Category Taxation in South America

Tax Information Exchange Agreement Update

September 10, 2009 International Tax CooperationOffshore BankingTax HavensTaxation in AustraliaTaxation in British Virgin IslandsTaxation in CanadaTaxation in Cayman IslandsTaxation in EUTaxation in FranceTaxation in GermanyTaxation in IrelandTaxation in LiechtensteinTaxation in MonacoTaxation in New ZealandTaxation in Turks & Caicos IslandsTaxation in UKTaxation in USA  No comments

Since the April G20 summit, over 50 new TIEA agreements have been signed across the globe.

The London G20 Summit, held on the 2nd of April this year, heralded an unprecedented wave of Tax Information Exchange Agreement (TIEA). In what was described as “revolutionary” by Angel Gurría, OECD Secretary-General, the number of completed TIEAs has almost doubled since their inception in late 2000.
Since the G20 summit, and subsequent global push for greater tax transparency and compliance, the following 53 agreements have been signed.

United States – Monaco (8 September 2009)
Denmark – Turks & Caicos Islands (7 September 2009)
Netherlands – Antigua & Barbuda (2 September 2009)
Denmark – Gibraltar (2 September 2009)
Denmark – Anguilla (2 September 2009)
Germany – Liechtenstein (2 September ...

Read More

Cayman Islands Could Consider Taxes

September 4, 2009 Offshore BankingTax HavensTaxation in Cayman IslandsTaxation in UK  No comments

Budget deficits in the Cayman Islands are forcing the nation’s government to consider the introduction of taxes.

The Cayman Islands, which are undergoing a severe governmental budget deficit, are being encouraged to introduce taxes to its system by the British Government. Facing a budget deficit of US$82, the island nation has sought out loans to meet its financial obligations, such as pension and government worker payments. As it is a British Overseas Territory, the Cayman Islands require British Government approval before increasing their borrowing beyond 80% of its annual revenue.

In a letter dated the 27th of August addressed to McKeeva Bush, leader of the Cayman government,Chris Bryant, British Foreign Office Minister, denied the Cayman Islands permission to expand their borrowi...

Read More

Italy and San Marino Will Sign a Tax Accord

September 3, 2009 International Tax CooperationTaxation in ItalyTaxation in San Marino  No comments

Italy and Republic of San Marino will sign a tax accord by the end of September.

The announcement of the new tax accord between smallest European country Republic of San Marino and Italy was made last week by Italian Economy Minister Giulio Tremonti. This accord is part of an economical program of the governments of Italy and San marino to fight tax avoidance by citizens of these countries.

The third tax amnesty will begin in Italy in mid-September. At the same time the government of San Marino is planning to conduct an emergency census of it’s 31,000 citizens to eliminate foreigners, mainly Italians, claiming to live in San Marino where they enjoy low taxes and strict banking secrecy ...

Read More

Financial Transaction Tax in Brazil

August 26, 2009 Taxation in Brazil  No comments

In the face of falling revenues, Brazil’s governing coalition are looking to implement a new tax on financial transactions.

Facing a financial situation not dissimilar to governments worldwide, Brazil’s leading coalition in Congress will attempt to instate a new financial transaction tax, to offset its own falling revenues and increased spending. The government will attempt to push through a bill which will see a 0.1% tax implemented on all financial transactions. The tax, if accepted, will see an extra BRL12 billion in the Government’s coffers per year. The extra money is intended to finance Brazil’s healthcare system...

Read More

Cayman Islands Reach White List Status

August 18, 2009 Offshore BankingTaxation in Cayman IslandsTaxation in New Zealand  No comments

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 White List”.

The announcement came on the same day as news of the British Virgin Islands also reaching white list status...

Read More