After last week’s publication of the final Finance Bill for 2017, which had been interrupted by the snap election, the Government has published draft legislation to form the Finance Bill 2018.  As expected, it contains previously announced provisions omitted following the snap election earlier this year and provides additional clarity on the Government’s position on […]

Germany, Luxembourg, and Spain are egregious offenders in “supporting an unjust global tax system,” according to a new report from the European Network on Debt and Development (Eurodad), a network of NGOs. The report authors write that Germany and Luxembourg in particular “offer a diverse menu of options for concealing ownership and laundering money.” “There […]

The Common Reporting Standard (“CRS”) will impose new investor due diligence and reporting obligations on funds and other financial institutions based in “early adopter” participating jurisdictions, with effect from January 1, 2016. According to the OECD, all major financial centres have now signed up to the standard. Financial institutions should now be preparing for the commencement of CRS […]

The DRAFT TAXATION (IMPLEMENTATION)(INTERNATIONAL TAX COMPLIANCE)(COMMON REPORTING STANDARD)(JERSEY) REGULATIONS 201- (Draft CRS Regulations) have now been lodged with the States of Jersey Jersey practitioners will be reassured to see (at Articles 10 – 18) the inclusion of expanded penalty provisions which seems to more accurately reflect the position adopted by the IoM/UK; that is to […]

Last year, the Chief Minster, Senator Ian Gorst issued a statement clarifying that Jersey has no desire or need to engage with those who seek to involve the island in aggressive tax planning schemes to avoid UK tax. This approach echoes the UK Government’s commitment, recently reiterated during the General Election, that they would be […]

It took a top flight lawyer to tell the tax profession what they didn’t want to hear: That they are out of touch with the zeitgeist on matters of tax avoidance. Des Hudson, former Chief Executive of the Law Society and current chairman of the Taxation Disciplinary Board was addressing the great and the good […]

More people are going to prison for tax evasion in the UK, according to official statistics, although the average length of these jail terms has fallen over the past four years. It can be seen that HMRC is making broader use of its prosecution powers and pushing for the maximum penalty in a wider range […]

An Indian-origin former leader of a now defunct Hindu temple in Georgia has been sentenced to 27 years in prison for committing bank and tax frauds, money laundering and using the temple’s income to fund his personal lifestyle. Annamalai (49), also known as Swamiji Sri Selvam Siddhar, was in August last convicted for bank and […]