September 16, 2021

FATCA deadlines coming up

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By Michael Cohn From Accounting Today Banks that deal with international tax reporting are facing a slew of upcoming deadlines and regulations. Among them are those related to FATCA, the Foreign Account Tax and Compliance Act that was included as part of the HIRE Act of 2010. The controversial law was delayed several times to […]

2016 Key Milestones: Cayman Islands

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From Deloitte Closing the distance Global Financial Services Industry Reporting deadlines and other key compliance milestones in the Cayman Islands are approaching. Given the specific notification to the Cayman Tax Authority requirement and the complexity of the key milestones for the three sets of information reporting rules that are applicable in this jurisdiction (i.e. FATCA, […]

Cayman Fund sector rises to regulatory challenges

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Article by David Roberts Cayman Finance From Mondaq With a demonstrable commitment towards transparency, alongside new legislation, which has left the jurisdiction advantageously positioned for the implementation of global regulatory reform, recent events in the Cayman Islands have served to underscore its attractiveness as an international fund domicile. Modern and forward-thinking, Cayman’s regulatory framework constantly […]

Cayman Islands: Getting up to date on FATCA – a recap and update

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By Tim Dawson Cayman Finance From Mondaq What is FATCA? FATCA refers to US legislation more fully known as the Foreign Account Tax Compliance Act and includes the US Treasury regulations implementing it. It was enacted as part of the Hiring Incentives to Restore Employment Act of 2010 (otherwise known as the, “HIRE Act”) on 18 […]

Cayman Islands Tax Summary – International Tax Lawyers

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From Golding & Golding There is a reason why the Cayman Islands is considered one of the top Tax Havens in the world. Even though the Cayman Islands utilizes general accounting principles, there is almost no traditional tax in the Cayman Islands. Unlike most countries in which there is corporate tax that is paid to […]

Global FATCA: Let’s go it again

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By Roman Ipfling from DMS Roman Ipfling is a Director and Global Leader of the International Tax Compliance Group at DMS Offshore Investment Services and is based in the Cayman Islands. Fifty-three jurisdictions have agreed to automatic ex- change of tax information beginning in 2017, under the OECD’s Common Reporting Standard. Over 40 others have […]

Cayman Islands and the CRS

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From Walkers What Financial Institutions need to know 9 December 2015 Introduction to the CRS On 29 October 2014, the Cayman Islands was among 50 other jurisdictions which signed a Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the “MCAA”) demonstrating its commitment to implement the “CRS” or Common Reporting Standard, an […]

The Editor Speaks: The end of secrecy?

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On November 24th 2014 The Tax Justice Network issued a 64 page “Final Report” – “The end of bank secrecy”? Bridging the gap to effective automatic information exchange. An Evaluation of OECD’s Common Reporting Standard (CRS) and its alternatives. It is written by Andres Knobel and Markus Meinze. You can obtain a copy by downloading […]

U.S. signs tax pacts with U.K. and Australia

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By Michael Cohn Washington, D.C. From Accounting Today (September 24, 2015) The U.S. government has signed “competent authority arrangements” with the United Kingdom and Australia to advance their intergovernmental agreements to combat tax evasion under the Foreign Account Tax Compliance Act, or FATCA. The competent authority arrangements were signed in accordance with the “Agreement between […]

[US] IRS targets secret offshore bank accounts

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By Lisa Smith From iExpats US taxpayers with secret bank accounts in Belize are about to feel the full force of the Internal Revenue Service (IRS). A federal court in Miami has issued summonses against Belize Bank International and Belize Bank aiming to identify accounts controlled by US taxpayers from 2006 until 2014. Belize banks […]