With its twelfth Tax Information Exchange Agreement signed, the Cayman Islands will be now be placed on the OECD white list of countries. The Cayman Islands and New Zealand signed a Tax Information Exchange Agreement (TIEA) on the 13th of August. This agreement brings the total for the Cayman Islands to twelve, enough to be considered by Organization for Economic Co-Operation and Development to be part of the jurisdictions that have substantially implemented the internationally agreed tax standards, otherwise known as the “OECD ... Read More

The British Virgin Islands now have the twelve Tax Information Exchange Agreement signatures required to achieve ranking on the OECD “white list” of countries. The British Virgin Islands will soon join the ranks of 47 countries that the Organization for Economic Cooperation and Development (OECD) has deemed to have “substantially implemented the internationally agreed tax standards”. The move comes with the signing of the 12th Tax Information Exchange Agreement (TIEA) for the British Virgin Islands, the partner of which was New Zealand. At the ... Read More

The Indian Government has proposed lowering corporate tax rates, abolishing equity trading tax and funding it all by improving tax compliance. In an effort to raise net tax collection, the Indian government is proposing further changes to their taxation system. Spearheading the new bout of changes is the idea of lowering corporate tax rates to 25% from their current 30%. This would be the lowest corporate tax rate ever seen in India. Proposals of abolishing taxation on equity trades had also been floated. ... Read More

The Swiss bank UBS has reached a settlement deal with the US Government regarding allegations of tax evasion. An out-of-court settlement has been brokered between the US Government, on behalf of the US Internal Revenue Service, and the Swiss Bank UBS. Exact details of the agreement have not yet been revealed, and are not promised until the final agreements are signed by all involved parties. At the moment the settlement sits as an “initialed agreement”. According to Ken Rubestein, senior partner at law ... Read More

As part of the new Liechtenstein-UK Tax Information Exchange Agreement, UK residents who hold offshore accounts in Liechtenstein will be asked to volunteer across their taxation information, or face eventual penalties. The Tax Information Exchange Agreement (TIEA) between the United Kingdom and Liechtenstein, which was signed on the 11th of August, has an inherently new TIEA feature which sets down provisions for voluntary tax information disclosure, and a corresponding leniency program on the part of the British HM Revenue & Customs (HMRC). The TIEA ... Read More