- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

Weekly Tax Brief

Welcome to RSM’s weekly round-up of the most important tax news.

How will Italy's Digital Services Tax impact tech giants' bottom line?

The aim is to tax businesses which traditionally paid low amounts of tax in foreign countries they operated in, those being: search engines, social networks and online marketplaces.

'Mansion tax' – rumour or reality?

According to the report, a so-called ‘mansion tax’ directed at residential real estate has been mooted more than once in Treasury discussions and in government more generally.

Boris Johnson vetoes mansion tax after backlash

The PM has 'cooled' on the idea to charge wealthy homeowners more in next month's budget

Global tax reform could raise as much as $100B, OECD says

The analysis shows that Pillar Two could raise a significant amount of additional tax revenues.

EU Moves to Add Cayman Islands to Tax Haven Blacklist: FT

The EU launched the tax haven blacklist in 2017 as part of a pressure campaign to crack down on tax evasion and avoidance.

Crackdown on tax evaders targets big corporations

The provisions, under the Criminal Finances Act 2017, eliminate the need for prosecutors to show that there was a “controlling mind” at board level.

HL warns on cashflow issues from ‘mansion tax’

The mansion tax could stimulate more property sales as well as increase demand for equity release.

Greece introduces an attractive tax status for foreign high net-worth individuals

Manos Tountas of EY Greece examines the new ambitious tax law which could help bring a new wave of wealthy entrepreneurs into the peninsula.

Tax freeze sees high earning Scots pay more

The income tax changes are expected to increase the tax take by £51m in 2020/21.

Changes to Portugal tax rate will ‘strengthen’ its expat appeal

Still opportunities and benefits despite uplift of pension tax to 10% from zero

Know your tax liability

Failing to understand the associated cost of these taxes can result in a reduction in the profit made on the assignment

31 million taxpayers to get April tax cut

31 million taxpayers are set to get a tax cut in April, the Chancellor has announced, thanks to new legislation laid in Parliament today (30 January).

French experts expected in Seychelles to examine tax haven blacklist issue, president says

Faure said that a national committee has been established to look at relevant laws as well as the relationship Seychelles has with the European Union and the OECD -- the Organisation for Economic Co-operation and Development.

Despite US-French truce on DSTs, prospects for broader OECD tax pact remain uncertain

The result at the end of the week appeared to be a ratcheting down of tensions between the US and France

INSIGHT: U.K. Final Regulations for Disclosure of Cross-Border Tax Arrangements

The U.K. government has published the final regulations to implement DAC 6. Catherine Robins of Pinsent Masons takes a look at the provisions in the regulations and their implications for business.

How to make multinationals pay their share, and cut tax havens out of the picture

The OECD’s latest proposals would change little in a rigged system. Britain should back a new global scheme

Tax Agencies Step Up Efforts to Hone in on Crypto Tax Evasion

The era-defining financial scandal shone a light on a controversial characteristic of international finance that would soon spell trouble for cryptocurrency investors and businesses the world over: anonymity.

World's biggest banks pushing for £4bn post-Brexit tax cuts to boost the City

Bank chiefs claim to have plenty of offers from countries within the EU looking to attract business following Brexit.

Taxman unearths £200m in joint operation

As part of the action, which took place this week, HMRC officers used a search warrant in the Stoke area and arrested a man as part of their enquiries.