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.
Guernsey Regulator Outlines 2017 Funds Strategy
Guernsey's financial services regulator, the Guernsey Financial Services Commission, has outlined its funds sector strategy for 2017.
Canada Waives Income, Activities Reporting For Labor Org's
Canada's Revenue Minister has announced that certain reporting requirements on labor organizations and labor trusts will be waived.
South African Tax Bills Approved By Parliament
South Africa's Ministry of Finance has published the 2016 Taxation Laws Amendment
Bill, which has received parliamentary approval and gives effect to the
tax changes announced in the Budget in February this year, together with legislation
confirming the final details of. the Special Voluntary Disclosure Program.
Switzerland Praised For Combatting Financial Crime
The Swiss Federal Council has hailed the publication of the Financial Action Task Force's fourth mutual evaluation report on action taken to combat money laundering and terrorist financing, stating that "overall Switzerland's results can be considered to be good."
Dip In Taxpayer Filings In South Africa
The South African Revenue Service received 5.74m tax returns by the end
of the 2016 filing season for non-provisional taxpayers, compared
to 5.94m in 2015.
ATO Issues Warning On Contrived Trust Arrangements
The Australian Taxation Office has issued a Taxpayer Alert warning against the use of arrangements that seek to minimize tax by creating artificial differences between the taxable net income and distributable income of closely held trusts.
Australia Considers Reforming Taxation Of Collective Investment Vehicles
The Australian Government has launched a consultation on the application of non-resident withholding taxes to collective investment vehicles.
Channel Islands Exchange Attracting New Listings
Steps taken by the Channel Islands Stock Exchange to enhance and diversify its offerings contributed to a 13 percent increase in new business during the first half of the year.
FATF To Support OECD's Push For Tax Transparency
The Financial Action Task Force will place greater emphasis on the implementation of global transparency standards, according to a recent report to G-20 Finance Ministers.
Canada To Close Property Tax Loophole
Canadian Finance Minister Bill Morneau has announced that he will close loopholes surrounding the capital gains tax exemption on the sale of a principal residence.