New rules set to target shell companies
Bermuda’s decision to sign up to a country-by-country reporting agreement for multinational companies could be used to target shell companies using the island for tax avoidance. Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers, said: “The main impact of the country by country reporting will likely be to call attention to shell companies formed by non-Bermuda multinationals in which little on the ground economic activity ta
Don't Get Left Behind - Prioritise Data Regulation Improvement.
"Complexity wrought by increasing investment activity in non-traditional assets and markets coupled with a growing body of legislation are leading firms to increase their focus on good data governance.” (FTSE Global Markets) Regulation requirements may have you re-evaluating all aspects of your business processes and controls. During this time, it is essential that internal data regulation is not overlooked. Ensuring your computer systems are providing you with sound data qua
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Blue Bison launches easy to use International Tax Reporting tool
Blue Bison ITR (International Tax Reporting) assists users in producing standard format United States FATCA related report from various electronic data sources. The current version supports producing the FATCA XML Format report and automate the production of compressed and secure payload, compliant with the IRS (Internal Revenue Service) FATCA IDES (International Data Exchange Service) guidelines. The current US FATCA XML Schema is based on business requirements collected by
EU Big Five launch tax crackdown
The five largest economies in the European Union have agreed to share information on secret owners of businesses and trusts. It is a concerted attempt to show their leaders are responding to public concern over the Panama Papers leak.The UK, Germany, France, Italy and Spain have agreed to the data exchange. Treasury officials told the BBC the move would make it harder for businesses and wealthy individuals to operate without paying correct taxes. Information on the ultimate "
FATCA, CDOT and CRS Deadlines - Are You Ready?
Financial institutions in the Cayman Islands are busy at work preparing for the quickly approaching FATCA, April 30th and May 31st reporting deadlines. This acts as a reminder, not only to Cayman Island banks, but all international institutions to keep up to date with FATCA standards. “Many foreign banks are having a tough time dealing with all of the complex FATCA requirements.” (Michael Cohn, AccountingToday) Michael Cohn reminds us of the complexities of reporting under FA
