International News

  • Netherlands And Curacao Agree To Tackle Tax Evasion 24th May 2019

    The Netherlands and Curacao agreed in a statement signed on May 22, 2019, to include new anti-abuse measures in the tax treaty between the two jurisdictions.

    According to an announcement by the Dutch Ministry of Finance on May 23, the statement, signed in Havana by Dutch State Secretary of Finance Menno Snel and Curacao’s Minister of Finance, Kenneth Gijsbertha, commits both jurisdictions to legislating for new anti-abuse provisions to be included in the agreement “as soon as possible.”

    The new measures are intended to prevent the benefits of the treaty from being used solely to avoid taxation and will bring the agreement into line with international anti-avoidance standards, the ministry said.

    In addition, Aruba and St Maarten have also agreed to bring their tax regulations in line with international tax standards.

    Curacao, Aruba and St Maarten also indicated that they will seek to come into compliance with international standards regarding the exchange of information.

  • Netherlands And Curacao Agree To Tackle Tax Evasion 24th May 2019

    The Netherlands and Curacao agreed in a statement signed on May 22, 2019, to include new anti-abuse measures in the tax treaty between the two jurisdictions.

    According to an announcement by the Dutch Ministry of Finance on May 23, the statement, signed in Havana by Dutch State Secretary of Finance Menno Snel and Curacao’s Minister of Finance, Kenneth Gijsbertha, commits both jurisdictions to legislating for new anti-abuse provisions to be included in the agreement “as soon as possible.”

    The new measures are intended to prevent the benefits of the treaty from being used solely to avoid taxation and will bring the agreement into line with international anti-avoidance standards, the ministry said.

    In addition, Aruba and St Maarten have also agreed to bring their tax regulations in line with international tax standards.

    Curacao, Aruba and St Maarten also indicated that they will seek to come into compliance with international standards regarding the exchange of information.

  • BVI Sets Deadlines For CbC, FATCA, CRS Filing Obligations 24th May 2019
    The British Virgin Islands has set out the deadlines for certain submissions required from financial institutions under the OECD’s Common Reporting Standard (CRS), the US Foreign Account Tax Compliance, and the territory’s country-by-country reporting framework. The Government on May 15, 2019, noted that the BVI Financial Account Reporting System (BVIFARS) is still in the process of being updated. As a result, the reporting deadline for financial institutions that qualify as Trustee Documented Trusts (TDT) under the CRS that have reportable accounts for 2018 has been extended to June 28. Trustees that have already registered their documented trusts on the BVI reporting system have been advised to follow the instructions in the recently published Guidance Notes on the Common Reporting Standard and submit the filings via the TDT accounts. Trustees who have not yet registered their documented trusts on BVIFARS and are waiting for the system to be updated have been advised to submit their TDT filings via their Trustee’s account. The Common Reporting Standard requires the Trustee’s Documented Trusts to be identified. Therefore, their information must be inserted in the Reporting FI Section of the report when preparing the filing via the Trustee account. This provision for TDTs to report via their Trustee’s account is for the reporting year 2018. The BVI Government has also reminded reporting financial institutions it is now mandatory for those entities that do not maintain any reportable accounts to submit a nil report. The statement says, for constituent entities of multinational groups situated in the BVI, the period for enrolment for country-by-country reporting via email is being extended. The BVI Government said such entities should register via email as instructed in the recently published Guidance Notes for Country by Country Reporting until they are advised that the system is ready to accept their registration or enrolment applications and filings. These entities should consult the Guidance Notes to obtain the correct format to submit your email registration applications, it said. The statement sets out the following deadlines for US FATCA reporting, reporting under the CRS, or country-by-country reporting for the 2018 reporting year: The filing deadline for 2018 Reportable Accounts for Virgin Islands Financial Institutions, except reportable accounts for TDTs, is May 31. This filing deadline is applicable for both US FATCA and CRS filings. Nil reports …