Australia: Stamp duty changes in NSW: options and development contracts

The State Revenue Legislation Further Amendment Bill 2014 received royal assent and came into effect on 23 October 2014, amending amongst other legislation the Duties Act 1997. The amendments have significant implications for how stamp duty is assessed on assignments, novations, nominations and other transfers of options in NSW.

Option agreements are widely used by developers and other property industry stakeholders in transactions for the acquisition and sale of land, particularly to defer stamp duty […]

By |March 9th, 2015|

Cyprus Tax Authorities Will Soon Tap Into Taxpayers’ Bank Accounts

A new legislation, according to which the Tax Department will have the authority to tap into bank accounts of taxpayers without a court order in order to obtain any unsettled taxes, is expected to be enacted soon. The legislation was voted a few months ago for the purpose of boosting governmental funds and it was recently announced by the Cyprus Minister of Finance during the parliamentary discussions that the new law will be applied […]

By |March 6th, 2015|

Cayman Islands: FATCA Notification And Reporting – Are You Ready?

Second Quarter Notification and Reporting Deadlines for Reporting Cayman Islands Financial Institutions
Reporting Cayman Islands Financial Institutions (“Cayman Islands FIs”) are reminded that 2015 is the first year in which they are required to report to the Cayman Islands Department for International Tax Cooperation. For a recap on the main provisions of FATCA and UK FATCA please see our alert entitled “Impact of FATCA on Cayman Islands Entities”.
Cayman Islands FIs should have a Global Intermediary […]

By |March 6th, 2015|