After FATCA comes GATCA

By Rodolfo Sánchez-Arellano, New Corporate Approach, S.C.

In February of this year, the OECD released the Standard for Automatic Exchange of Financial Account Information, which is starting to be known as GATCA as its goals are similar to the FATCA legislation which was recently implemented in the USA. The OECD recently announced that 47 countries declared an automatic exchange of information between their jurisdictions on 6 May 2014.

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The challenging and changing world of property taxes in the USA

By Scott D. Davis, Prager Metis CPAs, LLC

Over the last decade, the amount of funds made available by the Federal Government and distributed to the State Government has continued to dwindle. As these Federal funds dried up further, less money has been made available to the individual states and therefore less to local towns and cities. This ongoing trend has been forcing towns and cities to come up with alternative ways to obtain the funds that the state used to provide which are required to pay for the local public services. As costs at local level rise further and the deficit of these state  funds increases, locally assessed property taxes have been and continue to be used as the major way to fund these revenue deficits in local budgets each year.

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UK Tax residence – things have changed if you are planning to come to the UK

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Liability to UK income tax and capital gains tax is dependent on the residence status of the individual. The term 'residence' appears many times in UK tax legislation but until now this has never been properly defined in that legislation. Instead, for almost 200 years the courts have been establishing a range of factors which can affect the determination of an individual's residence status. How long an individual spends in the UK in a tax year is important to this decision as well as the principle of whether they are coming to the UK temporarily.

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The tax burden on labor should be lifted

Set against the background of the deepening economic crisis within the member states of the EU, the European Commission is analyzing the development of poverty, unemployment and exclusion analyzed. Here the EU has shown a clear dichotomy: The highest values in terms of poverty and unemployment risk in the southern and eastern states, set against the relatively successful crisis management in the north, in particular in Germany, France and Poland.

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New start for a standard passenger vehicle taxation in the EU

13 million new vehicles are registered in the European Union every year. Nevertheless the registration tax and the vehicle tax are not harmonized within the EU. The EU commission recognizes the danger that there could be a double vehicle taxation of citizens and companies due to lack of harmonization. In order to prevent this, the commission presented regulations for passenger vehicle taxation in a notification on December 14, 2012 and recommended proceedings for implementation to the member countries.

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Where are we going in the current climate?

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By Prof. Robert Anthony, Anthony & Cie

European Property in the residential sector sales seems to have slowed down substantially. Whilst London and Paris as well as other capitals still seem to be selling, it is much harder to obtain finance. This results in a diminution of volume. Certain prime assets remain in demand and the purchasers obviously are better protected due to their liquidity.

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UK Residency and domicile – New rules with a positive outcome

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By Sonal Shah, Lawrence Grant

The current rules on residency have been based on cases decided over a hundred years ago. The rules have never been easy to apply, they lack certainty and this has hindered international mobility. The UK government recognised that in order to safeguard the UK's attractiveness as a destination for individuals and businesses, the current rules of residency were unsustainable. We have good news!

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US Fight against Tax Evasion Creates Significant Problems for Companies

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Despite an excellent credit rating and flawless company reputation, the bank is not advancing funds. The reason: the bank is not prepared to comply with FATCA rules. "We are already seeing problems like this today when Swiss banks are involved. They are expected to increase with other financial institutions in the near future as well," warns Oliver Biernat, auditor and specialised consultant for international tax law at the Benefitax accounting firm in Frankfurt. "FATCA applies whenever US citizens or German companies in which US citizens hold shares want to open an account with or apply for a loan from a German bank."

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Dual Citizens - Filing obligations of United States Citizens Residing Outside of U.S. and Dual Citizens

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By Steven A. Braun and Reena Prabhakar, Drucker & Scaccetti, P.C.


Recent publicity regarding the efforts of the United States tax authorities to crack down on U.S. persons with undisclosed foreign bank accounts has caused great concern for U.S. citizens who reside outside the U.S. or are dual citizens of both U.S. and another country. They should now be aware of the fact that they are required to file tax returns and disclose certain information that could be subject to substantial penalties, in many cases.

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There must be social protection for the successful growth of globalization


Economic growth has been shifting towards new markets over the past number of years. As a result, 83 of the developing and emerging countries have grown at least twice as fast as the industrial states during the past decade, and are already showing high incomes. The result is a shift of the global wealth from west to east and from north to south. And although the middle-class segment is also growing considerably in these emerging countries, problems are still arising that could pose a hazard to stability unless countermeasures are taken by the governments.

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