Cayman, Poland Sign Tax Information Exchange Agreement

George Town, Grand Cayman – The Cayman Islands and Poland today signed a tax information exchange agreement (TIEA), in support of global transparency and tax initiatives.

Signing the agreement were Cayman’s Minister of Financial Services, Wayne Panton; and Poland’s Ambassador, His Excellency Witold Sobkow. The signing was held in London, as Cayman officials were there to participate in the Joint Ministerial Council of Overseas Territories of the United Kingdom.

‘Today’s signing indicates our countries’ confidence that TIEAs […]

By |November 29th, 2013|

Bermuda Signs FATCA Model 2 IGA With The UK

Bermuda’s Minister of Finance this week, in a move welcomed by Bermuda’s financial institutions, signed the UK Foreign Account Tax Compliance Act (FATCA) Intergovernmental Model 2 Agreement (IGA) with the United Kingdom.

The significance of choosing Model 2 IGA versus Model 1 means that the Bermuda Government will not be acting as the middleman for the purposes of the collection and transmission of information and data on UK residents to the UK Government.

As with any Model 1 IGA countries, […]

By |November 28th, 2013|

Hong Kong: In Time For Thanksgiving: The Court Of Final Appeal Awards Nice Cheer To The Taxpayer

On 12 November 2013, the Court of Final Appeal handed down a victory for the taxpayer in Nice Cheer Investment Limited v. Commissioner of Inland Revenue FACV 23/2012. The Court clarified once and for all the relation between commercial methods of accounting and the statutory provisions of tax law. The Court also re-affirmed the general principle that while profits can only be taxed when they are actually earned and realised, the taxpayer may still make provision […]

By |November 26th, 2013|