Sovereign Report – Issue 31

Content Summary

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1. European News
   • UK Pre-Budget Report announces offshore centre review
   • Portuguese Civil Companies
   • WPP to quik UK for Ireland
   • New Guernsey Companies Law comes into force
2. USA & Caribbean News
   • Netherlands Antilles protests inclusion on EU “tax haven” lists
   • Cayman hedge funds rise to over 100,000
   • IRS to tighten Qualified Intermediary programme
3. Far East News
   • Hong Kong urged to adopt exchange of information
   • The Seychelles updates Mutual Funds legislation
   • New Dubai property registration law to curb speculation
4. Legal News
   • UK Court of Appeal overturns domicile ruling in “Barlow Clowes” case
   • Dutch Supreme Court rules on dividend withholding
   • Jersey Court rules on varying a trust
5. Fiscal News
   • Sarkozy targets “tax havens” for global financial crisis summit
   • OECD to speed up Model Treaty revision process
   • European Commission to strengthen Savings Tax Directive
6. Special Report
   • OECD enlarges network on exchange of tax information