BONT Jurisdictions in Uruguayan legislation ¿What is a BONT jurisdiction or regime? According to Decree of the Executive Power No. 40/2017 of February 13, 2017, a jurisdiction or regime is considered low-tax or no-tax (“(Baja o Nula Tributación, “BONT”, for its acronym in Spanish) when the effective tax rate on income is lower than 12%; […]
Read MoreDeemed dividends in the Uruguayan National Budget Act The Uruguayan National Budget Act No. 19.438 of fiscal year 2015, was enacted on October 14, 2016 and began to be effective on January of the current year. Said law sets a series of amendments to different norms among which are those related to income tax. Among […]
Read MoreMain tax benefits of Malta The European Island of Malta offers the following benefits to take into account when addressing an estate planning engagement: Malta is a Member State of the European Union: is member of the block since 2004, of the Eurozone since 2008 and of the Schengen Area since 2007. It has double […]
Read MoreDifferences between FATCA and CRS FATCA: Foreign Account Tax Compliance Act FACTA was enacted by the Congress of the United States on 2010 and is an Act that intends to identify US persons and residents that have money outside the country, thus achieving control over the compliance of tax obligations of US taxpayers. The implementation […]
Read MoreChanges in The Netherlands’ regulations providing for the Ultimate Beneficial Owners Register On May 20, 2015, the European Union adopted the Fourth Directive on anti-money laundering (hereinafter the “Directive”), which among other things sets forth the implementation of a central register of ultimate beneficial owners of the companies and trusts registered in territories of Member […]
Read MoreA Summary of the Barbados Corporate and Trust Service Providers Act The Corporate and Trust Service Providers Act came into force on November 1º, 2015, and its purpose is to promote and maintain high standards of behavior, ethics and competence in the rendering of corporate and trust services. Additionally, the aim of this act is […]
Read MoreSummary on BEPS Base erosion and profit shifting (“BEPS”) are tax practices used by multinational companies to shift their profits to low or no tax jurisdictions, due to the existence of legal gaps in tax matters that ease the avoidance of double taxation of income. In order to look for solutions that eliminate said practice, the […]
Read MoreMain aspects of succession in the United States Testate Succession: In the United States, the leading principle is the total freedom of testator when drafting his or her will. There are no limitations except regarding the rights of the spouse which vary according to the laws of each State. In this sense there are two […]
Read MoreMain amendments to New Zealand’s Foreign Trusts The Bill submitted on August 2016 proposed several amendments to New Zealand’s Foreign Trust regime, among the most relevant are the following: 1 Foreign Trusts Registration: Information requested through the IR 607 Form will be broadened according to information indicated below. This information must be disclosed by all […]
Read MoreArticle 4 of Decree 330/16: possibility to realize up to 5% of the free trade zone income in the non free trade zone territory Last October 13, the Uruguayan Executive Power issued Decree No. 330/016 within the frame of its investment promotion policy, setting a series of measures that intend to promote investments for the […]
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