Special Focus
Financial Services (1st edition)

Special Focus Archive

Automatic exchange of information: Adapting to new global tax reporting standards

As things gather pace in the move towards automatic exchange becoming the globally coordinated standard for tax information sharing, KPMG’s Hans-Jürgen Feyerabend, Victor Mendoza and Jennifer Sponzilli explore the intricacies of implementing a new global norm, as well as how it will sit alongside other initiatives including the US FATCA.
Bank levies: A step toward harmonisation

Legislators have recently reacted to popular thinking that banks and their investors should be the ones paying for losses from banking risk materialising. Hans-Ulrich Lauermann and Kathryn Struve of PwC discuss bank levies in respect of European and US legislators.
Belgium publishes new guidelines on business restructurings

The Ruling Committee of the Belgian Ministry of Finance has recently published an “Advice” which includes new guidelines for the application of anti-abuse rules on various types of business restructuring, such as a (partial) demerger and the contribution of a branch of activities. Geert De Neef of Lydian explains how these guidelines will impact taxpayers.
Germany: FATCA 2.0: The introduction of a global standard on automatic exchange of tax information

Globalisation has meant that items are increasingly being sent around the world. This includes an increasing amount of money being sent abroad, which may go untaxed if taxpayers, negligently or willingly, do not comply with their tax obligations. Karl Kuepper of PwC looks at the new standard for ensuring compliance, and explains the strategic and flexible approach taxpayers will be required to take.
India: Tax issues for foreign banks in an ever changing landscape

Sunil Gidwani, Nehal Sampat and Dipesh Jain of PwC discuss some of the key taxation issues affecting foreign banks in India.
India: Tax issues for offshore asset managers in an ever changing landscape

Gautam Mehra, Nehal Sampat and Neha Shah of PwC discuss the key Indian income tax issues relevant for foreign investors and asset managers investing into India.
Mexico 2014 income tax reform: Considerations for the financial sector

Karina Pérez and Alejandro Ortega of PwC analyse Mexico’s recently reformed tax code and related administrative regulations, focusing on those provisions that taxpayers in the financial sector need to be acutely aware of.
The Netherlands: The impact of BEPS on private equity

On March 14 2014, the OECD released a discussion draft on treaty abuse under its Action Plan on Base Erosion and Profit Shifting (BEPS). Marc Sanders of Taxand provides guidance on the BEPS project’s impact on the private equity sector.
Financial services in Norway: Navigating the tax issues

Norway is participating in the European Economic Area which includes the 28 EU member states and the three European Free Trade Agreement (EFTA) states. The EEA treaty is largely founded on the same principles as the EU treaty and most EU regulations apply in Norway within the financial services sector, including taxation. PwC’s Dag Saltnes, Stian Roska Revheim and Liv Lundqvist explain.
Swiss fund management structure tax considerations

In light of new EU legislation on collective investments, Alberto Lissi and Monika Gammeter Utzinger of Tax Partner – Taxand explain the tax considerations relating to Swiss fund management structures.
Swiss withholding tax and pending refund claims: A €2 billion question

Financial institutions filing withholding tax refund claims on Swiss dividends over the past seven years have generally received information requests rather than the refund expected as the Swiss tax authorities challenge refund claims tied to dividend trades. This has led to uncertainties that have reduced the market value of dividends on Swiss stocks. KPMG Switzerland’s Charles Hermann explains.
US tax developments affecting financial institutions and products

William Skinner and Julia Ushakova-Stein of Fenwick & West discuss the newest regulations under FATCA and section 871(m) alongside recent case law developments.