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tax

March 26, 2009

If you believe the OECD’s rhetoric, tax havens are about to collapse like a house of cards before the onslaught of a G20 determined to retrieve untold trillions of lost revenue. However, the death of tax-efficient jurisdictions and their historic rules on confidentiality is greatly exaggerated.

If you believe the OECD's rhetoric, tax havens are about to collapse like a house of cards before the onslaught of a G20 determined to retrieve untold trillions of lost revenue. After a string of European states including Austria, Luxembourg, Andorra, Liechtenstein and Switzerland agreed to exchange information more freely, OECD director-general Angel Gurria, described this as "an important moment in the history of international tax cooperation."

March 12, 2009

The Liechtenstein government has bowed to international pressure and accepted OECD standards on transparency and information exchange in tax matters. In a declaration, it also confirmed it will support international measures against non-compliance with tax laws.

The Liechtenstein government has bowed to international pressure and accepted OECD standards on transparency and information exchange in tax matters. In a declaration, it also confirmed it will support international measures against non-compliance with tax laws.

The tiny European country, which has a total population of just over 35,000, is run by the Princely House of Liechtenstein, one of the continent's oldest noble families.

February 19, 2009

Banking giant UBS has done a deal with the US Department of Justice whereby it will escape prosecution in exchange for handing over the details of an undisclosed number of its wealthy American clients who it believes have committed tax fraud.

Banking giant UBS has done a deal with the US Department of Justice whereby it will escape prosecution in exchange for handing over the details of an undisclosed number of its wealthy American clients who it believes have committed tax fraud.

The DoJ had previously accused the Switzerland-based bank of conspiring to defraud the US by helping 17,000 Americans hide accounts from the Internal Revenue Service.

November 10, 2008

As part of its probe into member state tax policies, the OECD is asking wealthy individuals what they think of taxation.

As part of its probe into member state tax policies, the OECD is asking wealthy individuals what they think of taxation.

The Organisation for Economic Co-operation and Development is trying to ascertain what the wealthy and other interested parties think about tax issues in a bid to put together a series of "best practice" tax policies for high net worth individuals.

August 15, 2008

Hereditary Prince Alois of Liechtenstein has used his country’s National Day as the occasion on which to announce that wealthy foreigners who deposit monies in the principality's bank accounts will face relaxed transparency laws.

Hereditary Prince Alois of Liechtenstein (pictured) has used his country's National Day as the occasion on which to announce that wealthy foreigners who deposit monies in the principality's bank accounts will face relaxed transparency laws.

He said Liechtenstein's tax matters would be based on "a new foundation" that would lead to stronger cooperation in tax matters in line with "international trends".

February 12, 2008

The UK government has been accused of bowing to pressure from the ultra high net worth foreigners who live in the UK after it clarified plans to issue a £30,000 annual charge for non-doms.

The UK government has been accused of bowing to pressure from the ultra high net worth foreigners who live in the UK after it clarified plans to issue a £30,000 annual charge for non-doms.

February 1, 2008

New research shows that UK government plans to tax the country’s UHNWIs will be counter-productive as tax revenues will fall and UK investments will be sold.

New research shows that UK government plans to tax the country’s UHNWIs will be counter-productive as tax revenues will fall and UK investments will be sold.

The research, carried out by The Society of Trust and Estate Practitioners, shows that over half of the UK’s UHNWIs are already leaving or making contingency plans to leave or sell their UK investments. In addition, one third of wealthy non-doms are leaving, planning to leave or sell UK investments taking £2.1 billion of tax revenues with them.

November 1, 2007

Tax and succession planning for family business owners is a constantly evolving area, where new developments can have serious consequences. Families in Business highlights the most recent tax changes in relation to trusts around the globe

This report is compiled by Bill Ahern in Asia, Justine Markowitz and Rachel Mainwaring Taylor in Europe, and Steven L Cantor, Giev Justin Askari and Stanley Barg in the US

Tax and succession planning for family business owners is a constantly evolving area, where new developments can have serious consequences. Families in Business highlights the most recent tax changes in relation to trusts around the globe

Asia

March 1, 2007

Families in Business chaired a roundtable discussion at Campden’s Family Wealth Management Conference to discuss recent trends and developments in trust laws, and the effect on both family offices and families of wealth

There have been a number of changes to trust laws recently, in particular to inheritance tax in the UK. How important are these and what impact have they had?

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