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Feature

  • FBAR penalty turns on individual's intent, judge says

Case Summaries

France

  • Payability of the employer contribution for restricted stock units (RSU) granted prior to the "Macron" law: referral of two QPC10 to the Constitutional Council
  • Abuse of balancing payment recognized by the abuse of rights committee (Comité de l'abus de droit)

United States

  • Taxpayer scores a partial win on penalty for willful violation of FBAR filing requirements
  • The Second Circuit agrees with dissenting tax court judges to hold the Commissioner accountable
  • Sixth Circuit reverses Tax Court's use of substance-over-form doctrine in Summa Holdings

Legislative Developments

Australia

  • 2017-2018 Australian Federal Budget: A mixed bag

Brazil

  • Gift tax consequences between spouses of different citizenships
  • Brazil reopens Tax and Criminal Amnesty

China

  • Draft CRS legislation and information exchange
  • Large or suspicious transactions reporting
  • More information disclosure required for Chinese individuals to purchase foreign currency
  • Heightened scrutiny of illegal sales of offshore insurance products

France

  • Reframing of article 123 bis of the French tax code by the Constitutional Council

Hong Kong

  • Hong Kong significantly expands its AEOI network and proposes joining the Multilateral Convention

Malaysia

  • Automatic Exchange of Information — new powers to impose penalties under the Labuan Tax law
  • Labuan as a "midshore" jurisdiction

Peru

  • Regulations on Tax Amnesty Law published

Singapore

  • 2017 changes to the Stamp Duty Regime

Spain

  • Spain: The Constitutional Court nullifies the tax amnesty
  • Catalonia's new Tax on the Non-Productive Assets of Legal Entities

Taiwan

  • Proposed personal CFC rules, proposed CFC and PEM by-laws, and increased Estate and Gift Tax rate to 20%

Thailand

  • Thailand's new property tax regime within sight: What should we expect?

United States

  • Deadline approaching for FFIs to renew FATCA registration
  • Self-employed or not at all? Passive investor income not always subject to SECA Tax

Reflections

  • Not so straightforward: Using trusts for estate planning and wealth management in the Middle East
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