CRS Update 2016/2
The Income Tax Department have issued an updated Bulletin relating to the Participating and Reportable Jurisdictions for the purposes of the Common Reporting Standard under the provisions of regulation 12 of The Income Tax (Approved International Agreements) (Implementation) (Common Reporting Standard) Regulations, 2015 (“The Regulations”).
The Bulletin contains two lists which Reporting Financial Institutions (RFIs) will need to refer to, to assist with ensuring their compliance with the Regulations in relation to information for the calendar year 2016:
- “Participating Jurisdiction List”
- “Reportable Jurisdictions for 2016”
A copy of this can be found here: Bulletin 2016/2. Any future updates will continue to be circulates as and when received.
Interim clarification of: Taxation of Guernsey Foundations
The taxation of Foundations is still under review so that the appropriate treatment of foundations in Guernsey could be agreed and set out once and for all.
The plan is to consider inserting a specific section in Guernsey tax law to cover foundations, so it’s tax attributes would be listed which could cover the option to be opaque/taxable at 0% OR transparent and more like a trust. Feedback previously has been that this issue should be wrapped up with a wider review of treatment of trusts. The idea is that foundations could have their own set of rules – to be consulted on and then included in Policy Letter later this year. It has been suggested that a wider review of trusts could also take place but alongside this and possibly in a longer timeframe? If you agree with this overall approach, we are looking for your input of specific issues with the existing system.
Please can you email us email@example.com to confirm:
1 If you want to be involved in these discussions
2 If so, whether you have any comments on proposed approach on foundations (details can be found below)
3. If you have a view on why law on trusts needs to be updated – including specific examples of why?
GIBA has asked for this poster to be circulated to Industry.
Remember to check our Events Calendar for Industry presentations and other events that may be of interest.
GAT Quarterly Luncheon
The date for the next GAT luncheon has been moved from 6th April to 26th April 2016. Mark Pattimore, GAT Chairman will provide an Industry roundup and our guest speakers are Mark Smith and colleagues from PwC on the KYC Centre of Excellence. Bookings can be made here.
Step Guernsey April Events 2015/16 Series
STEP Guernsey Lecture Series 2015/16 sponsored by Mourant Ozannes
Lunchtime Lecture No. 8
Date: Wednesday 6th April 2016
Time: Registration 11.45am lecture starts at 12.00pm
Topic: What Trustees Need to Know about UK Residential Property Investment and The Current London Residential Property Market.
Speaker: Caroline Roberjot of Adams & Remers with Marcus Bradbury-Ross of The London Resolution
St John Robilliard Memorial Evening Lecture No. 8
Date: Tuesday 26th April 2016
Time: Registration 5.15pm lecture starts at 5.30pm
Topic: Trustee Mistakes: the Guernsey Approach
Speaker: Richard Wilson QC, Searle Court
STEP Members, Students and Non-members welcome.
Your booking will be made via the new STEP Guernsey website where you will follow the same simple steps that you have done before to reserve your places at STEP lectures.
Please contact firstname.lastname@example.org or 266281 for further information.
STEP Guernsey Social
You are invited to the first STEP Guernsey Social. This is a great opportunity for younger members, students and those new to the Society, to meet their peers in the industry and to relax in a fun, informal atmosphere.
Please register your interest and encourage any of your colleagues who are STEP Members/Students to come along. Once STEP Guernsey have an idea of numbers they will confirm the venue.
Carey Olsen teams with DLA on 2016 Data Protection Laws of the World handbook
A pan-jurisdiction team of lawyers from Carey Olsen has once again worked with international law firm DLA Piper to produce the new edition of the DLA Piper Data Protection Laws of the World Handbook.
The guide is a handy reference tool for use by clients and contains an overview of the law in a number of key jurisdictions worldwide. Carey Olsen was selected by DLA Piper to submit chapters covering the British Virgin Islands (BVI), Cayman, Guernsey and Jersey, having worked with the firm on previous editions of the handbook.
Topics covered in the guide include the registration process for data controllers, the principles according to which data should be collected and handled, potential sanctions of transferring data, appropriate security measures and electronic marketing and privacy issues. New features for 2016 also include a chapter summarising the EU General Data Protection Regulation and the addition of overviews for a number of key African jurisdictions.
The complete guide can be accessed here: http://dlapiperdataprotection.com/#handbook/world-map-section
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