Sovereign Report – Issue 38

Content Summary

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1. European News
   • ECJ Advocate General declares Gibraltar tax regime “not unlawful”
   • French government scraps holiday home tax plan
   • Jersey and Isle of Man commit to zero-ten
   • Italy vetoes EU compromise on Savings Tax Directive
   • Guernsey consults on proposed Foundations Law
   • Portugal hikes tax on “blacklisted” companies
2. USA & Caribbean News
   • US reportedly abandons talks for a “global resolution” with banks
   • Bermuda extends assurance of tax neutrality
   • Brazil removes Luxembourg from tax regime “grey list”
3. Far East News
   • Sensex plunges on Mauritius tax treaty review talk
   • UAE approves three-year visa for property investors
   • Hong Kong, Spain sign treaty
4. Legal News
   • Australian court clears tax office to use “stolen” bank records
   • Portugal Fiscal Representation rule violates EU treaty
   • Italian court dismisses Dolce & Gabbana tax case
5. Fiscal News
   • UK Treasury issues tax residency and non-dom tax consultations
   • Uruguay approves treaties with Switzerland and Liechtenstein
   • Malta tax scheme for highly qualified expatriates
   • Dutch Finance Ministry lays out corporate tax plans
   • OECD seeks to clarify “beneficial ownership” in tax treaties
   • OECD Global Forum issues further peer review reports
6. Special Report
   • Where there is a Will … there may not be a way
   • Global wealth continued solid recovery in 2010, says survey