CRS
Best Practice | 27 Oct 17
Undeclared offshore interests face 200% penalties
The UK tax office is planning to introduce hefty new penalties of up to 200% on taxpayers with undeclared offshore investments, prompting calls from the Association of Taxation Technicians for people to get their affairs sorted sooner rather than later.
Swiss spat with Saudi and NZ the tip of the CRS iceberg
The lower house of the Swiss parliament has rejected automatic exchange of information (AEOI) agreements with New Zealand and Saudi Arabia but has given the green light to ratify deals with 39 other nations.
Dubai’s DIFC prepares to implement CRS and reform trust laws
The Dubai International Financial Centre is preparing new laws to implement the Common Reporting Standard (CRS), and to reform its rules surrounding trusts and foundations.
Tax & Technical | 6 Oct 17
StanChart in $1.4bn suspect transfer probe
Standard Chartered is under investigation in Guernsey and Singapore over a $1.4bn (£1.07bn €1.2bn) transfer of funds.
Radical shakeup of Swiss private banks needed
Swiss private banks are failing to address rapidly declining profitability and are too focused on defensive measures to implement a radical transformation that will allow them to generate competitive advantage and sustainable growth, says KPMG.