UK Tax Budget 2012
UK Tax Budget 2012 – The Association of Taxation Technicians has produced a Special Report on the March Budget in their April 2012 Newsletter. The full Report is detailed below: The contents of George Osborne’s third Budget were so well rehearsed that the real thing threatened to be an anti-climax. Was there anything left that the Chancellor could […]
US Non Resident Green Card Holders Must Revisit Their Position
As discussed in a number of previous Tax Alerts from www.venable.com, since 2009 the Internal Revenue Service has created three separate tax amnesty programs in order to encourage U.S. taxpayers to properly report and pay taxes on assets held abroad. These amnesty programs require U.S. taxpayers to pay any overdue tax, penalties and interest on […]
Spain – Regional Administrative Tax Court Acknowledges the Application of EU Law over Previous Discriminatory National Law
The Madrid Regional Administrative Tax Court (known as “TEAR”) in a decision dated 29 November 2011 (notified on 27 December 2011) acknowledges the application of EU Law over previous discriminatory National Law on the treatment of EU resident pension schemes (in this particular case, a UK pension fund). In this regard, the TEAR specifically refers […]
Tax Inspections are More Frequent and Aggressive
Audits are more frequent and aggressive, and thus more costly to defend or litigate; assessments and penalties have now entered the realm of billions of dollars; and companies face unprecedented scrutiny and reporting of their tax affairs by advocacy groups and the news media, often hurting brand reputation and — in the worst cases — […]
BRIEF SUMMARY ON THE RETURN OF SPANISH WEALTH TAX FOR 2011 AND 2012
In 2008 the Spanish Government chose to ‘eliminate’ wealth tax by applying a 100% exemption, instead of derogating the law. On 17 September 2011 the wealth tax was reintroduced by the Spanish Government as an ‘emergency economic measure’. The 100% exemption was changed to a tax free allowance of 700.000€ for tax years 2011 and […]
Spanish list of Tax Information Exchange Agreements
Spain has signed TIEAs with the following territories:
US Citizens and Offshore Trust Reporting Obligations
As a reminder of the Internal Revenue Code (“IRC”) § 6048(a), the 2011–2012 Priority Guidance Plan of the US Tax office focuses again on the reporting requirements for foreign trusts. The IRC Code § 6048(a) imposes a duty upon the “responsible party” (settlor or transferror) to provide written notice of any “reportable event” to the […]
Gibraltar should not wait for the exchange of information treaty with Spain
Let’s be consistent with EU legislation and ask for an immediate removal of Gibraltar from the Spanish list of tax havens (RD 1080/1991). According to Spanish legislation, a jurisdiction will be removed from this list if there is a treaty signed including a clause for the exchange of tax information.
Increased Income Tax rates.- is it any good for the real Economy?
How far can the US and the EU governments go to increase taxes and social security charges on wages?. With the purpose of balance their budgets, we believe that higher taxes on employment are suffocating the real economy and the prospects for employment generation.
Gibraltar update on Tax Information Exchange Agreements TIEAs
The list below contains the Tax Information Exchange Agreements (TIEAs) signed by Gibraltar. Belgium-Gibraltar (16 December 2009) Iceland – Gibraltar (16 December 2009) Sweden – Gibraltar (16 December 2009) Faroes Islands – Gibraltar (20 October 2009) Finland – Gibraltar (20 October 2009) Greenland – Gibraltar (20 October 2009) Portugal – Gibraltar (14 October 2009) France […]
