Eversheds Sutherland Tax Reform Law Blog
content top

Tides of Change: Dutch Budget Amendment Targets Holding Companies

On October 4, the Netherlands’ State Secretary for Finance Frans Weekers proposed an amendment (the Amendment) to that country’s 2014 budget that would require Dutch holding companies that collect and remit interest or royalty payments to meet “substantial activity” requirements in the Netherlands or face monetary penalties.  The Amendment forms part of the Netherlands’ efforts to...

Tides of Change: Bermuda and Cayman Islands Seek Admission to the Convention on Mutual Administrative Assistance in Tax Matters

By William Pauls During September, both Bermuda and the Cayman Islands announced their respective intentions to join the multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention).  By joining the Convention, the countries will become parties to a tax information exchange network that already includes many jurisdictions, rather than having to negotiate...

Tides of Change: Cayman Islands Announces Completion of FATCA Accord with the United States

On August 13, the Cayman Islands announced the conclusion of negotiations with the United States on an intergovernmental agreement (IGA) to implement the U.S. Foreign Account Tax Compliance Act (FATCA) and a new tax information exchange agreement (TIEA).  According to media reports, the countries will adopt a Model 1B nonreciprocal FATCA IGA, which will require the Cayman Islands...

Tides of Change: Senators Introduce Bill to Increase Transparency of U.S. Corporate Ownership

In an effort to increase transparency and combat tax evasion, Senators Charles Grassley (R-IA) and Carl Levin (D-MI) introduced legislation on August 1 that would require states to obtain the identities of individuals who organize corporations and other business entities under their laws.  Sen. Grassley is ranking member of the Senate Judiciary Committee and a past chairman of the...

Tides of Change: British Virgin Islands Releases Action Plan to Prevent Misuse of Legal Persons and Legal Arrangements

On July 5, the British Virgin Islands (BVI) released an action plan aimed at preventing the misuse of its financial system by supporting the development and implementation of international standards against the misuse of legal persons and legal arrangements. The action plan is built on the BVI government’s recognition of the need to build international standards applicable to all...

Tides of Change: Cayman Islands Announces Action Plan to Fight Tax Evasion

On the heels of a pledge made by the leaders of the G-8 to curb cross-border abuses, the Cayman Islands government announced a new action plan on June 18 to fight tax evasion, including renewed scrutiny of (i) the beneficial ownership of companies organized in the Caymans, (ii) the use of bearer shares, and (iii) the financial sector. The Cayman Islands government said in a statement...