Australian DPT Legislation Passes Senate
The Australian Senate has passed legislation to introduce a diverted profits tax from July 1, 2017.
Guernsey Funds Sector Grew In 2016
The total value of funds business in Guernsey grew by more than GBP28bn (USD32.5bn) last year.
New Zealand Explains Foreign Trust Disclosure Changes
New Zealand has published guidance on the increased disclosure requirements for foreign trusts with New Zealand-resident trustees.
Canadian Budget Focuses On 'Tax Fairness'
The tax measures contained Canadian Finance Minister Bill Morneau's second Budget are focused on closing loopholes, cracking down on tax evasion, and improving tax reliefs for the "middle class."
Jersey Regulator Issues AML/CTF Funds Guidance
Jersey's financial services regulator, the Jersey Financial Services Commission, has issued new anti-money laundering and countering the financing of terrorism guidance for Funds and Fund Operators.
More Tax Hikes For UK Taxpayers In 2017 Budget
The UK Budget, released on March 9, 2017, featured tax measures to, among other things, hike taxes on self-employed workers, further close avenues for legal avoidance, and defer mandatory digital tax reporting until April 2019.
ACOSS Submits Recommendations For Australian Budget
The Australian Council of Social Services has urged that the Government abolish ineffective tax concessions, introduce a sugary drinks tax, and scrap its company tax proposals.
MEPs Call For Wider Access To Beneficial Ownership Data
EU citizens would be able to view information in registers of beneficial ownership without having to demonstrate a "legitimate interest," under proposed amendments the Anti-Money Laundering Directive.
New Zealand Tax Changes Enter Into Force
A Bill including provisions to simplify New Zealand's tax processes, reduce compliance costs for smaller businesses, and tighten foreign trust disclosure rules received Royal Assent on February 21.
Guernsey Introduces Client Asset Handling Rules
Guernsey's financial services regulator, the Guernsey Financial Services Commission, said it intends to introduce rules governing the holding and administration of client assets in 2017.
Australian Accountants Urge Tax Burden Shift
Australia desperately needs large scale tax reform and should aim to rebalance its tax mix, the Institute of Public Accountants has argued.
IRS Issues Final Regulations On REIT Spin-Offs
On January 18, the US Internal Revenue Service issued its final regulations
regarding the measures included in the Protecting Americans from Tax Hikes Act to restrict the tax-free spin-offs involving publicly traded real estate investment
Bermuda, EU To Collaborate On Insurance, Pensions Oversight
The European Insurance and Occupational Pensions
Authority and the Bermuda Monetary Authority have newly signed a memorandum
Hong Kong Consults On Beneficial Ownership Plans
Hong Kong's Financial Services and the Treasury Bureau has launched public
consultations on legislative proposals to increase the transparency of corporate
beneficial ownership in the city, and to enhance its regulatory regime for combating
money laundering and terrorist financing.
Hong Kong Reports On Incorporations In 2016
There was an increase in local company incorporations in Hong Kong in 2016, although incorporations by foreign companies experienced a dip, according to the territory's Companies Registry.