STEP Wealth Structuring News Digest
24 February 2011
TAX EVASION - Four Credit Suisse bankers charged in US over
tax evasion
Four former employees of "one of the biggest banks in Switzerland,"
believed to be Credit Suisse, have been indicted in the US on
charges of helping US taxpayers hide money in secret Swiss accounts
to avoid taxes.
STEP
NEW ZEALAND - Natural Disaster
STEP
would like to send its condolences to our members in New Zealand,
especially those members and their families who reside in the
Christchurch area. The thoughts and best wishes of the STEP
Worldwide office are with you and I am certain that is also true of
the entire STEP membership. Kia Kaha. David Harvey, Chief
Executive, STEP Worldwide.
TAX INFORMATION EXCHANGE - Vanuatu accuses Australian Tax
Office of embarking on a 'fishing expedition'
THE Vanuatu government has indicated it may join ANZ Bank's
Australian Federal Court action to stop the Australian Taxation
Office accessing Australian-linked bank accounts in the Pacific
Island nation.
Vanuatu Reserve Bank governor Odo Tevi claimed that the ATO was
engaged in a "fishing expedition" late last year when it issued two
notices to ANZ to produce the accounts.
The
Australian
ABC
INDIA - Germany agrees to re-open talks over taxation
agreement
Germany has agreed to start early negotiations for amendment to the
double tax avoidance agreement (DTAA) with India to enable the
sharing of information for non-tax use.
Times of India
The Hindu Business
Line
Top
News
ISLE OF MAN - Minister dismisses talk of Zero 10
demise
The Manx Treasury Minister has dismissed a report out of Guernsey
suggesting the Isle of Man will eventually have to end its zero-10
tax regime as 'spin'.
Manx
Radio
SWITZERLAND - Baer whistle-blower ordered to remain in
custody
A former Julius Baer private banker has been ordered to remain in
police custody over alleged breaches of Swiss banking secrecy laws
after the whistle-blower lost an appeal.
Private Banker
International
RUSSIA - Moscow aspiring to become a leading
IFC
Moscow continues to aspire to become a centre for international
finance although opinion is divided over how far Moscow has come
since the idea was first proposed in 2008.
Moscow
Times
NIGERIA - MW Kellogg to Pay £7 million to Settle SFO
Action
The UK Serious Fraud Office (SFO) announced on 16 February 2011
that it has reached an agreement with MW Kellogg Limited (MWKL), by
which MWKL will pay just over £7 million to the SFO under a civil
recovery order in relation to profits generated by the Bonny Island
LNG project in Nigeria. This is part of an increasing trend by the
SFO to seek to use its civil recovery powers as opposed to
commencing criminal prosecutions.
KYC360°
INTERNATIONAL PENSIONS - Misplaced
enthusiasm?
The acronyms QROPS, QOPS, QNUPS and EFRBS have created much
interest since their introduction as of 6 April 2006. Many
pensions, tax and financial advisors have enthused about them and
how they might benefit their clients, but is their optimism
justified?.
STEP
Journal
