Mehjoo ruling alarms practitioners

Concern has spread through the wealth advisor and tax practitioner industry sectors following the High Court’s ruling in Mehjoo v Harben Barker. In the case, businessman Hossein Mehjoo was awarded GBP1.4 million in damages against his accountants, Harben Barker. They were found to have been professionally negligent by failing to tell him he could transfer his…

British IFCs offer compromise on mutual assistance

The chief ministers of Jersey, Guernsey, the Isle of Man and Gibraltar have written to the UK Prime Minister David Cameron offering to join the OECD’s Multilateral Convention on Mutual Assistance in Tax Matters. The UK government is currently pressing its dependencies to agree to fully automatic exchange of tax information. It is hosting a…

STEP BeNeLux Examines Financial Transaction Tax

At lunchtime today, STEP BeNeLux held an event at the Cercle Munster in Luxembourg-Grund at which Olivier Gaston-Braud, Counsel at Elvinger Hoss & Prussen, was guest speaker who addressed the topic of “The Financial Transaction Tax – Why should you be concerned?” in the presence of around 30 members. STEP is the Society of Estate…

2013 STEP Worldwide Council elections – early bird notice

In July, nominations will open for STEP Council positions taking office after the Council meeting in December 2013. There will be 20 seats available for election across all STEP regions. The current Council consists of 29 members elected proportionately across the STEP world’s regions and branches. This Council came into being in December 2010, when…

Technical Committee’s Update 2013 – 04

Luxembourg 28 May 2013: Financial times allegations of an investigation brought by the European Securities and Markets Authority (ESMA) on the CSSF’s handling of the “Petercam case” (a Luxembourg fund that violated its investment rules with heavy losses for its investors). 29 May 2013: signature of OECD Multilateral Convention on Mutual Assistance in Tax Matters…

STEP BeNeLux Explores End of Banking Secrecy

The Society of Estate and Trust Practitioners, Benelux Chapter, met yesterday evening at the Cercle Munster in Luxembourg-Grund for a panel discussion on the topic “The End of Banking Secrecy? The Future of the Luxembourg Financial Industry in the Age of Transparency”. Luca Tomasi, STEP BeNeLux Chairman, welcomed the STEP members and guests and introduced…

Creating a Business-Friendly Legal Environment in Russia by HE Professor Mark Entin

Despite recent efforts, the Russian economy is still marked by an unfavourable business environment with high levels of corruption and government involvement in the economy (from Policy Priorities of the Government of the Russian Federation to 2018 approved by PM on January 31, 2013) In 2011 World Bank granted Russia 120th rank In 2012 Russia mounted on 112 place…

Model taxpayer charter to promote greater fairness in taxation across the world

Three professional bodies representing more than half a million tax advisors worldwide have produced a Model Taxpayer Charter of taxpayer rights and responsibilities intended as a blueprint for what a good tax system should contain. The Asia-Oceania Tax Consultants Association (AOTCA), Confédération Fiscale Européenne (CFE) and the Society of Trust and Estate Practitioners (STEP) collaborated…

STEP Caribbean Awards winners revealed

Trust and law firms scooped the first ever STEP Caribbean awards held at the Marriott Resort, St Kitts on 5 May.  Meritus Trust was lauded as Caribbean Trust Company of the Year, while law firm Mourant Ozannes received the accolade of Caribbean Legal Team of the Year. Tim Prudhoe TEP, chair of the judging panel,…