STEP, alongside ICAEW and the Law Society, has recently published a guide to help trustees determine the status of UK trusts under the UK/US Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement. In his latest blog post George Hodgson, Deputy Chief Executive of STEP, tells us why practitioners need to consider urgently the status of…
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Supreme Court Restricts the Jurisdictional Reach of US Courts
Supreme Court clarifies the jurisdictional reach of US courts over foreign corporations | Lexology lexology.com On January 14, 2014, the US Supreme Court, in a unanimous judgment, once again reversed a lower court’s assertion of extraterritorial jurisdiction over a foreign corporation. The Court’s decision in Daimler AG v. Bauman et al. held that a US…
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Swiss Private Wealth Escapes To The Bahamas & the BVI.
The Bahamas has enjoyed an “influx” of private wealth management business due to a change in Swiss banking laws, a senior accountant warning the Bahamas that as a result, it would continue to face external pressures for greater regulation and transparency. Michelle Thompson, managing partner at Ernst & Young (Bahamas), said We’re seeing an influx…
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U.S. & Italy Sign FATCA Agreement.
The U.S. and Italy have signed an intergovernmental Agreement between the Government of the United States of America and the Government of the Republic of Italy to Improve International Tax Compliance and to Implement FATCA. The U.S. Treasury Department on January10, 2014 said it signed an anti-tax evasion pact with Italy, which became the 13th…
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