Of the 34 current members of the OECD, the number taxing corporations on a territorial basis has doubled since 2000, up to 28 of 34 in 2012.
IFRS 9 sets out the requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. IFRS 9 replaces International Accounting Standard (IAS) 39 Financial Instruments: Recognition and Measurement.
The EU can hardly be accused of complacency when it comes to addressing BEPS. The EU’s Action Plan published in December 2012 contained a plethora of initiatives targeted at limiting tax evasion as well as tax avoidance.
More and more countries are signing FATCA agreements with the IRS. Swiss banking secrecy is a thing of the past. Taxpayers who have undisclosed accounts are justifiably frightened that the IRS or DOJ will learn about their accounts.
A generally accepted definition of a “beneficial owner” is “someone who has a level of control over or use of funds or assets in an account, or has control of a company, which allows that person to directly or indirectly control or manage the account or company.”
The Amendment Law, whilst now on the statute book, is not yet in force at the time of writing but will be brought into force once necessary amendments have been made to the underlying Insurance Regulations.
There are a number of bills that have been introduced in the US Congress that, if enacted, could impact Cayman Island domiciled captives and/or their shareholders or affiliated group
Financial system policymakers around the world continue to respond vigorously to the problems in financial markets, financial institutions, and financial system regulation and supervision brought into high relief by the 2007-2009 global financial crisis.
If there is a demand for a good or service, whether legal or not, it will be supplied by someone. This basic fact of life is understood by most people, except for those who believe in utopia or are so power-possessed that they deny reality. All too often, attempts by government to ban or regulate an activity make the situation worse.