Withholding Tax

Hong Kong and USA Work Toward FATCA IGA

(Hong Kong, 2014-03-26) On March 25, Hong Kong and the United States signed a Tax Information Exchange Agreement (TIEA), which will provide the necessary basis for Hong Kong to enter into an Intergovernmental Agreement (IGA) to adhere to the United States' Foreign Account Tax Compliance Act (FATCA). Hong Kong's Secretary for Financial Services and the […]

FATCA: Malta And US Conclude FATCA Negotiations

(Monaco, 22/07/2013) Malta and the US have concluded negotiations concerning an Intergovernmental Agreement (IGA) in relation to US FATCA regulations (FATCA). FATCA was enacted in 2010 by the US Congress as part of the Hiring Incentives to Restore Employment (HIRE) Act. FATCA requires non-US financial institutions to report to the US Internal Revenue Service (IRS) […]

UK Property Taxes Update

(Dubai, 16/12/2012) The UK, and in particular London, has become a safe haven for foreigners in recent years, many of who – especially from Middle East / GCC Countries – have invested in expensive central London real estate. Please find below an update on the taxation of UK properties.   Annual Residential Property Tax, Capital […]

FATCA: Deadlines postponed

(Dubai, 29/10/2012) The US government has postponed the start date of incoming tax regime FATCA to give businesses more time to comply with the rules. The Internal Revenue Service (IRS) said institutions will now have until 1 January 2014 to put procedures in place to meet the requirements of the Foreign Account Tax Compliance Act […]

FATCA: Cayman Islands considering signing with US

(Dubai, 26/10/2012) The Cayman Islands government has released an update on whether the territory will negotiate a government-to-government reporting arrangement with the United States to ease the compliance burden on local financial institutions of complying with the requirements of the US's Foreign Account Tax Compliance Act (FATCA). The island's Premier, McKeeva Bush, said: “The government […]

FATCA: Loopholes with Dual Citizenship

(Dubai, 23/10/2012) DUAL CITIZENSHIP issues may lead to a "loophole" in the US Foreign Account Tax Compliance Act (FATCA) because the dual citizenship issue has not been addressed and may be hard to close. FATCA obligates foreign banks and other foreign financial institutions (FFI's) to report the individual account information of US citizens and US […]

Guernsey, Jersey & Isle of Man to strike FATCA deals with US

(Dubai, 11/10/2012) The governments of Guernsey, Jersey and the Isle of Man have simultaneously announced that they are seeking to negotiate partnership agreements with the United States to implement the Foreign Account Tax Compliance Act (FATCA). The intention is that the three British Crown Dependencies will negotiate their own individual agreements which will follow the […]

MCI Overview Flat Tax Countries Europe

(03/08/2012, Dubai) Starting in the middle of the 90ies, many, mostly in Eastern Europe located, countries modified their tax regimes with the introduction of flat faxes. Their aims are and have been: Ease of procedures, reduction of tax & capital evasion, stimulation of economic growth. Here the results of MCI CLT's Tax Rate Review in […]

Switzerland freezes accounts of German customers

The recently completed tax treaty between Switzerland and Germany has the following key points:Swiss banks make a 2bn SFR guarantee payment to the German tax authorities.Income of German assets in Switzerland will be taxed in future on-site with 26,325%. Swiss banks will transfer these tax amounts directly to the German tax authorities.For income of so-called […]


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New articles

\r\n (Dubai, 20/10/2014) In August 2014 already, the “so much to UAE committed” foreign bank Standard Chartered announced to exit parts of its SME business in the federat...
\r\n (Dubai & Berlin, 30/09/2014) The increasing “European-ization” of all areas will now also make no longer halt before inheritance. At least, once international ba...
\r\n (Dubai, 04/09/2014) This week the World Economic Forum (WEF) published the results of its annual Global Competitiveness Report (GCR) 2014-2015 with impressive rankings for the U...
\r\n (Dubai, 30/08/2014) Since June/July this year, licensees of Dubai’s DMCC start to rub their eyes when it comes to their annual license renewal. Out of the blue, the Free Z...
\r\n (Dubai, 08/08/2014) MCI offers actually several Shelf Companies, aged between 2yrs, 10mths and 6yrs, 1mth - as per August 2014.\r\n\r\n\r\n\r\n \r\n \r\n \r\n DESCRIPTION\r\n \r\n \r\n ...
\r\n (Hong Kong, 2014-07-27) This month, the first revision of Shanghai Free Trade Zone’s (FTZ) Negative List took place.\r\n\r\n\r\n\r\n Shanghai Free Trade Zone (FTZ) was launched in...
\r\n (Dubai, 14/07/2014) The UAE Ministry of Labour (MOL) has announced that it will stop the usage of the old plastic labour cards & paper contracts starting from July 13, 2014....
\r\n (Hong Kong, 25-06-2014) We found a very interesting BBC documentary about China's debt policy and situation from February 2014, critical as well (of course). But watch yours...
\r\n (Dubai, 13/04/2014) With effect 01/05/2014, Emirates NBD massively increases the required Minimum Balances for its Business Banking Clients.\r\n\r\n\r\n\r\n Emirates NBD, one of UAE'...
\r\n (Dubai, 26/03/2014) Finally, Virtual Currency (VC) Tax Rules - including the most popular, Bitcoin - came to the US on March 25! Several insiders predicted that the government w...