Quayle tweeted he was “delighted” with… – Continue reading

Crown Dependencies oppose UK ‘public register’ proposals

The chief ministers of Jersey, Guernsey and the Isle of Man are united against the recent proposals from Westminster to force public registers of company beneficial ownerships in the Crown Dependencies. More than 40 MPs have signed an amendment attempting to force the Crown Dependencies and British Overseas Territories to… – Continue reading

Guernsey: Investment Funds: Why Choose Guernsey?

The benefits of Guernsey as a fund domicile. Guernsey is one of the world’s largest offshore finance centres, with a thriving funds industry. Almost 1,000 investment funds, and well over 2,000 sub-funds, are currently administered in the island. The current value of funds under management and administration in Guernsey is… – Continue reading

France to propose world business tax at G7: minister

DAVOS, Switzerland: French Finance Minister Bruno Le Maire said on Thursday that France would plead for global minimum corporate tax as a priority of its presidencyof the G7 nations group this year. “We need an effective minium corporate tax in all developed countries,” the minister said at a press conference… – Continue reading

Dutch add Guernsey, Belize and Isle of Man to tax evasion blacklist

The Dutch finance ministry is expanding its official list of places it considers to be involved in tax evasion by a further 16 low tax jurisdictions, including the islands of Guernsey and Jersey, the Isle of Man, and Belize. The list contains five jurisdictions currently blacklisted by the EU: American… – Continue reading

BVI: Financial services workers mull relocating to Crown Dependent countries

(BVI NEWS) – Stakeholders in the local financial services sector are said to be considering Crown Dependent countries such as the Isle of Man, Jersey, and Guernsey to relocate their businesses. That’s according to Executive Director of BVI Finance, Lorna Smith. Smith made the disclosure during a public forum at… – Continue reading

Jersey, Guernsey and Isle of Man join commitment to tackle tax evasion

The commitment comes amid ongoing controversy over the use of complex tax arrangements following the Paradise Papers leak. The islands of Jersey, Guernsey and the Isle of Man have signed up to a joint commitment with the British and Irish governments to tackle tax evasion and abusive tax avoidance. The… – Continue reading

MAS issues stern money laundering warning; Jakarta starts StanChart probe

Private-bank assets held by StanChart in Channel island tax haven were moved to S’pore in 2015: report Singapore THE Monetary Authority of Singapore (MAS) on Monday declared its firm commitment to keeping the country’s financial centre clean and safeguarded from illicit activities. Singapore’s central bank and financial regulatory authority said… – Continue reading

StanChart said to be investigated over US$1.4bn Indonesian cash transfers from Guernsey to Singapore

Over 100 jurisdictions indicated they will sign up to a global framework for the exchange of tax data (CRS) at the start of 2016, but these won’t take effect in Singapore and Hong Kong until 2018 Regulators in Europe and Asia are believed to be investigating Standard Chartered – one… – Continue reading

Canada To Ramp Up Efforts Against Tax Evasion

The Canadian Government has said that it will review its tax ruling process and voluntary disclosures program as part of its response to recommendations made last year by a parliamentary committee. In October 2016, the Standing Committee on Finance released its report on the Canada Revenue Agency’s (CRA’s) efforts to… – Continue reading

Final opportunity to disclose offshore assets before 1 May 2017 introduced by Finance Bill 2016

1. Why was a new offshore provision introduced by this year’s Finance Bill? Following revelations in the “Panama Papers” of major worldwide tax evasion in April 2016 (which included certain Irish Resident account holders), the Minister for Finance announced on budget day, 12 October 2016 that this year’s Finance Bill… – Continue reading

Urgency in China to understand CRS impact

There are signs of a growing urgency in mainland China to better understand the implications of next year’s introduction of the Common Reporting Standard (CRS). Institutions from within China’s trust and banking sectors, as well as private clients, are increasingly seeking guidance from jurisdictions which were early adopters of the… – Continue reading

Switzerland eyes AEOI with 21 countries

Switzerland, which has been working to end its years-long practice of banking secrecy, on Thursday said it aimed to dramatically increase the number of countries it cooperates with toward international fiscal transparency. The Swiss government said in a statement that it wanted to extend the automatic exchange of information (AEOI)… – Continue reading

Time for U.K. to Get Tough on Offshore Transparency?

With the exception of British Antarctica, the U.K.’s overseas territories and offshore dependencies are all surrounded by sun-winking ocean water. But that’s not their only common feature—they are all under increasing political pressure to become more transparent with their financial information. In a parliamentary report on tackling overseas corruption, the… – Continue reading

Deal signed to counter profit shifting Read more at: http://www.iomtoday.co.im/news/isle-of-man-news/deal-signed-to-counter-profit-shifting-1-8198001

New Chief Minister Howard Quayle MHK has restated the island’s commitment to tax transparency at an Organisation for Economic Co-operation and Development event in Paris. Mr Quayle was in Paris for the Manx government’s signing of a new OECD agreement on automatic exchange of country by country reporting by large… – Continue reading

European Parliament Begins Panama Papers Probe Despite Tax Haven Splits

Members of the European Parliament, September 27, have begun their investigation into the Panama Papers scandal, which exposed the sheer extent of rich people and companies using offshore tax havens to reduce their tax liabilities in EU member states. However, the latest probe comes on the back of another investigation… – Continue reading

UK overseas territories could be affected by EU tax crackdown

Eight British overseas territories and crown dependencies, including Jersey, the British Virgin Islands and Cayman Islands, could face EU economic sanctions after Brussels identified them as having low or no corporation tax. Experts have published a scorecard showing red flag warnings set against a list of the 81 countries that… – Continue reading

India to get tax, banking related info from Seychelles

NEW DELHI: Aiming to curb tax evasion and avoidance, India has operationalised the Tax Information Exchange Agreement (TIEA) with Seychelles, one of the major sources of foreign investment into the country. The agreement will enable the authorities of both nations to provide assistance through exchange of tax and banking information,… – Continue reading

The rich are getting more secretive with their money

You might think the Panama Papers leak would cause the ultrarich to seek more transparent tax havens. Not so, according to Jordan Greenaway, a consultant based in London who caters to the ultrawealthy. Instead, they are going further underground, seeking walled-up havens such as the Marshall Islands, Lebanon, and Antigua,… – Continue reading

Treasury proposal may fine tax evaders up to 200% of amount owed

Tougher stance follows Theresa May’s leadership campaign promise to be more punitive of tax evasion and avoidance The Treasury is proposing new rules to punish offshore tax evaders who fail to come clean about their finances before September 2018, with fines of up to 200% of the amount owed. Published… – Continue reading

Guernsey makes more commitments to crack down on financial crime

Guernsey States has taken steps to crack down on financial crime like tax evasion and money laundering, by formally committing to international agreements. The G5 initiative means countries will share information on beneficial ownership. Beneficial ownership refers to when one person benefits from assets even though the legal title belongs… – Continue reading

UK To Close Property Developer Offshore Tax Loophole

The United Kingdom has legislated to stop property developers from using offshore structures in the Crown Dependencies to avoid UK tax on profits. The UK has published legislation to bring into force amendments to the tax treaties between the UK and the Crown Dependencies – Guernsey, Jersey, and the Isle… – Continue reading

Tax haven firms cashing in on Scotland’s PFI scandal

COMPANIES profiting from schools and hospitals built under private finance initiatives in Scotland are based in tax havens such as Jersey and Guernsey. An analysis carried out by the Sunday Herald has revealed numerous examples of PFI projects in Scotland which have owners based offshore. The owners include an offshoot… – Continue reading

Global tax enforcement puts Cayman in the crosshairs

The investigation and prosecution of tax evasion has, in the last decade, grown from a specialised subcategory of law enforcement into a first-tier policy concern for the global community.Starting with the US government’s crackdown on Swiss bank UBS in 2008, there has been a steady drumbeat of news about prosecutions… – Continue reading

French Tax Update – Recent Case Law and Other Noteworthy Publications

The present French Tax Update will focus on an overview of several noteworthy publications, including decisions issued during the past few months by the French Administrative Supreme Court (Conseil d’Etat) and French Constitutional Court (Conseil Constitutionnel), as well as the European Commission decision in respect of the Belgian Excess Profit… – Continue reading

Anguilla Best Flat Tax Country for a Low Tax Lifestyle

Anguilla levies a 3% flat rate of personal income tax and is otherwise a tax haven with a stunning climate and amazing Carribean lifestyle Whilst there are various categories of flat tax, including marginal flat tax and Hall-Rabushka flat tax, in its simplest form flat tax is simply a rate… – Continue reading

S. Korea, Macau to sign tax information exchange agreement

Macau’s Financial Services Bureau (DSF) has confirmed to Business Daily that the local authority is to sign a Tax Information Exchange Agreement (TIEA) with South Korea, which would add to the existing 15 jurisdictions that have already signed this agreement with the territory. According to the Bureau, its South Korean… – Continue reading

Anguilla Best Flat Tax Country for a Low Tax Lifestyle

Whilst there are various categories of flat tax, including marginal flat tax and Hall-Rabushka flat tax, in its simplest form flat tax is simply a rate of tax that remains consistent with a constant marginal rate. What this means is, as an income tax payer in a country with such… – Continue reading

Investor group buys Barclays’ offshore trust business

Barclays (BARC.L) has sold its offshore trust business to an independent investor group but will keep a 20 percent stake in the new company, renamed as ZEDRA, for at least three years. The sale marks another step in the British bank’s efforts to simplify its wealth and investment management activities…. – Continue reading

Expat eyes drift offshore

Offshore Financial Centres (OFCs) are jurisdictions, usually self-governing, which because of their low tax regimes, have specialized in providing commercial services to corporations and individuals, whether or not they are normally resident in that jurisdiction. The better-known offshore financial centres are small and sparsely populated countries or islands, and are… – Continue reading

2016 CHALLENGES FOR COMPANIES OPERATING IN JERSEY

Last year Jersey cemented its position as a leading centre for companies looking to list – as reflected in the rise in volume and value of Jersey companies listed on exchanges around the world. Here are some challenges that lie ahead in this jurisdiction over the next 12 months. In… – Continue reading

Italy’s ‘white listing’ of Channel Islands important step in attracting European business, says Ogier partner

Ogier partner Marcus Leese has welcomed news from Italy that Guernsey and Jersey are no longer on any Italian ‘black lists’ and will be included on Italy’s ‘white lists’ from early 2016, reports Isle News. Among other benefits, it is anticipated that this will enable Italian resident investors to invest… – Continue reading

Dispelling offshore myths

Although the British Virgin Islands is often seen as an offshore tax haven, a closer look shows such opinions may be overstated There is a stereotypical image of the so-called ‘tax haven’ for ‘shady people to put their money’. While it is true that BVI Finance enjoys warm, sunny weather… – Continue reading

Worldwide: Common Reporting Standards Come Into Effect For Many Offshore Funds On January 1, 2016

On January 1, 2016, the new standard for automatic exchange of information between tax authorities developed by the OECD (the “Common Reporting Standard”) becomes effective in the Cayman Islands, Bermuda, the British Virgin Islands, Guernsey, Jersey and a number of other jurisdictions that are part of the “Early Adopters Group.”… – Continue reading

Ireland Issues Brief On EU Savings Taxation

The Irish Revenue has released a new brief detailing the impact on Irish paying agents of the European Union’s decision to replace the Savings Tax Directive with legislation providing for the automatic exchange of tax information. On November 10, the European Council repealed Directive 2003/48/EC on the taxation of savings… – Continue reading

Offshore bank gets up to $840k in payroll rebate

It’s probably not the best time in the province to announce a payroll rebate to a major offshore bank promising to create 50 jobs in Halifax. Nova Scotia Business Inc. on Tuesday announced a rebate worth a potential $840,000 over six years to the Bank of N.T. Butterfield and Son… – Continue reading

Additional OECD CRS self-certifications required from investors subscribing to Cayman Islands (and other non-U.S.) investment funds on or after January 1, 2016

The Cayman Islands (along with the United Kingdom, Ireland, Jersey, Guernsey, the British Virgin Islands and over 70 other countries) has committed to implementing the OECD Common Reporting Standard (“CRS”), which will require investment funds to collect tax identification and tax residency information from all new subscribers and transferees (including… – Continue reading

Spain and Finland sign new treaty to avoid double taxation and to fight tax fraud

Given that the latest treaty was signed on 15 November 1967, the two countries felt it was appropriate to revise it in full. The new treaty, signed on Tuesday by the Spanish Ambassador to Finland, María Jesús Figa, and the Finnish Minister for Finance, Alexander Stubb, seeks to enable tax… – Continue reading

Business Brief – Double Tax Agreement – Residence – change of HMRC practice

Following an agreement between the UK and Jersey, HMRC has published an important change of interpretation on residence for treaty purposes. HMRC’s view now is that the better interpretation of residency article in the UK-Jersey Double Tax Agreement 1952 (“UK Jersey DTA”) is that it includes a tie breaker provision… – Continue reading

Worldwide: A Guide To The Top 20 Offshore Fund Locations

There are a variety of benefits to moving offshore, yet few would argue the assertion that tax neutrality is paramount among them. As anyone familiar with the phrase “tax haven” would surely recognize, many countries offer strongly favorable tax terms as an incentive to draw new business. Written by CT… – Continue reading

Guernsey: regulations on Common Reporting Standard entered into operation

On 1 December 2015, the Income Tax (Approved International Agreements) (Implementation) (Common Reporting Standard) Regulations 2015 came into operation. The regulations implement the Council of Europe–OECD Mutual Assistance Treaty (1988) (as amended through 2010), under which, in order to improve international tax compliance, information will be automatically exchanged in accordance… – Continue reading

HMRC changes view on the company residence tie-breakers in certain double tax agreements

HMRC has reached an agreement with Jersey concerning the interpretation of the company residence tie-breaker in the Jersey-UK 1952 double tax agreement. This change also affects the interpretation of 15 other double tax agreements (DTAs) which have identical or very similarly worded company residence tie-breakers. The issue concerns dual residents… – Continue reading

More than 50 banks which helped American clients dodge tax in Swiss bank accounts receive immunity from criminal prosecution in US

More than 50 banks which helped American clients dodge tax in Swiss bank accounts have received immunity from criminal prosecution in the US. The firms, which include UK giant Standard Chartered, Germany’s biggest lender Deutsche Bank, and France’s BNP Paribas, have reached plea bargains with the US Department of Justice…. – Continue reading