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(September 23, 2015)
On September 22, 2015 the Governments of the Isle of Man and the Cayman Islands concluded an Agreement for the Exchange of Information relating to Tax Matters (Hereafter: the TIEA). Although signed, the TIEA has not yet entered into force. For the TIEA to enter into force, the respective ratification procedures have to have been finalized in both countries.
Read more: The Isle of Man and the Cayman Islands have signed a Tax Information Exchange Agreement
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(September 23, 2015)
On September 22, 2015 on its website the New Zealand Inland Revenue published an item titled: “Approval - income tax - currency conversion for branches”.
The item starts with providing the following summary:
1. The Act requires foreign currency amounts to be converted to New Zealand dollars to calculate a taxpayer's New Zealand income tax liability.
2. In some cases, the Act may prescribe a currency conversion method or foreign exchange rate source to use, but in most cases it does not. Section YF 1(2) applies where the Act does not provide a specific currency conversion method or exchange rate source to use. It requires taxpayers to convert foreign currency amounts to New Zealand dollars by applying the close of trading spot exchange rate on the date the amount is required to be measured or calculated.
Read more: New Zealand: Approval - income tax - currency conversion for branches
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(September 23, 2015)
On September 23, 2015 the Australian Taxation Office (ATO) issued a media release announcing that it has undertaken its first ever automatic sharing of bank information with the Internal Revenue Service (IRS).
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(September 23, 2015)
On September 22, 2015 the European Parliament’s Special Committee on Tax Rulings and Other Measures Similar in Nature or Effect (TAXE) had a meeting. During this meeting TAXE exchanged views with the ECOFIN Council Presidency (the finance minister of Luxembourg, Pierre Gramegna). Furthermore TAXE debated with the finance ministers of Spain (Luis de Guindos), Italy (Pier Carlo Padoan), France (Michel Sapin) and Germany (Wolfgang Schäuble).
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(September 22, 2015)
The European Parliament’s Special Committee on Tax Rulings and Other Measures Similar in Nature or Effect (TAXE) has published a letter that the Chief Minister of Gibraltar, Mr. Fabian Picardo, sent to the Members of the TAXE Committee on September 21, 2015. In the letter the Chief Minister of Gibraltar states that he thinks it is likely that Minister De Guindos from Spain and Spanish Partido Popular MEPs on the Committee will call for Gibraltar to be included in the European Commission’s list of tax havens.
Read more: Chief Minister of Gibraltar in a letter to TAXE: Gibraltar is not a tax haven!
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