News

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.

The Swiss Federal Council intends to draw up plan for a new value-added tax (VAT) model comprising of just two tax rates instead of current three rates.

In response to questioning by members of the House of Commons Public Accounts Committee, UK Tax Heads from the "Big Four" firms denied that they help companies to avoid paying fair tax and rejected the suggestion to forbid them receiving contracts in the public sector.