FATCA, IGAs and More for KPMG Tax Update | Isle of Man News :: isleofman.com

6 May 2015 | Author: | Comments Off on FATCA, IGAs and More for KPMG Tax Update | Isle of Man News :: isleofman.com

Over 180 delegates returned to the Sanderson Suite for this third instalment of KPMG’s popular UK and Manx Tax updates. ‘FATCA, UK IGAs and More’, the of morning presentations was provided by tax team and featured an international tax from guest presenter Guffogg, Assessor of Income Tax for the of Man Government.

Senior tax manager, Rotherham opened proceedings a presentation entitled ‘Corporate Tax in the This provided a follow-up a previous KPMG Tax Update in 2013 during which Mr explored the ramifications of the tax morality then at its height. Corporate as Mr Rotherham explained, remains news with many large organisations now subjected to the treatment as Amazon, Starbucks and

Mr Rotherham noted that not are the media’s published figures distorted but that if excessive are indeed being made to related parties then the is also necessarily one of enforcement than morality. As Mr Rotherham in closing, the demonization of corporate for making perfectly legal, decisions within the UK’s for fiscal policy is ultimately and counterproductive if the UK is to maintain a business environment.

An employment tax update followed, which tax manager Harley provided a joint update on surrounding both Personal Companies, or PSCs, and Offshore Intermediaries. Concerning PSCs, Mr alerted the floor to draft tax currently before Tynwald and due to be in April 2014, which is to mitigate the risk of reduced insurance contributions to the UK.

Mr Richards a number of potential shortcomings the draft legislation, however, that the case law is still evolving. He then suggested a of possible solutions and practical including the proper identification of employee benefits, and the creation of categories of individuals.

Concerning Offshore Employment legislation, Mr Richards alerted the to the recent issuance, on 14 October, of the to a consultation document released on 30 May The aim of the legislation, he noted, is to create an Tax and National Insurance Contributions on the offshore employers of workers in the UK, with particular focus on the IT and medical industry sectors. Mr explained that enforcement quite significant potential for observing that any default by an employer will transfer the obligation to any associated company, or agency in the UK which, for oil and gas companies, stop only at oil field and employers.

KPMG’s head of VAT Sandra Skuszka then a VAT update which offered an overview of recent cases, business briefs, EU updates and changes for 2015. Of particular to this year’s presentation was Ms summary of the European Commission’s proposal to introduce a new VAT returns which, by 1 January 2017, introduce a standardised format and monthly reporting periods.

Ms Skuszka then moved on to the UK recently announced changes to the of supply rules. In a system is being referred to as ‘the one stop shop’, from 1 2015 supplies of telecommunications, and e-services in a business to customer will be subject to VAT where the belongs. This new system is to level the playing field for UK and, as Ms Skuszka observed, present a significant opportunity for the of Man.

Nicola Guffogg’s presentation followed during the Assessor of Income Tax provided an of the international tax environment, the Isle of response, and a glimpse of issues on the horizon. Ms Guffogg opened by the implications of the 2009 OECD Forum on Transparency and Exchange of for Tax Purposes, noting that 120 have agreed to adhere to a standard of information exchange. Ms then moved on to the G8 and related tax as well as the G20 leaders’ declaration of its to “automatic exchange of information as the new standard” and their call to the Multilateral Convention on Mutual Assistance in Tax Matters “without delay”.

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On automatic exchange of information, the response, Ms Guffogg explained, was by its recognition that it was rapidly into a new global standard. The made early commitments to agreements (IGAs) with the US to the implementation of the US’s FATCA and with the UK. In preparation for the implementation of the IGA the UK a disclosure facility to be operated by was agreed in February 2013.

In the Island made a commitment to the G5 project in May and signed the UK IGA in October.

The of Man made a commitment to join the Convention on Mutual Administrative in Tax Matters, which will the legal basis for a wide of assistance on tax matters, in June. Ms noted that progress was made towards joining and legislation is now in place for the Convention sets out the scope of the Convention and the reservations that have made.

On the immediate horizon for 2013 is the Global Forum meeting and Ms highlighted two points to watch The first concerned how the Global rates the first 50 countries’ of the existing international standard and the concerned how the Global Forum to being charged with the introduction of automatic exchange of

Ms Guffogg also looked to the signing of the IGA with the US, which she would be before the end of the year. anticipated was further work on the of automatic exchange of information as the new standard with the introduction of a reporting standard for automatic and the technical requirements for reporting and the necessary data in 2014. In the term, the dates for reporting the US and UK IGAs were noted.

To the morning’s proceedings, KPMG’s Director of Tax, David provided an overview of IGAs particular focus on the UK, identified of particular concern, outlined classifications, alternative reporting and disclosure facility obligations, and the associated guidance notes. In with the UK IGA, Mr Parsons that IOM financial institutions be obliged to automatically exchange on all financial accounts held by one or specified UK persons, or held by a Entity with one of more UK persons.

Some areas of concern however, particularly surrounding classifications, alternative reporting for persons, and multi-jurisdictional or cross arrangements. Concerning the issuance of notes, Mr Parsons explained they are unlikely to solve problems and that areas of will remain. In closing, Mr advised delegates that do not have time to wait for knowledge to evolve – you need to act

Photo (l – r) Sandra Skuszka, Richards, Nicola Guffogg, Jones, Robert Rotherham and Parsons

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