Worldwide: OECD’S Multilateral Competent Authority Agreement For The Implementation Of Automatic Exchange Of Tax Information

On 29 October 2014, 51 jurisdictions signed the Organisation for Economic Co-operation and Development (OECD) Multilateral Competent Authority Agreement (MCAA) for the implementation of automatic exchange of tax information. The Appleby jurisdictions which signed the MCAA are Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, and Mauritius (Appleby jurisdictions). All Appleby jurisdictions are expected to start exchanging information under the MCAA by 2018. The form is almost identical to the form […]

By |December 17th, 2014|

United States: Switzerland Narrows Advance Notice To Account Holders Of Treaty Requests: Americans With Unreported Accounts Impacted

Switzerland will now more liberally permit disclosure of bank account information to the U.S. government without advance notice to the account owner. Under prior law, if U.S. authorities requested that a Swiss bank identify an American with an account, the account holder almost always received official notice before a name was disclosed. Effective August 1, 2014, however, the Swiss government now has more leeway to delay notice to the account holder until after a […]

By |December 17th, 2014|

Applicability Of Value Added Tax To Real Property Transactions In Nigeria

The Value Added Tax (Amendment Act), 2007 (“the Act”) is the principal legislation which dictates the application of Value Added Tax (“VAT”) to certain goods and services in Nigeria. The Act stipulates that VAT shall be chargeable and payable on the supply of all goods and services which are referred to as “taxable goods and services” under the Act, with certain exceptions as listed in the First Schedule to the Act.1

The applicability of VAT […]

By |December 17th, 2014|