A Senate Bill, co sponsored last year by Senator Levin and the then Senator Barack Obama is finding its way into the Congress of the USA. The Bill has not yet passed but it is already influencing heavily public opinion worldwide.
Are these initiatives a genuine effort to improve tax collection or just a scapegoat strategy to divert public attention from high public spending, higher indirect tax rates and the inability to deal effectively with the current economy? (more…)
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New legislation to prevent money laundering activities and the financial support of terrorism is in its way to the Spanish Parliament. The draft published by the Dirección General del Tesoro y Política Financiera in April involves an expanded definition of Tax evasion, which may affect accepted international standards.
The tax-exempt ‘non-resident’ status will be closely monitored by the Revenue as reported by The Times. Many affluent Brits living in Spain are enjoying a Non-resident status, and they ensure to spend no more than 90 days a year in the UK after moving abroad.
Last week I heard that the Spanish Tax authorities are not accepting life insurance wrappers registered in Luxembourg until there is an adequate exchange of bank information protocol for tax purposes between the two countries.
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