The latest developments on the country by country reporting requirements in Capital Requirements Directive IV
This Newsflash summarises the developments from the past 3 months and our current understanding of the issues and uncertainties created by Article 89. Recent developments It is now confirmed that HM Treasury (‘HMT’) will be the body responsible for transposing Article 89 into UK domestic legislation rather than the Prudential Regulatory Authority. With an implementation
The latest Italian FTT guidance – clarity at last? Don’t hold your breath…
Global FS Tax Newsflash 26 August 2°13. The Italian Financial Transaction Tax (“FTT, has now been in force since 1 March 2013. The regime comprises three taxes; a tax on equities, a tax on derivatives and a tax on high frequency trading. Following the introduction of the tax, market participants have been seeking further clarity
EU automatic exchange of information
The Feasibility Study on a simplified Relief at Source System: Purpose and Context PwC has been appointed in 2011 to carry out a feasibility study on a simplified relief at source system, implementing the principles of the European Commission’s FISCO Recommendation (C(2009)7924 of 19 October 2009). The FISCO Recommendation suggests to the Member States (MSs)
IRS opens FATCA online registration system to provide a beneficial user testing period
In brief The Internal Revenue Service (IRS) announced the opening of the Foreign Account Tax Compliance Act(FATCA) registration systemon August 19, 2013.The registration system will enable financial institutions (FIs) to register and obtain a global intermediary identification number (GIIN). FIs are requested to submit the required information online as final on or after January 1,
Tax reduction for service vouchers
Services paid for assistance in the household via service vouchers give rise to a tax deduction of 30% of the amounts paid. However, the tax-deductible amount is limited to EUR 1,810 (amount to be indexed) per year and per taxpayer. For payments made as from 1 July 2013, the maximum tax-deductible amount has now been
Reform of the Overseas Social Security Office (OSSO)
General Principles The OSSO is a voluntary scheme guaranteed by the Belgian state that offers limited social security coverage to individuals working outside the European Economic Area. Participation in the General Scheme is the basis for affiliation and any entitlement to a retirement pension, holiday pay for pensioners, allowances in case of illness, maternity or