Showing posts from December, 2016

Potential UK Non Dom Changes

Understand more Draft legislation was published on 5 December 2016 giving further details of the UK government’s proposed changes to the taxation of non-domiciles.
The rules are still in draft and so subject to comment and adjustment but likely to receive Royal Assent in the Summer of 2017 but taking effect from 6 April 2017.
After an eighteen month period of consultation the new certainty for non-doms is welcome. It is clear that the government will now make key changes to the taxation of non-domiciles (“non-doms”).
The changes will affect all non-doms both in their personal capacity, and especially those who are settlors or beneficiaries of offshore structures. They will also affect overseas trustees and non-doms (resident and non resident) owning residential property in the UK.
The Finance Bill also reflects the government’s clear wish to stimulate investment in the UK. It is not all about increasing the tax take from non-doms. The draft legislation offers two main avenues for non…

Singapore: Implementation of the Common Reporting Standard (“CRS”) with effect from 1 January 2017

Date: 30 December 2016

Dear Sir/Madam,

The Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 (“CRS Regulations”) will come into effect on 1 January 2017.

The CRS is an internationally agreed standard for the automatic exchange of financial account information (“AEOI”), endorsed by the OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes, to deter and detect tax evasion through the use of offshore bank accounts. More than 100 jurisdictions, including major financial centres such as Hong Kong, Luxembourg and Switzerland, have endorsed the CRS and will commence AEOI in either 2017 or 2018.

The CRS Regulations empower and require all financial institutions (“FIs”) to put in place necessary processes and systems to obtain CRS information from account holders (known as the “Wider Approach”) that open a new account with the FIs from 1 January 2017.  FIs will have to establish the tax residency status of all their …