By Jesús Ruíz Ballesteros, Ruiz Ballesteros Lawyers and Tax Advisors
The statement of foreign economic transactions and asset and financial liability balances is an informative declaration for statistical purposes filed with the Banco de España that serves to declare transactions carried out with non-residents and assets and liabilities held abroad.
By Ladidas Lumpkins, Prager Metis International LLC
A financial professional recently described how taxes work: “If it makes money, the IRS wants its share.” Whether it’s a chain of car washes in Ohio, a stock portfolio, or a digital store in the “metaverse” selling clothes purchased with cryptocurrency, the IRS knows only one thing. All of them made money and taxes are owed.
By Brad Severin, Moodys Private Client Accounting
It was raining the day that Jim passed away from a sudden heart attack. He was out for his morning run and he never came back. His son Brett called from the office of the family’s construction company when Dad failed to arrive for a meeting with their tax advisor and lawyer and was given the awful news. Dad was gone. Now what? He knew everything – the history of the company, who the most important suppliers and contractors were, the arrangements with the bankers through his personal relationships with them for over thirty years. All this knowledge died with him.
By Andreea Muth, Pallett Valo LLP
On 05 July 2021, two amendments to the Business Corporations Act (Ontario) (OBCA) came into effect that will significantly impact trust and estate planning for family businesses.
By Martin Thieslauk and Zlata Velagic, Benefitax GmbH
Beware of intra-family transactions! As the following example shows, foreseeable increases in value in the future may trigger gift tax even before profits are realised.
By Prof Sergio Guerrero Rosas, Guerrero y Santana, S.C.
According to Mexican legislation, a trust is an act whereby the settlor transfers to a trust institution the ownership or title to one or more assets or rights, to be used for lawful and determined purposes, entrusting the realisation of such purposes to the trust institution itself (Article 381 of the LGTOC, General Law of Credit Instruments and Operations).
By Prof Robert Anthony, Anthony & Cie
The change in law There is a change in French law whereby under Article 913 completed by an annex, when a deceased or one of their children at the moment of death is a citizen of the European Union, or a resident in the European Union. This applies where there is no mechanism to protect any of the children to reserve a part of the estate; in other words the will is not based on the French hereditary reserve. Each child or their descendants can claim an allocation of the estate by way of compensation on the assets situated in France at the date of death in order to re-establish their rights concerning the French hereditary reserve under French domestic law. This implicitly ends the ability on contestation by any of the children to apply foreign estate legislation in France.
By Simon Voisin, Forward Group Limited
Uncertainty continues to surround the introduction of Chinese national security law and unsurprisingly there has been considerable impact on Hong Kong’s future as one of the Asia Pacific’s leading financial centres. This is especially true of Hong Kong’s traditional role symbolising a bridge between China and the rest of the world.
By Tony Nunes and Jane Harris, Kelly + Partners Chartered Accountants
In Australia, the beneficiary of a trust must pay income tax on any income received from the trust. If no beneficiary is entitled to the trust’s income at 30 June, the trustee is taxed on the income at the top tax rate of 47%. Thus Australian trusts often prefer to distribute income to an Australian resident individual or company rather than to a non-resident beneficiary, as these payments are taxed at a lower rate.
