Archive for the ‘Holding Companies’ Category

From KYC to KY3.- The new anti bribery and corruption regulations in the US and the UK

Saturday, December 4th, 2010

Know Your Customer or KYC, predominated on the hyper regulated financial and legal profession in the 90s. Now that you Know Your Customers, it is time to start thinking in Knowing Your “Third Party” or KY3, and what are they doing for you.

As prosecution on acts of bribery and corruption is top in the agenda for the UK and the USA, a new compliance framework is being developed, specially for those trading in emerging markets, or in well established markets with sophisticated corruptions systems.

Bribery and corruption are rapidly establishing themselves as a permanent part of the financial crime portfolio as the UK and US begin to lock-step both legal practice and enforcement. Keith Korenchuk and Oliver Kerridge of Arnold & Porter LLP talk to MLB editor Timon Molloy about the transatlantic lessons and risks. (more…)

2010 OECD Model Tax Convention, Transfer Pricing and updated PE definition

Monday, August 9th, 2010

From the OECD site 22 July 2010 — The OECD Council today approved the 2010 versions of the OECD’s Model Tax Convention, the 1995 Transfer Pricing Guidelines and the 2008 Report on the Attribution of Profits to Permanent Establishments. The updates are the result of several years of work to improve these core OECD instruments in the area of international taxation.

(more…)

Gibraltar is leading the race to full compliance with OECD!

Saturday, August 29th, 2009

Last 27th August 2009 we have attended another significant event in Gibraltar. The signature of the Tax Information Exchange Agreement with the United Kingdom.

Paradoxically, being a territory of the United Kingdom,  Gibraltar will establish with this TIEA an unprecedented level of Economic cooperation with the United Kingdom.

This event follows the signature of previous four TIEAs with Australia, New Zealand, Ireland and the USA, all completed during 2009.

From Taxprecision we continue encouraging Gibraltar to continue their efforts toward the signature of the TIEA with Spain, which we believe will enormously improve the Economy of both Governments. (more…)

Gibraltar and Spain.- First serious dialogue 300 years later!

Wednesday, July 22nd, 2009

Yesterday we attended the first official visit of a Spanish Government representative to the Rock in the last 300 years. We welcome the common position reached, which will improve the exchange of information protocols and a possible treaty on taxation.

Leaving aside the issue of Sovereignty, the agreements reflect the XXI Century Diplomacy efforts based on dialogue. The meeting is in accordance with International Law protocols, the EU position and the OECD directives. Please find attached the communique following the meeting here.

(more…)

Luxembourg and exchange of bank information

Monday, June 8th, 2009

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.

(more…)

GIBRALTAR, A NOT SO WELL KNOWN TERRITORY OF THE EUROPEAN UNION

Monday, October 20th, 2008

Why do many international professional advisers, including the Big Accounting Firms, consider Gibraltar as a very unique jurisdiction in the European Union?

Beyond its well established position in the ranking of international financial centers, the tax situation places Gibraltar as an excellent base for international holding companies.

Over the years Gibraltar has positioned itself as a great place to do business internationally and all the European Union Financial and Tax Directives are applicable.

Anti Money Laundering provisions and Know Your Client protocols in Gibraltar are applied with strict adherence to EU and OECD protocols (27/02/2002)

What not so many advisers know is that Gibraltar, under Article 227(4) of the EEC Treaty is within the European Union by virtue of being a United Kingdom territory. In this respect, Article 28 of the 1971 UK Accession Treaty relieves Gibraltar from the common customs tariff, the common agricultural policy and the harmonization of turnover taxes, in particular VAT.

The UK and Spain have traditionally maintained a sort of “stand by” position regarding the issue of Gibraltar been an independent nation. What is clear at this stage is that conversations between the two countries now include Gibraltar, in what is known as the Tripartite agreement signed in Cordoba in 2004.

What is clear to many of us is that Gibraltar is a robust jurisdiction with a well deserved place in the European and International market place. It would be advisable that during this XXI Century the issue of decolonization and independence from the United Kingdom and Spain could be finally resolved under the auspices of the United Nations

GIBRALTAR, PART OF THE EUROPEAN UNION

Saturday, February 9th, 2008

In the Anglo Spanish tax and legal world, the position of Gibraltar, both for proximity and for the uniqueness of its legal and tax regime is fascinating. A very good place to get some professional information about Gibraltar is the Grant Thornton site.

From the years of the Utrecht Treaty in the 18th Century, times have changed substantially. Today Gibraltar, a territory of the United Kingdom, has developed an unique position in the European Union and in the global financial markets.

Culturally, Gibraltar reflects the influence and coexistence of Britons and Spaniards with a clear Mediterranean flavor.

Politically Gibraltar has become a unique jurisdiction in the European Union territory. Gibraltar. Whilst Gibraltar under Article 227(4) of the EEC Treaty is within the European Union by virtue of being a European territory for whose external relations Britain is responsible, Article 28 of the 1971 UK Assession Treaty relieves Gibraltar from the common customs tariff, the common agricultural policy and the harmonisation of turnover taxes, in particular VAT.

The relationship between the three governments of Spain, UK and Gibraltar is progressing in the context of the Tripartite agreement signed in Cordoba in 2004 provides a route plan to continue improving this cooperation.It is a robust jurisdiction claiming its place in the global economy and the issue of decolonization and independence from the United Kingdom and Spain is under review in the United Nations

Over the years Gibraltar has positioned itself as a great place to do business internationally and all the Financial and Tax Directives are applicable. Anti Money Laundering provisions and Know Your Client protocols in Gibraltar are applied with strict adherence to EU and OECD protocols.

SPANISH CORPORATION TAX FOR 2008

Sunday, February 3rd, 2008

Starting this accounting year (1/1/08) the Spanish corporation tax rate is 30%. It is important to notice that Small and Medium Enterprises (PYME) will have a reduced rate, which works as follows:

25% Corporation Tax rates for profits up to 120,202 Euros

30% for profits above the 120,202 Euros threshold

There are several other important considerations regarding International Accounting Standards, which we will be discussing in subsequent notes.

Copyright © 2008-2010, León Fernando del Canto - Legal Notices - Contact Us. All Rights Reserved.Entries (RSS) and Comments (RSS).

International Tax Law Barrister, Lawyer, Abrogado & Attorney, Leon Fernando del Canto of Konsilia, offering services relating to international tax planning, tax advice, private clients, international law, serving Spain, United Kingdom, Europe.

Tax Precision is the trading name of León Fernando del Canto Gonzalez, a Barrister regulated by the General Council of the Bar in England and the Colegio de Abogados de Jerez de la Frontera.