Category: Legislation

FEDS BURY FATCA LAW IN BUDGET BILL

On Friday the Conservative government tabled legislation to implement key elements of this year’s Budget. But it contains more than tax credits. Buried within is a revised version of draft legislation implementing the Intergovernmental Agreement (IGA) with the U.S. on FATCA. A Department of Finance press release makes no mention of this… – Continue reading

EU adopts new rules on the taxation of savings income

The European Council this week adopted a directive strengthening EU rules on the exchange of information on savings incomes, aimed at enabling the member states to better clamp down on tax fraud and tax evasion.  The EU Directive requires the member states to exchange information automatically so as to enable… – Continue reading

EU agrees on system to tackle tax evasion — Oversight wants Lerner details from DOJ — Schumer weighs Wall Street relationship

EU AGREES ON SYSTEM TO TACKLE TAX EVASION. The Associated Press has the story, “European Union nations on Thursday agreed on a sweeping policy to fight tax evasion after tiny Luxembourg dropped its reservations to new rules which render its secretive banking culture more transparent. Luxembourg Prime Minister Xavier Bettel… – Continue reading

Developing countries ‘lose taxes to profit shifting’

STUDIES show multinationals shift profits of $365bn a year from developing to developed countries through transfer pricing mechanisms, the South African Revenue Service (SARS) said on Tuesday. Over three years South Africa has seen “hundreds of billions of rand” leaving in royalties, management and service fees and intellectual property payments,… – Continue reading

Havens set deadline for reporting investors’ tax details

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. The British Virgin Islands, Liechtenstein and Jersey are among 44 countries that have set… – Continue reading

British Virgin Islands: BVI Concludes Negotiations With US On FATCA

The British Virgin Islands Government has today announced the conclusion of negotiations with the United States on a Model 1 Intergovernmental Agreement (IGA) under the US Foreign Account Tax Compliance Act (FATCA). In a statement the Ministry of Finance of the BVI Government said the final text of the agreement has been… – Continue reading

Switzerland Passes Anti-Tax Evasion Bill

The Swiss Council of States has adopted a bill forwarded on from the Federal Council with modifications, implementing the revised Financial Action Task Force (FATF) Recommendations. Lawmakers increased the tax threshold for a case of tax evasion to be deemed to be a serious tax offence, from CHF200,000 (USD229,164) to… – Continue reading

United Kingdom: The OECD Base Erosion And Profit Shifting Action Plan

There has been considerable publicity in recent months on the alleged tax avoidance perpetrated by multinationals that has resulted in the Organisation of Economic Cooperation and Development (OECD) publishing its action plan on base erosion and profit shifting (BEPS). The action plan, consisting of 15 proposals to counter the perceived… – Continue reading

Tiny Luxembourg Blocks Tax Evasion Law for EU

European Union finance ministers failed once again Tuesday to agree on a sweeping new policy to fight tax evasion because of resistance from Luxembourg, a tiny country that long has prospered from a secretive banking culture. EU Taxation Commissioner Algirdas Semeta said their failure was disappointing because, if approved, the… – Continue reading

Luxembourg stalls agreement on EU tax evasion law

The Grand Duchy of Luxembourg, a city state of just over a half million inhabitants, on Tuesday refused to agree on a proposed key EU tax evasion law at the monthly Ecofin meeting of European Union finance ministers. Algirdas Šemeta, EU taxation Commissioner, said Tuesday’s failure was “disappointing” because the legislation… – Continue reading