Category: Corporates
Q&A: tax issues for private equity funds in Cayman Islands
Under current Cayman Islands law, there are no Cayman Islands taxes on income or gains of the private equity fund (PE fund) or on gains on dispositions of shares or partnership interests, and distributions made by a PE fund will not be subject to withholding tax in the Cayman Islands. ... - Continue reading
United States: US FinCEN Proposes Expansion Of SAR Sharing Rules
The Bank Secrecy Act ("BSA"), enacted in 1970 and amended most recently by the Anti-Money Laundering Act of 2020 ("AML Act"), was in intended to provide "appropriate frameworks for information sharing" among financial institutions, government authorities and others.2 The BSA provides for the reporting of suspicious transactions, authorizes the secretary of the Treasury (the "Secretary") to issue regulations and allows the Secretary to delegate to the director of FinCEN the authority to "take all necessary and appropriate actions to implement and administer the provisions of the [BSA]."3 ... - Continue reading
Impact of Mexico’s ‘controlling beneficiary’ rules
From 2022, taxpayers are obligated to obtain, keep and provide to the Mexican tax authorities when so requested, information of individuals who are considered to be the ‘controlling beneficiaries’ of legal entities, trusts and other legal vehicles, such as name, date of birth, gender, nationality, tax residence, tax ID number and marital status. ... - Continue reading
Frydenberg welcomes historic OECD tax agreement
More than 130 countries agreed on Friday to rolling out historic changes to international tax rules, after leaders agreed to a new global minimum tax rate of 15 per cent targeted at companies with annual revenue of more than 750 million euros. ... - Continue reading
Often Overlooked Exception to Withholding and Reporting Requirements under FATCA
An often overlooked exception to U.S. withholding taxes may result in a lower overall U.S. tax burden. ... - Continue reading
Cayman Islands: Update On Automatic Exchange Of Information – New CRS Compliance Form
New form for all Reporting Financial Institutions ("RFIs") and Trustee Documented Trusts. ... - Continue reading
$65 billion cash mystery puzzles Britain’s audit office
Mystery in the economy of Britain. How come there is an increase in circulation of pound notes when there is a decrease in day-to-day cash transactions? ... - Continue reading
Amazon services arm pays £14m in UK taxes despite revenues of nearly £3bn
Amazon’s (AMZN) UK services arm paid just £14.5m ($16.1m) in UK corporate taxes in 2019 despite generating revenues of nearly £3bn in the country, according to the company’s latest accounts. ... - Continue reading
