Intercontinental Trust Ltd COMMON REPORTING STANDARD

Size: px
Start display at page:

Download "Intercontinental Trust Ltd COMMON REPORTING STANDARD"

Transcription

1 Intercontinental Trust Ltd COMMON REPORTING STANDARD

2 1 Conspectus The OECD, working in collaboration with G20 and in close co-operation with the EU, has developed a global standard for automatic exchange of financial account information, also known as the Standard for Automatic Exchange of Financial Account Information ( Standard ) or the Common Standard ( CRS ). The aim of CRS is not only to improve international tax compliance but also to avoid a proliferation of different standards which would increase costs for both governments and financial institutions. Mauritius has signed a Multilateral Competent Authority Agreement ( MCAA ) for automatic exchange of information in Berlin in October This MCAA is to be read in conjunction with the Standard. As a result, our local Income Tax Act (Act 16 of 1995) was amended to cater for automatic exchange of information S76 (5A) Income Tax Act with effect from 1 st December Will my information be exchanged? CRS has to a large extent been inspired by the FATCA IGA. However, unlike FATCA, CRS concerns a broader range of entities inasmuch as there are few exempted institutions. More-so, CRS affects only entities, not individual, based on their tax residency. Step 1: Is it an Entity? Yes Step 2: Is the Entity in a Participating Jurisdiction Yes Step 3: Is the Entity a Financial Institution Yes Step 4: Is the Entity a Non- Financial Institution No Financial Institution No No No Yes Non-reporting Non-reporting Non-reporting Non-reporting

3 2 How does it work? All Financial Institutions ( FI ) (such as banks, insurance, investment entities, Trusts, etc.), tax resident in a participating jurisdiction, shall assess the implication(s) of CRS (if any) on their extant structure and perform such due diligence (as may be required under CRS) on relevant persons (e.g. investors/shareholders/beneficial owners) in view of reporting (where required) financial data (as set forth in CRS) to their local tax authorities (also known as the Competent Authority) which will in turn transmit the financial data received to the country of tax residence of the relevant person being reported, in the event that the latter s country of residence is also a participating jurisdiction. Financial Institutions Review Financial Accounts To identify Reportable Accounts By applying Due Diligence Rules And then Report Relevant Information

4 3 Framework Once the reporting FIs have submitted their reportable data on their Reportable Accounts to the Competent Authority of that jurisdiction, the latter Competent Authority would transmit each report to the Competent Authority to which such report relates. This is a two-process as illustrated below in contrast with FATCA where reporting was one-sided only. Competent Authority A FI Collects reportable data Reportable Account Exchange Competent Authority B FI Collects reportable data Reportable Account Information to be exchanged Each FI shall report on their Reportable Accounts to their Competent Authority (The MRA for Mauritius). The latter authority shall then exchange the appropriate file to the competent authority of the participating jurisdiction concerned. The information to be reported upon include, but is not limited to: Name of Account Holder Address of Account Holder Country of citizenship of Account Holder Tax residency of Account Holder TAN/TIN/PAN or equivalent of Account Holder Account balance of Account Holder as at 31 st December 2017 for first reporting The total gross amount of income paid or credited to the Account Holder in the reporting period including the aggregate amount of any redemption payments made to the Account Holder during the reporting period

5 4 Difference between FATCA and CRS Although CRS has been inspired by FATCA, nonetheless, there are significant differences between FATCA and the CRS, to wit: CRS is based on tax residence while FATCA is based on the concept of Specified US Persons (i.e. citizenship) Absence of de minimis rules for individuals under the CRS Different de minimis rule for entities The definition of in-scope and excepted products (life insurance, pension savings products, etc.), which is similar to FATCA, but where the legal wording differs slightly under the CRS The fact that there is only one deemed compliant status for investment funds under the CRS, as opposed to the multiple deemed compliant statuses possible for FATCA The look-through rules for certain investment entities in non-participating jurisdictions, presumed to be Passive NFE for CRS purposes (with in-scope controlling persons to be reported), while these entities could have a different FATCA status, which does not require controlling persons to be identified Absence of withholding penalties under the CRS Complexities By virtue of having different de minimis rules, application of the look through process, less exemptions and affecting a wider range of jurisdictions to name a few, CRS becomes more complex (vide supra) and therefore requires: Multiple reporting for the same client Multiple FATCA and CRS reporting in case a same person (or controlling person of Passive NFFE/ NFE) is Specified US Person and CRS reportable person in one or several jurisdictions CRS reporting volume expected to be substantially increased compared to FATCA Effective dates Please take note that as from 1 January 2017, all entities tax resident in Mauritius would have to comply with CRS, to the extent applicable. Banking institutions are already collecting data by way of self-certification forms. Mauritius Applicability 1 January 2017 deadline September 2018 First reporting period 1 January December 2017

6 5 List of authorised signatories Intended first information exchange by September 2017 Intended first information exchange by September 2018 Anguilla Argentina Barbados Belgium Bermuda British Virgin Islands Bulgaria Cayman Islands Colombia Croatia Curaçao Cyprus Czech Republic Denmark Estonia Faroe Islands Finland France Germany Gibraltar Greece Greenland Guernsey Hungary Iceland India Ireland Isle of Man Italy Jersey Korea Latvia Liechtenstein Lithuania Luxembourg Malta Mexico Montserrat Netherlands Niue Norway Poland Portugal Romania San Marino Seychelles Slovak Republic Slovenia South Africa Spain Sweden Turks & Caicos Islands United Kingdom Albania Andorra Antigua and Barbuda Aruba Australia Austria Belize Canada Chile China (People s Republic of) Cook Islands Costa Rica Ghana Grenada Indonesia Israel Japan Kuwait Malaysia Marshall Islands Mauritius Monaco Nauru New Zealand Russian Federation Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Samoa Sint Maarten Switzerland The list of signatories to the MCAA, including Mauritius, can be found here: As of 19 August 2016

7 6 How can we help? Intercontinental Trust Limited ( ITL ) has been actively involved in several committees, organised by the MRA in collaboration with other key stakeholders from the financial services sector, in order to finalise the Guidance Notes by providing constructive criticism from the Global Business Sector perspective. Thus, our dedicated CRS team has developed a comprehensive knowledge of the legislation and the processes involved. Our existing procedures have been updated to cater for the bespoke due diligence required for both FATCA and CRS. ITL can assist in CRS classification of entities, i.e. assess the structure and activity of the entity(ies) to determine the applicability of CRS and any impending obligations thereof. Furthermore, our CRS team can also assist FIs to ensure the latter are compliant with all ongoing obligations that CRS entails, including but not limited to: Liaising with the Competent Authority to address any CRS-related issues Attention to any CRS queries of the client or such other FI dealing with the client Aid in self-certification On-boarding and due-diligence on new investor(s) including procedures to indicia obligations in respect of any Reportable Accounts; as well as On-going monitoring of any change in circumstances Our profile ITL is licensed by the Mauritius Financial Services Commission ( FSC ) to provide a comprehensive range of financial and fiduciary services to international businesses. Founded in 1999, ITL has established itself as onestop-shop solutions provider in Mauritius. ITL endeavours to provide at all times first class service to its clients in structuring their international affairs and using Mauritius as a base for international transactions. ITL is located in Ebene, the financial centre of Mauritius, where the FSC, the major banks and the Big Four accountancy firms are also located. ITL also has offices in Singapore, Seychelles and representative offices in South Africa and Kenya. ITL was the first management company in Mauritius to have completed an ISAE 3402 Type II audit. ITL was also the first management company in Mauritius to go live with the efront software, a specialised world leading fund administration software. Throughout the years, ITL s leadership in the field has been recognised by various reputable institutions. ITL was the recipient of several awards such as: Best Corporate Finance Advisor of the Year 2015 by Private Equity Africa Best Fund Administrator Mauritius 2015 by Global Banking and Finance Best Alternative Investment Solutions Provider Mauritius 2014 by Wealth and Finance International Best Offshore Financial Services provider 2015 Mauritius by the Corporate Livewire Best Hedge Fund Advisory Firm 2015 Mauritius by Acquisition International Best Customer Service Initiative 2015 by Laserfiche Excellence in Training Award 2014 by Africa Leadership Awards In addition to the above, ITL was also among the top contenders for the Best Fund Administrator of the Year 2015 by Private Equity Africa.

8 Contact us Intercontinental Trust Limited Level 3, Alexander House 35 Cybercity, Ebene Mauritius T: F: E: Disclaimer This brochure is for informative purposes only; it has been written in general terms and should be seen as broad guidance only. While every effort is made to ensure that anything contained herein is correct, this content hereof cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained herein without obtaining specific professional advice. ITL neither accepts nor assumes any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.

TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF REGULATIONS No. 3) (JERSEY) ORDER 2017

TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF REGULATIONS No. 3) (JERSEY) ORDER 2017 Taxation (Implementation) (Convention on Mutual Regulations No. 3) (Jersey) Order 2017 Article 1 TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF

More information

When will CbC reports need to be filled?

When will CbC reports need to be filled? Who will be subject to CbCR? Country by Country Reporting (CbCR) applies to multinational companies (MNCs) with a combined revenue of euros 750 million or more When will CbC reports need to be filled?

More information

UPDATE. COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS. What is CRS? Participating Jurisdictions

UPDATE.   COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS. What is CRS? Participating Jurisdictions www.kensington-trust.com UPDATE COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015

More information

AUTOMATIC EXCHANGE OF INFORMATION (AEOI)

AUTOMATIC EXCHANGE OF INFORMATION (AEOI) AUTOMATIC EXCHANGE OF INFORMATION (AEOI) As the world becomes increasingly globalised, money can be transferred from one jurisdiction to another with ease. While this may help to facilitate trade and boost

More information

THE COMMON REPORTING STANDARD ("CRS") UPDATE FOR OCORIAN CLIENTS

THE COMMON REPORTING STANDARD (CRS) UPDATE FOR OCORIAN CLIENTS JERSEY BRIEFING November 2015 THE COMMON REPORTING STANDARD ("CRS") UPDATE FOR OCORIAN CLIENTS At present 93 countries will implement CRS over a two year period commencing 1 January 2016. The CRS initiative

More information

FACT SHEET. Automatic exchange of information (AEOI)

FACT SHEET. Automatic exchange of information (AEOI) FACT SHEET Automatic exchange of information (AEOI) In a joint statement, a number of countries, including all major financial centres and Liechtenstein, have announced that they will introduce the new

More information

STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION. Philip Kerfs, OECD

STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION. Philip Kerfs, OECD STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION Philip Kerfs, OECD Overview Background, context and timeline The Standard: basic approach and key features Next steps: implementing the

More information

- Act Nr. XXXVII of 2013 on certain regulation connected with the international administrative cooperation on tax and other public burdens.

- Act Nr. XXXVII of 2013 on certain regulation connected with the international administrative cooperation on tax and other public burdens. Dear Customer, The Hungarian Parliament introduced the Common Reporting Standards, CRS on the automatic financial data exchange with the effect of 01.01.2016. The aim of the regulation is to hinder the

More information

TAXATION (IMPLEMENTATION) (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) (JERSEY) REGULATIONS 2015

TAXATION (IMPLEMENTATION) (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) (JERSEY) REGULATIONS 2015 Arrangement TAXATION (IMPLEMENTATION) (INTERNATIONAL TAX COMPLIANCE) (COMMON REPORTING STANDARD) (JERSEY) REGULATIONS 2015 Arrangement Regulation 1 Interpretation... 3 2 Meaning of relevant date and relevant

More information

OECD Common Reporting Standard Getting into the Detail STEP / GAT

OECD Common Reporting Standard Getting into the Detail STEP / GAT OECD Common Reporting Standard Getting into the Detail STEP / GAT Jo Huxtable Martin Popplewell 11 February 2016 Agenda Introduction CRS and the wider regulatory environment CRS latest developments and

More information

Webinar: Common Reporting Standard. Game Plan for Compliance December 10, 2015

Webinar: Common Reporting Standard. Game Plan for Compliance December 10, 2015 Webinar: Common Reporting Standard Game Plan for Compliance December 10, 2015 Presenters Moderator: Sara Pereda Director DMS Offshore Investment Services Roman Ipfling Director DMS International Tax Compliance

More information

Argentina Tax amnesty: the day after

Argentina Tax amnesty: the day after Argentina Tax amnesty: the day after Walter C. Keiniger December 2016 YES to amnesty: exchange of Information DTTs (Art. 26 OECD Model) Provisions or agreements signed by Argentina Bilateral Agreements

More information

Tax certification for Entities FATCA and CRS

Tax certification for Entities FATCA and CRS Schroder Investment Management Australia Limited Level 20, Angel Place 123 Pitt Street Sydney, NSW 2000 www.schroders.com.au AFSL 226473 ABN 22 000 443 274 Tax certification for Entities FATCA and CRS

More information

SAINT CHRISTOPHER AND NEVIS STATUTORY RULES AND ORDERS. No. 32 of 2016

SAINT CHRISTOPHER AND NEVIS STATUTORY RULES AND ORDERS. No. 32 of 2016 1 SAINT CHRISTOPHER AND NEVIS STATUTORY RULES AND ORDERS No. 32 of 2016 Common Reporting Standard (Automatic Exchange of Financial Account Information) Regulations The Minister, in exercise of the powers

More information

Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol

Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol European Treaty Series - No. 127 Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol Strasbourg, 1.VI.2011 Annex B Competent authorities (*) States From A to F

More information

TAX TRANSPARENCY THE NEW GLOBAL REPORTING STANDARD

TAX TRANSPARENCY THE NEW GLOBAL REPORTING STANDARD TAX TRANSPARENCY THE NEW GLOBAL REPORTING STANDARD 2 TAX TRANSPARENCY THE NEW GLOBAL REPORTING STANDARD A COMMON REPORTING STANDARD ACROSS THE WORLD The goalposts in international tax reporting are moving

More information

MEXICO - INTERNATIONAL TAX UPDATE -

MEXICO - INTERNATIONAL TAX UPDATE - TTN Conference May 2017 MEXICO - INTERNATIONAL TAX UPDATE - Arturo G. Brook Main Taxes Income Tax Value Added Tax Others Agenda DTTs and TIEAs FATCA (IGA) and CRS Choice of Vehicles Income Tax - General

More information

A guide to FACTA and the new Common Reporting Standard. For advisers use only.

A guide to FACTA and the new Common Reporting Standard. For advisers use only. A guide to FACTA and the new Common Reporting Standard For advisers use only. Contents 01 Introduction 01 Background 02 How are we complying with FACTA in the UK? 02 How are we complying with FACTA in

More information

Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development

Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development Unclassified English/French Unclassified Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 25-Sep-2009 English/French COUNCIL Council DECISION

More information

COSTAS TSIELEPIS & CO LTD

COSTAS TSIELEPIS & CO LTD COSTAS TSIELEPIS & CO LTD TAX UPDATE Authored By: ALEXIS TSIELEPIS, Director, Head of Taxation VOLUME 5, ISSUE 2 knowledge Facts, information and skills acquired through experience or education; the theoretical

More information

FACT SHEET. Automatic exchange of information (AEOI)

FACT SHEET. Automatic exchange of information (AEOI) FACT SHEET Automatic exchange of information (AEOI) In a joint statement, a number of countries, including all major financial centres and Liechtenstein, have announced that they will introduce the new

More information

RSM AND HFMWEEK CRS/FATCA SURVEY HOW DO FUNDS INTEND TO ADDRESS CRS AND FATCA COMPLIANCE CHALLENGES?

RSM AND HFMWEEK CRS/FATCA SURVEY HOW DO FUNDS INTEND TO ADDRESS CRS AND FATCA COMPLIANCE CHALLENGES? RSM AND HFMWEEK CRS/FATCA SURVEY HOW DO FUNDS INTEND TO ADDRESS CRS AND FATCA COMPLIANCE CHALLENGES? During the third quarter of 2016, RSM and Hedge Fund Management Week (HFMWeek) surveyed chief operating

More information

Global Forum on Transparency and Exchange of Information for Tax Purposes. Statement of Outcomes

Global Forum on Transparency and Exchange of Information for Tax Purposes. Statement of Outcomes Global Forum on Transparency and Exchange of Information for Tax Purposes Statement of Outcomes 1. On 25-26 October 2011, over 250 delegates from 84 jurisdictions and 9 international organisations and

More information

Tax Game Changers Yair Zorea, Tax Partner, PwC Israel Yitzhak Zahavy, Tax Supervisor, PwC Israel November 2015

Tax Game Changers Yair Zorea, Tax Partner, PwC Israel Yitzhak Zahavy, Tax Supervisor, PwC Israel November 2015 www.pwc.com/il Tax Game Changers Yair Zorea, Tax Partner, Yitzhak Zahavy, Tax Supervisor, November 2015 Agenda FATCA Common Reporting Standard IRS Audit Trends A look under the hood 2 FATCA 3 Foreign Account

More information

Cayman Islands - FATCA and CRS Top tips & pitfalls to avoid in 2018

Cayman Islands - FATCA and CRS Top tips & pitfalls to avoid in 2018 Cayman Islands - FATCA and CRS Top tips & pitfalls to avoid in 018 In this article we share our tips for reporting success for a Cayman Investment Entity Financial Institution (FI) and common pitfalls

More information

FATCA FAQS FATCA AND THE MOVEMENT TO HARMONISE INTERNATIONAL TAX COMPLIANCE AND TRANSPARENCY

FATCA FAQS FATCA AND THE MOVEMENT TO HARMONISE INTERNATIONAL TAX COMPLIANCE AND TRANSPARENCY FATCA FAQS FATCA AND THE MOVEMENT TO HARMONISE INTERNATIONAL TAX COMPLIANCE AND TRANSPARENCY The last decade has seen an extraordinary number of tax information exchange agreements (TIEAs), which the Organisation

More information

The Development of Tax Transparency in

The Development of Tax Transparency in The Development of Tax Transparency in OECD Countries Hoang Ha Nguyen Thi and Till Nikolka 1 Over the course of globalisation, governments have been confronted with the growing international dimension

More information

THE MULTILATERAL CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS AND THE PATH TO THE OECD-STANDARD ON AUTOMATIC EXCHANGE OF INFORMATION

THE MULTILATERAL CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS AND THE PATH TO THE OECD-STANDARD ON AUTOMATIC EXCHANGE OF INFORMATION THE MULTILATERAL CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS AND THE PATH TO THE OECD-STANDARD ON AUTOMATIC EXCHANGE OF INFORMATION Dr. Achim Pross Head of International Cooperation and

More information

FATCA: Developments & perspectives

FATCA: Developments & perspectives FATCA: Developments & perspectives Automatic Exchange of Information 22 May 2014 FATCA evolves into CRS a multilateral automatic exchange of information 2010 The Foreign Account Tax Compliance Act (FATCA)

More information

SCHEDULE OF REVIEWS (DECEMBER 2017)

SCHEDULE OF REVIEWS (DECEMBER 2017) 2016-2020 SCHEDULE OF REVIEWS (DECEMBER 2017) 2016-2021 SCHEDULE OF EOIR REVIEWS 1. At its meeting in Jakarta on 21-22 November 2013, the Global Forum agreed that a new round of peer reviews for the Exchange

More information

IRS Reporting Rules. Reference Guide. serving the people who serve the world

IRS Reporting Rules. Reference Guide. serving the people who serve the world IRS Reporting Rules Reference Guide serving the people who serve the world The United States has and continues to maintain a policy of not taxing the deposit interest earned by United States (US) nonresidents

More information

FATCA: THE NEXT PHASE Thursday 05 March 2015

FATCA: THE NEXT PHASE Thursday 05 March 2015 FATCA: THE NEXT PHASE Thursday 05 March 2015 Martin Popplewell & Paul Woodman (Deloitte) Lorraine Wheeler (First Names Group) - Chair STEP Jersey is sponsored by: STEP Jersey FATCA The Next Phase Martin

More information

TRANS WORLD COMPLIANCE, INC. CARIBBEAN ASSOCIATION OF BANKS, INC. & BARBADOS INTERNATIONAL BUSINESS ASSOC. Presents: FATCA compliance update

TRANS WORLD COMPLIANCE, INC. CARIBBEAN ASSOCIATION OF BANKS, INC. & BARBADOS INTERNATIONAL BUSINESS ASSOC. Presents: FATCA compliance update TRANS WORLD COMPLIANCE, INC. IN PARTNERSHIP WITH CARIBBEAN ASSOCIATION OF BANKS, INC. & BARBADOS INTERNATIONAL BUSINESS ASSOC. Presents: FATCA compliance update AGENDA Current FATCA status / update FATCA

More information

Rev. Proc Implementation of Nonresident Alien Deposit Interest Regulations

Rev. Proc Implementation of Nonresident Alien Deposit Interest Regulations Rev. Proc. 2012-24 Implementation of Nonresident Alien Deposit Interest Regulations SECTION 1. PURPOSE Sections 1.6049-4(b)(5) and 1.6049-8 of the Income Tax Regulations, as revised by TD 9584, require

More information

Tax trends and issues for financial services. Michael Velten, Southeast Asia Financial Services Industry Tax Leader

Tax trends and issues for financial services. Michael Velten, Southeast Asia Financial Services Industry Tax Leader Tax trends and issues for financial services Michael Velten, Southeast Asia Financial Services Industry Tax Leader Agenda Overview: Tax as a risk BEPS: A changing tax landscape CRS: Status in the region

More information

Convention on Mutual Administrative Assistance in Tax Matters

Convention on Mutual Administrative Assistance in Tax Matters Convention on Mutual Administrative Assistance in Tax Matters Strasbourg, 25.I.1988 Annex B Competent authorities (*) European Treaty Series - No. 127 States From A to F Albania Argentina Australia Austria

More information

Global Forum on Transparency and Exchange of Information for Tax Purposes

Global Forum on Transparency and Exchange of Information for Tax Purposes Global Forum on Transparency and Exchange of Information for Tax Purposes Automatic Exchange of Information Implementation Report 2017 AEOI Implementation Report 2017 1 2 Table of contents Executive summary...

More information

FATCA Update May 2014

FATCA Update May 2014 www.pwc.com The Basics Foreign Account Tax Compliance Act Purpose of Prevent and detect offshore tax evasion by US citizens Increased information reporting Enforced by withholding tax Effective begins

More information

55/2005 and 78/2005 Convention on automatic exchange of information

55/2005 and 78/2005 Convention on automatic exchange of information INCOME TAX TREATIES AND AGREEMENTS ON THE TAXATION OF INCOME FROM SAV- INGS (IN FORCE, SIGNED, INITIALLED OR IN NEGOTIATING PROCESS, SITUATION ON 25th April 2018) Country Year of conclusion Number in the

More information

CRS Form for Tax Residency Self Certification For Individuals, Joint Accounts (CRS I)

CRS Form for Tax Residency Self Certification For Individuals, Joint Accounts (CRS I) For Individuals, Joint Accounts (CRS I) Please read these instructions carefully before completing the form Chapter XIIA of Income Tax Rules, 2002 and Regulations based on the OECD Common Reporting Standard

More information

CB CROSS BORDER YOUR GOAL. OUR MISSION.

CB CROSS BORDER YOUR GOAL. OUR MISSION. CB CROSS BORDER YOUR GOAL. OUR MISSION. Your Chosen Counsel Because We care We are an international private wealth advisory We specialize in providing offshore solutions crossborderworldwide.com What we

More information

Update on the Work of the Global Forum and Outline of Future Directions

Update on the Work of the Global Forum and Outline of Future Directions Update on the Work of the Global Forum and Outline of Future Directions 4 th IMF-Japan High Level Tax Conference Tokyo, Japan Dónal Godfrey, Global Forum Secretariat Global Forum on Transparency and Exchange

More information

Attorneys at Law. 11th Annual International Estate Planning Institute New York City, 12 & 13 March 2015

Attorneys at Law. 11th Annual International Estate Planning Institute New York City, 12 & 13 March 2015 FATCA Implementation Attorneys at Law 11th Annual International Estate Planning Institute New York City, 12 & 13 March 2015 Presenters: Anthony Cetta: Citi Trust Wealth Planner, Citigroup (New York, NY)

More information

Japan s DTA Strategy and its Implications to Developing Countries. April 9 th, 2015 Kentaro Ogata

Japan s DTA Strategy and its Implications to Developing Countries. April 9 th, 2015 Kentaro Ogata Japan s DTA Strategy and its Implications to Developing Countries April 9 th, 2015 Kentaro Ogata Table of Contents Role of DTA DTA strategy: basics JP and DC perspectives New initiatives Growing focus

More information

The Global Forum on Transparency and Exchange of Information for Tax Purposes

The Global Forum on Transparency and Exchange of Information for Tax Purposes ANNEXES 1 The Global Forum on Transparency and Exchange of formation for Tax Purposes INFORMATION BRIEF November 2013 For more information please contact: Monica Bhatia, Head of the Global Forum Secretariat

More information

GENERAL ANTI AVOIDANCE RULE RECENT CASE LAW IN ARGENTINA

GENERAL ANTI AVOIDANCE RULE RECENT CASE LAW IN ARGENTINA GENERAL ANTI AVOIDANCE RULE RECENT CASE LAW IN ARGENTINA Leandro M. Passarella Passarella Abogados TTN Conferences Latin America 2014 Buenos Aires November 17, 2014 Background Past structures Case Law

More information

FATCA. Its Implications for the Financial Services Industry in Belize (A Banking Perspective) February 19, 2015 Aldo J. Salazar

FATCA. Its Implications for the Financial Services Industry in Belize (A Banking Perspective) February 19, 2015 Aldo J. Salazar FATCA Its Implications for the Financial Services Industry in Belize (A Banking Perspective) February 19, 2015 Aldo J. Salazar Introduction The Foreign Account Tax Compliance Act (FATCA) was signed into

More information

The outcomes of the meeting which were agreed by participants 1, as well as the next steps in the process, are set out below 2.

The outcomes of the meeting which were agreed by participants 1, as well as the next steps in the process, are set out below 2. Summary of Outcomes of the Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes Held in Mexico on 1-2 September 2009 178 delegates from over 70 jurisdictions and international

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) Andrea Garcia Castelao November 18, 2013 Foreign Account Tax Compliance Act (FATCA) 0 2013 Deloitte Tax LLP FATCA Update Final FATCA regulations were released

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2017 Imports by Volume (Gallons per Country) YTD YTD Country 08/2016 08/2017 % Change 2016 2017 % Change MEXICO 51,349,849 67,180,788 30.8 % 475,806,632 503,129,061 5.7 % NETHERLANDS 12,756,776 12,954,789

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 1/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 11/2016 11/2017 % Change 2016 2017 % Change MEXICO 50,994,409 48,959,909 (4.0)% 631,442,105 657,851,150 4.2 % NETHERLANDS 9,378,351 11,903,919

More information

GUERNSEY. Sections 75C and 75CC of the Income Tax (Guernsey) Law, 1975

GUERNSEY. Sections 75C and 75CC of the Income Tax (Guernsey) Law, 1975 GUERNSEY Sections 75C and 75CC of the Income Tax (Guernsey) Law, 1975 75C. Notices under section 75A and 75B: requests for information. 75CC. Implementation of approved international agreements by regulation.

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 12/2016 12/2017 % Change 2016 2017 % Change MEXICO 50,839,282 54,169,734 6.6 % 682,281,387 712,020,884 4.4 % NETHERLANDS 10,630,799 11,037,475

More information

COMPANY DETAILS FORM

COMPANY DETAILS FORM FOR USE IN MAURITIUS COMPANY DETAILS FORM IMPORTANT: ALL SECTIONS MUST BE COMPLETED Name of proposed new entity: (if known) Name of applicant company: Company type: (please tick one box) Quoted on a stock

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 11/2017 11/2018 % Change 2017 2018 % Change MEXICO 48,959,909 54,285,392 10.9 % 657,851,150 716,916,480 9.0 % NETHERLANDS 11,903,919 10,024,814

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 12/2017 12/2018 % Change 2017 2018 % Change MEXICO 54,169,734 56,505,154 4.3 % 712,020,884 773,421,634 8.6 % NETHERLANDS 11,037,475 8,403,018

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 12/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 10/2017 10/2018 % Change 2017 2018 % Change MEXICO 56,462,606 60,951,402 8.0 % 608,891,240 662,631,088 8.8 % NETHERLANDS 11,381,432 10,220,226

More information

PARTNERSHIP DETAILS FORM

PARTNERSHIP DETAILS FORM FOR USE IN SINGAPORE PARTNERSHIP DETAILS FORM IMPORTANT: ALL SECTIONS MUST BE COMPLETED Name of proposed new entity (if known) Name of applicant partnership Form of applicant partnership Partnership Limited

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 11/2/2018 Imports by Volume (Gallons per Country) YTD YTD Country 09/2017 09/2018 % Change 2017 2018 % Change MEXICO 49,299,573 57,635,840 16.9 % 552,428,635 601,679,687 8.9 % NETHERLANDS 11,656,759 13,024,144

More information

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED E 4 ALBERT EMBANKMENT LONDON SE 7SR Telephone: +44 (0)20 7735 76 Fax: +44 (0)20 7587 320 MSC./Circ.64/Rev.5 7 June 205 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING

More information

Summary of key findings

Summary of key findings 1 VAT/GST treatment of cross-border services: 2017 survey Supplies of e-services to consumers (B2C) (see footnote 1) Supplies of e-services to businesses (B2B) 1(a). Is a non-resident 1(b). If there is

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 08/2017 08/2018 % Change 2017 2018 % Change MEXICO 67,180,788 71,483,563 6.4 % 503,129,061 544,043,847 8.1 % NETHERLANDS 12,954,789 12,582,508

More information

Common Reporting Standard

Common Reporting Standard www.pwc.com Common Reporting Standard Singapore September 2016 1. Setting the scene 2 Asset management in the spotlight FATCA 3 CRS is the next wave of increasing global standards on Tax Information Reporting

More information

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED E 4 ALBERT EMBANKMENT LONDON SE1 7SR Telephone: +44 (0)20 7735 711 Fax: +44 (0)20 7587 3210 1 January 2019 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 5/4/2016 Imports by Volume (Gallons per Country) YTD YTD Country 03/2015 03/2016 % Change 2015 2016 % Change MEXICO 53,821,885 60,813,992 13.0 % 143,313,133 167,568,280 16.9 % NETHERLANDS 11,031,990 12,362,256

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/7/2018 Imports by Volume (Gallons per Country) YTD YTD Country 01/2017 01/2018 % Change 2017 2018 % Change MEXICO 54,235,419 58,937,856 8.7 % 54,235,419 58,937,856 8.7 % NETHERLANDS 12,265,935 10,356,183

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 7/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 05/2017 05/2018 % Change 2017 2018 % Change MEXICO 71,166,360 74,896,922 5.2 % 302,626,505 328,397,135 8.5 % NETHERLANDS 12,039,171 13,341,929

More information

TRUST AND SETTLEMENT DETAILS FORM

TRUST AND SETTLEMENT DETAILS FORM FOR USE IN CAYMAN, DUBLIN AND JERSEY TRUST AND SETTLEMENT DETAILS FORM IMPORTANT: ALL SECTIONS MUST BE COMPLETED Name of proposed new entity: (if known) Name of trust: Date trust established: Proper law

More information

Information Leaflet No. 5

Information Leaflet No. 5 Information Leaflet No. 5 REGISTRATION OF EXTERNAL COMPANIES INFORMATION LEAFLET NO. 5 / May 2017 1. INTRODUCTION An external (foreign) limited company registered abroad may establish a branch in the State.

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 6/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 04/2017 04/2018 % Change 2017 2018 % Change MEXICO 60,968,190 71,994,646 18.1 % 231,460,145 253,500,213 9.5 % NETHERLANDS 13,307,731 10,001,693

More information

COMBATTING OFFSHORE TAX EVASION FROM THE FINANCIAL INSTITUTION S PERSPECTIVE

COMBATTING OFFSHORE TAX EVASION FROM THE FINANCIAL INSTITUTION S PERSPECTIVE GLOBAL INVESTIGATIONS & COMPLIANCE ELLEN ZIMILES Financial Services Advisory and Compliance Segment Leader Head of Global Investigations and Compliance +1.212.554.2602 ellen.zimiles@navigant.com RICHARD

More information

TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime

TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime A F R I C A WA T C H TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime Afghanistan Albania Algeria Andorra Angola Antigua and Barbuda Argentina Armenia

More information

COMPANY DETAILS FORM

COMPANY DETAILS FORM FOR USE IN JERSEY COMPANY DETAILS FORM IMPORTANT: ALL SECTIONS MUST BE COMPLETED Name of proposed new entity: (if known) Name of applicant company: Company type: (please tick one box) Quoted on a stock

More information

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017 GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL

More information

The Global Tax Reset 2017 Audit Committee Symposium

The Global Tax Reset 2017 Audit Committee Symposium The Global Tax Reset Copyright 2017 Deloitte Development LLC. All rights reserved. 2017 Audit Committee Symposium Anticipate. Navigate. Focus. 1 The Global Tax Reset General context Multinational companies

More information

Information Leaflet No. 5

Information Leaflet No. 5 Information Leaflet No. 5 REGISTRATION OF EXTERNAL COMPANIES INFORMATION LEAFLET NO. 5 / FEBRUARY 2018 ii 1. INTRODUCTION An external (foreign) limited company registered abroad may establish a branch

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) Impact Assessment on the Financial Services (Banking and Insurance) sectors and businesses in Trinidad and Tobago Presentation by the Bankers Association of Trinidad

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 4/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 02/2017 02/2018 % Change 2017 2018 % Change MEXICO 53,961,589 55,268,981 2.4 % 108,197,008 114,206,836 5.6 % NETHERLANDS 12,804,152 11,235,029

More information

TAX UPDATE AUSTRALIAN AUGUST 2012 MANAGED INVESTMENT TRUST (MIT) WITHHOLDING TAX CONCESSION

TAX UPDATE AUSTRALIAN AUGUST 2012 MANAGED INVESTMENT TRUST (MIT) WITHHOLDING TAX CONCESSION AUGUST 2012 AUSTRALIAN TAX UPDATE MANAGED INVESTMENT TRUST (MIT) WITHHOLDING TAX CONCESSION BACKGROUND, OVERVIEW AND CURRENT STATUS OF MIT CONCESSION AND RELATED REFORMS The MIT withholding tax concession

More information

International Journal TM

International Journal TM International Journal TM Reproduced with permission from Tax Management International Journal, Vol. 47, No. 12, 12/07/2018. Copyright 2018 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com

More information

Tax Management International Journal

Tax Management International Journal Tax Management International Journal Reproduced with permission from Tax Management International Journal, 43 TMIJ 540, 09/12/2014. Copyright 2014 by The Bureau of National Affairs, Inc. (800-372- 1033)

More information

Frequently Asked Questions (FAQ) CRS

Frequently Asked Questions (FAQ) CRS Frequently Asked Questions (FAQ) CRS Contents General... 1 Accounts of Individuals... 3 Accounts of Legal Entities... 6 Glossary... 9 General What is the Standard for Automatic Exchange of Financial Information

More information

Current Status of U.S. Tax Treaties and International Tax Agreements

Current Status of U.S. Tax Treaties and International Tax Agreements Tax Management International Journal TM Reproduced with permission from Tax Management International Journal, Vol. 47, No. 12, p. 788, 12/08/2017. Copyright 2017 by The Bureau of National Affairs, Inc.

More information

Progress Towards Tax Transparency

Progress Towards Tax Transparency COMMITTED TO YOU April 2015 Progress Towards Tax Transparency OECD Developments The Swiss Strategy Latest Steps Impact - What s Next Union Bancaire Privée, UBP SA Rue du Rhône 96-98 CP 1320 1211 Geneva

More information

Non-XIS Return for 2016: Business not processed through Xchanging or via the Lloyd s Direct Reporting process

Non-XIS Return for 2016: Business not processed through Xchanging or via the Lloyd s Direct Reporting process market bulletin Ref: Y5045 Title Non-XIS Return for 2016: Business not processed through Xchanging or via the Lloyd s Direct Reporting process Purpose To arrange the collection of all premiums and claims

More information

Who is in scope of the AEoI?

Who is in scope of the AEoI? Who is in scope of the AEoI? Transparent treatment of foundations, trusts and domiciliary companies under the Automatic Exchange of Information (AEoI) by Jürg Birri und Philipp Zünd January 2018 kpmg.ch

More information

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 This table shows the maximum rates of tax those countries with a Double Taxation Agreement

More information

Session 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015

Session 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015 Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of

More information

Approach to Employment Injury (EI) compensation benefits in the EU and OECD

Approach to Employment Injury (EI) compensation benefits in the EU and OECD Approach to (EI) compensation benefits in the EU and OECD The benefits of protection can be divided in three main groups. The cash benefits include disability pensions, survivor's pensions and other short-

More information

COMMONWEALTH OF DOMINICA

COMMONWEALTH OF DOMINICA COMMONWEALTH OF DOMINICA CITIZENSHIP BY INVESTMENT Simply Perfect CITIZENSHIP BENEFITS UNITED ST ATES MEXICO ATEMALA THE BAHAMAS CUBA DOMINICAN REPUBLIC PUERTO RICO SAINT KITTS and NEVIS GU EL SALVADOR

More information

Italy amends white list

Italy amends white list 26 August 2016 Global Tax Alert Italy amends white list EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts Executive

More information

FATCA: More than a Five Letter Word NACUBO Tax Forum 2014

FATCA: More than a Five Letter Word NACUBO Tax Forum 2014 FATCA: More than a Five Letter Word NACUBO Tax Forum 2014 Presented by: Nicole Bencik, Partner, Crowe Horwath LLP John Kelleher, Partner Crowe Horwath LLP Joel Levenson, Associate Director: Tax Compliance,

More information

Registration of Foreign Limited Partnerships in the Cayman Islands

Registration of Foreign Limited Partnerships in the Cayman Islands Registration of Foreign Limited Partnerships in the Cayman Islands Preface This publication has been prepared for the assistance of those who are considering registration of a foreign limited partnership

More information

Global Forum on Transparency and Exchange of Information for Tax Purposes. Plenary Meeting November, 2017 Yaoundé, Cameroon

Global Forum on Transparency and Exchange of Information for Tax Purposes. Plenary Meeting November, 2017 Yaoundé, Cameroon Global Forum on Transparency and Exchange of Information for Tax Purposes Plenary Meeting 15-17 November, 2017 Yaoundé, Cameroon THE 2017 GLOBAL FORUM PLENARY MEETING: STATEMENT OF OUTCOMES 1 1. On 15-17

More information

INTERNATIONAL MONETARY FUND

INTERNATIONAL MONETARY FUND INTERNATIONAL MONETARY FUND Offshore Financial Centers Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program Supplementary Information Prepared by the

More information

Double tax considerations on certain personal retirement scheme benefits

Double tax considerations on certain personal retirement scheme benefits www.pwc.com/mt The elimination of double taxation on benefits paid out of certain Maltese personal retirement schemes February 2016 Double tax considerations on certain personal retirement scheme benefits

More information

Country-by-Country Reporting:

Country-by-Country Reporting: -by- Reporting: Notifications Last updated: December 5, 2017 Notifications OECD Model Rule, Article 3. Notifications. Where a Constituent Entity of an MNE Group that is... not the Ultimate Parent Entity

More information

APA & MAP COUNTRY GUIDE 2017 DENMARK

APA & MAP COUNTRY GUIDE 2017 DENMARK APA & MAP COUNTRY GUIDE 2017 DENMARK Managing uncertainty in the new tax environment DENMARK KEY FEATURES Competent authority Danish Tax Office ( SKAT ) APA provisions/ guidance Types of APAs available

More information

FATCA: THE 2014 HORIZON

FATCA: THE 2014 HORIZON FATCA: THE 2014 HORIZON Breakout Session 5C FIBA 2014 AML Compliance Conference February 21, 2014 Gabriel Caballero, Esq. Gunster, Yoakley & Stewart, P.A. 2 South Biscayne Boulevard Suite #3400 Miami,

More information

The current state of ICOs

The current state of ICOs The current state of ICOs A concise overview of ICO overall developments, regions, raised capital and the biggest projects Contents Preface... 2 1. Current ICO developments in Q1 2018... 3 1.1 Raised ICO

More information