A recent court case demonstrates that the Russian tax authorities relied on the confidential information obtained via Interpol in order to support their claim that a royalty-payment structure involving a Cypriot, BVI and a Russian entity was no more than a transaction created to receive unjustified tax benefit.
On July 26, the British Virgin Islands (BVI) published the BVI Business Companies (Amendment) Act, 2012. This Act is an amendment to the original act passed in 2004. The main purpose of this amendment is to develop and maintain a sustainable and flexible legislative framework which will in turn help to keep the BVI in…
On June 21, 2012 the UK government published draft legislation implementing statutory test for tax residence and abolishing the concept of ordinary tax residence. The draft legislation is expected to come into force on 6 April 2013. One must keep in mind that the replacement of the ordinary tax residence test will be with respect…
Various reports have surfaced that UK Home Secretary Theresa May is planning to make changes to the “Life in the UK” test. The Life in the United Kingdom test is a mandatory test to be taken by individuals applying for naturalization as a British citizen or for indefinite leave to remain. Depending on one’s level…
Wegelin & Co, based in St. Gallen, Switzerland and founded in 1741 has been deemed a fugitive after failing to appear in a U.S. Court to answer to criminal charges of Tax Evasion. Along with the company, three of Wegelin’s client managers at the Zurich branch, Michael Berlinka, Urs Frei and Roger Keller were also…