United States: IRS Issues Guidance On Distribution Allocation Rules And Updated 402(f) Notice – Prompt Action Needed

Introduction

The Internal Revenue Service (IRS) recently released guidance on the allocation of pre-tax and post-tax amounts distributed from a tax-qualified plan under Internal Revenue Code (Code) Section 401(a), a Code Section 403(b) plan or a governmental plan under Code Section 457(b) (collectively “Tax Favored Plans”). The new guidance is effective January 1, 2015; however, for distributions made on or after September 18, 2014, plan sponsors may apply a reasonable interpretation of the allocation rules […]

By |December 8th, 2014|

The Shanghai-Hong Kong Stock Connect – Luxembourg UCITS Gets First Approval

On November 17th 2014, the Shanghai-Hong Kong Stock Connect Pilot Scheme (the “Stock Connect”) was launched, allowing cross-market trading between stock exchanges in Hong Kong and Shanghai.

It is a major step forward for opening up China’s capital markets to foreign investors and propelling the internationalisation of RMB.

The Stock Connect, developed jointly by the stock exchanges and clearing houses in Shanghai and Hong Kong, encompasses about 800 stocks in total. Through Hong Kong Stock Exchange […]

By |December 8th, 2014|

Signing Of FATCA Agreement Between The Republic Of Cyprus And United States Of America

On 2nd of December 2014, the Minister of Finance Mr Harris Georgiades on behalf of the Republic of Cyprus and the Ambassador of the United States in Nicosia, Mr John M.Koenig, have signed the Intergovernmental agreement (Model 1A Intergovernmental Agreement –”IGA”) to strengthen the international tax cooperation for the implementation of FATCA (Foreign Account Tax Compliance Act).

The competent authorities of the Republic of Cyprus and more specifically the Cyprus Department of Taxation will provide […]

By |December 5th, 2014|