Mondaq Offshore: Tax
he Cayman Islands government has indicated to the British government that it is committed to joining the G5 pilot.
Immovable property tax is payable by 30 September each year on the market value as at 1 January 1980 of all immovable property in Cyprus registered in the name of the taxpayer at the start of the year.
Article V of the protocol to the double taxation agreement between Cyprus and Russia that entered into effect on 1 January 2013 amended the definition of dividends set out in paragraph 3 of Article 10 of the DTA.
In accordance with its agreement with international lenders, Cyprus has made a number of changes to its tax rates.
Following the removal of Cyprus from the Portuguese tax blacklist in 2011, the two countries have now signed a double tax agreement.
In accordance with its agreement with its international lenders, Cyprus has made a number of changes to tax rates.
On 18 April 2013, a number of changes in tax laws were voted by the Cypriot House of Representatives.
A discussion on the recent double taxation arrangement between Guernsey and Luxembourg.
The Isle of Man concluded a Tax Information Exchange Agreement (TIEA) with the Argentine Republic on 14 December 2012.
It will come as pleasant news to those Italians burdened by economic woes that authorities like Equitalia and Serit are not entirely exempt from mistakes when issuing tax demands.
On February 21st 2013, the ECJ ruled that the domestic law which precludes the use of tax carried forward losses of a merged company by the surviving merging company in the case of a cross-border merger.
The European Commission decided on February 21st 2013 to refer France and Luxembourg to the European Court of Justice for applying reduced VAT rates to ebooks.
A draft law on the taxation of the latent gains in case of transfer of an enterprise or a permanent establishment outside Luxembourg was recently submitted to the Luxembourg Parliament.
Draft law 6470 filed with the Luxembourg parliament on August 24th 2012 implements some of the provisions of Council Directive 2008/8/EU with respect to the place of supply of services.
Draft laws 6501 and 6552 filed with the Luxembourg Parliament, provide for the approval of double tax treaties recently concluded by Luxembourg with Germany, Macedonia, Seychelles, Tajikistan, Laos, Sri Lanka, Czech Republic and Taiwan.
In accordance with article 135 (1) (g) of Directive 2006/112/EC Member States must exempt from VAT "the management of special investment funds as defined by Member States".
A discussion on the Court of Justice of the European Union ruling, that article 50 of Directive 2002/83/EC concerning life assurance is to be interpreted as meaning that a Member State's right to subject to an indirect insurance tax on life insurance premiums paid by the individual policyholder residing in this Member State overrides the Member State's taxing rights where the contract was concluded.
FATCA was enacted in March 2010 as part of the Hiring Incentives to Restore Employment Act as an administrative tool to prevent and detect offshore tax evasion and improve taxpayer compliance.
The Government of the United Kingdom has recently announced an agreement with France, Germany, Italy and Spain to develop and pilot multilateral tax information exchange arrangements.
The provisions of FATCA were intentionally broad and significantly expanded the existing US information reporting regime by imposing additional documentation, withholding, and reporting requirements on payments to US accounts, foreign financial institutions, and certain non-financial foreign entities with substantial US owners.
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The US Foreign Account Tax Compliance Act, commonly referred to as FATCA, became effective earlier this year, and foreign financial institutions in every jurisdiction, including in the British Virgin Islands and the Cayman Islands, will be required to make certain reports to the US Internal Revenue Services.
When Congress resolved the fiscal cliff crisis early this year, it brought permanence to estate, gift and generation-skipping transfer tax laws that had been in flux for over a decade.
In accordance with its agreement with its international lenders, Cyprus has made a number of changes to tax rates.
The Obama Administration has recently proposed ambitious spending and revenue changes, as it released its proposed budget for fiscal year 2014, and a number of proposed tax changes affecting estate planning have emerged.
Cyprus has undertaken a series of reforms to secure Troika financial support.
Jersey and Guernsey have now followed the Isle of Man’s lead in signing FATCA style disclosure agreements with the United Kingdom.
The Governments of Jersey and Guernsey both announced in March 2013 that they intend to agree intergovernmental agreements with the UK for the automatic exchange of tax-related information.
The purpose of this investment memorandum is to provide an overview of the investment vehicles (i.e. regulated, lightly regulated and unregulated) that Luxembourg offers to (foreign) entrepreneurs and managers.
A discussion on the proposed IASB model, an entity should recognise an impairment loss equal to the 12-month expected credit loss.
Sec. 2 of Wealth Tax Act, 1957: The amended reassessment proceedings of Income-tax shall be applicable for assessment of Wealth Tax as well.
