Top 10 Tax Headlines from Offshore The US Foreign Account Tax Compliance Act, commonly referred to as FATCA, became effective earlier this year, and foreign financial institutions in every jurisdiction, including in the British Virgin Islands and the Cayman Islands, will be required to make certain reports to the US Internal Revenue Services. When Congress resolved the fiscal cliff crisis early this year, it brought permanence to estate, gift and generation-skipping transfer tax laws that had been in flux for over a decade. The Obama Administration has recently proposed ambitious spending and revenue changes, as it released its proposed budget for fiscal year 2014, and a number of proposed tax changes affecting estate planning have emerged. In accordance with its agreement with its international lenders, Cyprus has made a number of changes to tax rates. Cyprus has undertaken a series of reforms to secure Troika financial support. Jersey and Guernsey have now followed the Isle of Man’s lead in signing FATCA style disclosure agreements with the United Kingdom. The Governments of Jersey and Guernsey both announced in March 2013 that they intend to agree intergovernmental agreements with the UK for the automatic exchange of tax-related information. Sec. 2 of Wealth Tax Act, 1957: The amended reassessment proceedings of Income-tax shall be applicable for assessment of Wealth Tax as well. The purpose of this investment memorandum is to provide an overview of the investment vehicles (i.e. regulated, lightly regulated and unregulated) that Luxembourg offers to (foreign) entrepreneurs and managers. A discussion on the proposed IASB model, an entity should recognise an impairment loss equal to the 12-month expected credit loss. | 
