Industry News

19 January 2017

Cayman Islands law firm Harneys has published an analysis of the jurisdiction's proposed introduction of company beneficial ownership registers that will be searchable by the competent authority in Cayman but otherwise private. It says the proposals, on which consultation has already closed, 'strike a sensible balance'.

19 January 2017

Notices to be issued by HM Revenue & Customs (HMRC) to trust and company services providers next month are likely to conflict with clients' rights to legal professional privilege, says the Law Society of England and Wales. The notices request advisors to provide details of any client seeking to create an offshore entity and their interest in the entity, under Schedule 23 of the Finance Act 2011. There are also concerns regarding the definition of Trust or Company Service Providers (TCSPs) and issues relating to the access of data.

17 January 2017

El jefe del fisco Argentino, Alberto Abad, ha anunciado que a partir del 20 de enero, la conducta de los contribuyentes será califica y recibirán un puntaje acorde a ella. El Cronista explica que el sistema de perfil de riesgo de la AFIP analizará los datos y la documentación presentados por los contribuyentes a la autoridad tributaria.

17 January 2017

The head of Argentina's tax authority (AFIP), Alberto Abad, has announced that, from January 20, taxpayers' conduct will be monitored and scored. El Cronista explains that AFIP's risk profiling system will analyse data and documentation submitted by taxpayers to the tax authority.

16 January 2017

The Hong Kong government has launched a consultation on amendments to the Companies Ordinance requiring locally incorporated companies to obtain and hold up-to-date beneficial ownership information for public inspection upon request, and to maintain a register of 'people with significant control'. The money laundering regulations are also being extended to solicitors, accountants, real estate agents, and trust and company service providers.

16 January 2017

The House of Commons Treasury Committee has today published a report criticising HM Revenue & Customs' Making Tax Digital (MTD) project, which will require small businesses, landlords and the self-employed to keep digital records of income and outgoings and report them to HMRC every quarter. The Committee's Chairman Andrew Tyrie said the current plan has 'serious shortcomings' – principally that its costs and administrative burdens will drive some small firms out of business – and that its 'rushed' introduction date of April 2018 is unachievable.

12 January 2017

The Cayman government has announced a last-minute tightening of the regulations governing financial institutions' due diligence and reporting obligations under the Common Reporting Standard (CRS).

12 January 2017

The Welsh Assembly's plan to replace stamp duty land tax (SDLT) with a special land transaction tax (LTT) from April 2018 could cause problems for practitioners handling property transactions, many of which will involve purchasers and advisors on either side of the border.

News Search

Subscribe to news digests

News Search