Technical Committee’s Update 2013 – 04

Categories: Technical Updates

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 (with other 12 countries, Austria, Belize, Latvia, and Singapore).

 

International

OECD

29 – 30 May 2013: Meeting of the OECD Council at the Ministerial Level. Declaration on “Base Erosion and Profit Shifting” (BEPS).

 

European Commision

16 May 2013: Austria and Luxembourg agreed to allow the European Commission to negotiate a new tax information agreement with Switzerland, Liechtenstein, Monaco, San Marino and Andorra. No agreement was reached on the extension of the EU Savings Tax Directive 2003/48/EC to further forms of payment other than interest income received by individuals. Joint press conference by Finance Ministers Maria Fekter (Austria) and Luc Frieden (Luxembourg).

 

BVI

30 May 2013: Memorandum of Understanding between the BVI Financial Services Commission and the European Securities and Markets Authority (ESMA) for BVI funds to be marketed in the EU and to EU investors.

 

Singapore

14 May 2013: Minister of Finance, Monetary Authority and Inland Revenue Authority announce strengthened framework for international cooperation to combat cross-border tax offences.

 

UK

20 May 2013: Open letter by Prime Minister David Cameron to British Overseas Territories and Crown Dependencies encouraging them to take actions in the fight against tax evasion and aggressive tax avoidance as well as to set up centralised registries with “full and accurate details on the true ownership and control of every company”.

31 May 2013: deadline for UK taxpayers with undisclosed Swiss bank accounts to take action and, unless they claim non-domiciled status on the remittance basis, allow disclosure of their details or pay a one-off tax charge between 21% and 41%.

 

 

Disclaimer: The STEP Benelux Technical Committee’s Update mentions and highlights some recent statutory, regulatory and judiciary developments that may be of some relevance or interest for the STEP members and their clients. It does not purport to express STEP’s opinion on any of the facts and events referred in it. Any action based on the news, facts and developments referred to in this Technical Committee’s Update should be taken after an accurate analysis of the relevant information and on the grounds of appropriate professional advice.

Author: STEP BeNeLux