Tax-News.com: Offshore News

Tax-News.com: Offshore News

Global tax news, continuously updated through the day.
  1. The Guernsey Government on April 26, 2022, announced that a parliamentary debate on tax reform, scheduled for July, will now be delayed until the end of the year, to allow time for consideration of corporate tax options. Earlier, Guernsey's Policy and Resources Committee proposed that the territory could implement a goods and services tax to buoy the territory's finances.
  2. The European Commission has approved a Cypriot scheme involving the grant of tax breaks to private investors – both natural persons and corporate investors – who invest into early-stage, innovative SMEs.
  3. As part of its commitment to fighting cross-border tax evasion and profit shifting, Switzerland sent information on over 3m financial accounts in 2021, according to a new review of the Swiss financial center by the State Secretariat for International Financial Matters.
  4. The Hong Kong Government has issued a statement committing to amend its tax law with regards the tax exemption for foreign source passive income from 2023, to ensure the territory does not end up placed on the EU's tax blacklist of non-cooperative territories.
  5. Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.
  6. The Australian Government has confirmed that it will amend its offshore banking unit regime after it was designated a harmful tax regime by the OECD and the European Union.
  7. The UK Government is inviting input on the tax challenges associated with the rise of the sharing economy.
  8. The Bermuda Monetary Authority on December 15, 2020, released a new consultation paper on its proposal for a conduct of business regulatory regime to better protect retail investors.
  9. The OECD has released its annual Consumption Tax Trends report, which highlights that with VAT rates at an all-time high, governments should ensure they have effective VAT frameworks in place to tax e-commerce.
  10. On November 17, 2020, Guernsey's Revenue Service released updated guidance on Mutual Agreement Procedure dispute resolution.