Tax & Regulation
Swiss court overturns ban on releasing UBS client data to France
Switzerland’s Supreme Court has ruled that the government can comply with a French request for information about a UBS client’s bank account, despite the request probably being founded on stolen data.
Investment | 17 Mar 17
Nicaraguan bamboo fund shut down by IoM high court
An Isle of Man-based fund that convinced 189 people to invest $61m (£49.6m, €56.8m) in bamboo plantations in Nicaragua by promising returns of up to 500% was wound up by order of the Isle of Man high court on Thursday.
Tax & Regulation | 16 Mar 17
HMRC tax avoidance case against Rangers football club ends
HM Revenue & Customs’ seven-year pursuit of Rangers Football Club for aiding and abetting tax avoidance ended on Thursday after two days at the UK supreme court, with a judgment expected within three to six months.
S Africa to end ‘too generous’ overseas worker tax break
South Africa is to draft legislation overhauling its residence-based tax rules so that South Africans working in countries with no income tax, such as the UAE, will be liable to pay tax in their home country.
Middle East | 16 Mar 17
UAE minister sets prospective VAT for Gulf at no more than 5%
VAT no higher than 5% will come into force from 1 January 2018 in the UAE and other Gulf States covering most products and services.