ITSL Now Offering FATCA Sponsor Services

To assist Belize trusts for which we act as the trustee in becoming FATCA compliant in the most efficient and effective manner, we have created a new FATCA Sponsor Service.  Our FATCA Sponsor Service is a complete FATCA solution for Belize trus...


Uzbekistan funds frozen in Swiss accounts

Switzerland has agreed to freeze funds in Swiss bank accounts that are suspected to be connected to the daughter of the Uzbekistan president, Islam Karimov. The decision has come on Monday after a request from the United States....


Ruling next month on Canadian citizens’ challenge to FATCA

Two US-Canadian dual citizens will next month learn the outcome of their legal challenge to the Canadian government's implementation of the US Foreign Account Tax Compliance Act (FATCA). FATCA requires banks in every country to ident...


China Eases Foreign Purchase Rules for Property in Slowdown

China loosened restrictions on foreign investment in real estate after the yuan’s depreciation reduced the appeal of Chinese property assets. Overseas companies’ Chinese units and foreign nationals working and living in China can buy prop...

Flying New Zealand Flag

New Zealand to introduce withholding tax on property sales by offshore owners

The New Zealand government has launched a consultation on its plan to impose withholding taxes on residential land sales by overseas owners. The tax, to be introduced in mid-2016, is intended to act as a guarantee that offshore property specu...


INHERITANCE TAX: Letter is sufficient evidence for gift made in 1985

The First-tier Tax Tribunal has accepted Malcolm Scott's claim that his now-deceased parents gave him three valuable paintings in 1985, despite the absence of any deeds of gift. The tribunal relied on a contemporaneous letter from Scott's mother...


APNs: can taxpayers avoid the immediate obligation to pay?

10 June 2015 by Steve Bousher Anecdotal evidence suggests that the introduction of follower notices and accelerated payment notices...


Who will have to pay the new Scottish income tax?

Monday, 15 June, 2015 HM Revenue & Customs has published technical guidance to determine who will have to pay the new Scottish rate of income tax starting in April 2016. The Scotland Act 2012, which introduces the tax, itself ...


OECD releases Implementation Package for BEPS country-by-country reporting

08/06/2015 - Pushing forward efforts to boost transparency in international tax matters, the OECD today released a package of measures for the implementation of a new Country-by-Country Reporting plan developed under the OECD/G20 BEPS Project. ...