News

It was announced on February 13 that negotiations on a free trade agreement between the United States and the European Union would begin in the near future.

Cyprus's Finance Minister once again rejected accusations that the country is a center for money laundering, explaining that legislative amendments made in December 2012 are aimed to improve the efficiency of the Registrar of Companies.

The Swiss Federal Department Of Finance has recently announced publication of the new edition of the brochure entitled "The Swiss Tax System".

The OECD’s Committee on Fiscal Affairs has approved the Treaty Relief and Compliance Enhancement (TRACE) Implementation Package introducing a simplified process for foreign portfolio investors to obtain the tax benefits of bilateral double taxation agreements.

The Trust Law (Amendment) Bill 2013 was published in Hong Kong Gazette last week.  It is aimed at modernizing trust law in Hong Kong by enhancing trustees powers, providing for appropriate checks and balances, which will make trusts administration more effective.

The Jersey government approved a comprehensive review of the island's Companies Law 1991 to strengthen the competitiveness of Jersey companies.

South Africa’s National Treasury and Revenue Service have announced that they are opening negotiations with the US to conclude an inter-governmental agreement with respect to the Foreign Account Tax Compliance Act (FATCA).

Luxembourg’s Finance Minister Luc Frieden underlined the need to strengthen and improve the country’s financial sector to ensure that the jurisdiction remains "credible and competitive."

The OECD's new economic survey of the UK suggests that the nation needs to reform corporation tax and to develop new fiscal policy, noting in particular that rules giving preferential treatment to small firms may block the growth of businesses.

The US Federal District Court for the Southern District of New York has issued an order authorizing the US Internal Revenue Service (IRS) to forward a “John Doe” summons on UBS AG for the purpose of obtaining information on US taxpayers who may hold accounts at Wegelin & Co and other Swiss banks to evade US taxes.