On 29 April 2015, the Council of the European Union, which represents the governments of the 28 EU member states, endorsed a package of proposals aimed at preventing money laundering and terrorist financing. The package requires that EU governments establish and maintain central registries containing information about the beneficial owners of companies registered in their jurisdictions.
Pearse Trust Blog
In the first of a new series of blogs on UK Limited Companies, their uses and compliance requirements, we focus on the types of structures available to UK Limited Companies including their features and benefits.
Why The UK?
The UK has a strong tradition of attracting international businesses which are expanding their operations or wish to create a footprint in Europe.Read More
Ireland’s tax system is sometimes criticised by those campaigning against corporate tax avoidance. However, what is often overlooked is the fact that Ireland’s low rate of corporate tax attracts high volumes of physical investment.
Ireland’s decision to join the EU in 1973 marked the introduction of Value Added Tax (VAT). VAT was implemented among all member states as the turnover tax within the “common market”, and as a means of policing VAT, the ‘VAT Information Exchange System’ (VIES) was introduced in 1993.
VIES operates as a system of administrative support to member states and ensures both the registration of companies for VAT as well as the correct rate of VAT being charged on all transactions.Read More
Corporate Tax To Fall Below 20%
At 20%, the UK already has the joint-lowest rate of corporate tax in the G20. However, Osborne was clear that "the country cannot afford to stand still while others rush ahead." So in something of an unexpected move, the Chancellor announced that corporation tax will fall to 19% in April 2017 and 18% in 2020. Osborne said the new rates will send out "loud and clear the message around the world: Britain is open for business."Read More
An updated Double Tax Agreement (DTA) between Canada and New Zealand came into force on 26 June 2015. The new agreement will generally lower withholding tax (WHT) on dividends, interest and royalties between the two countries and has been welcomed by investors in both countries. The changes will begin to take effect from 1 August 2015.
Further to our previous overview and summary blogs, The Small Business, Enterprise and Employment Act (the Act) received Royal Assent and was passed into law in the UK on 26 March, 2015. This blog contains an update on certain corporate related aspects of the Act.
New Zealand’s Budget 2015 announced by Minister of Finance, Hon Bill English on 21 May 2015, is being called “a plan that’s working”. The budget highlighted a positive outlook for the economy and included a range of tax-related measures and investment initiatives.Some of these initiatives are aimed at New Zealand businesses and are being referred to as the “Business Growth Agenda”.
As discussed in a previous blog post, New Zealand is a popular jurisdiction for settlement or re-domiciliation of a Trust. This is because, when structured correctly, the New Zealand Foreign Trust will not be subject to taxation.
In order to avail of optimum tax benefits, a New Zealand resident trustee referred to as a 'resident foreign trustee’ must be appointed. The resident foreign trustee is typically a New Zealand corporate trustee. Foreign-sourced income derived by a New Zealand resident trustee is exempt from income tax in New Zealand provided the settlor is not resident in New Zealand.Read More
This blog will examine the tax considerations in relation to loans to participators. This anti avoidance measure attacks the practice of withdrawing profits from close companies in the form of loans. Without this measure it would be possible for shareholders in close company to borrow money from the company instead of taking remuneration or dividends.