Sovereign Report – Issue 20

Content Summary

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Download a copy of Issue 20

1. European News
   • EU forces end to Gibraltar “exempt” regime
   • Andorra joins OECD Global Forum
   • FATF releases Special Recommendation IX
2. USA & Caribbean News
   • BVI reforms IBC legislation
   • US and New Zealand clarify treatment of fiscally transparent entities
   • Barbados-US tax treaty protocol comes into force
3. Far East News
   • Hong Kong consults on offshore funds exemption
   • China joins FATF as an observer
   • Mauritius tax treaty with Uganda comes into force
4. Legal News
   • Offshore company treated as managed and controlled in UK
   • Accountants held liable in negligence for tax advice
   • Hong Kong Court refuses to revoke trusts
5. Fiscal News
   • Switzerland passes EU Savings Tax Agreement legislation
   • Hong Kongs first tax treaty
   • ECJ opinion finds discrimination in EU tax treaties
6. Special Report
   • Information Exchange – the story so far