Audits cover a cross-section of industry sectors including agriculture, construction, financial services, information technology and communications, hospitality, manufacturing and mining.
Failure to comply with the new law could result in unlimited financial penalties, ancillary orders such as confiscation orders or serious crime prevention orders, and serious reputational damage.
Any individuals who have paid the incorrect amount of tax on overseas income in previous years must have corrected their tax returns by the deadline, or the potential fine will double to 200% of tax owed.
On average, EU member states have put in place treaties that give their tax authorities power to retrieve some information in respect of 82 per cent of the financial secrecy services facing their countries, according to the Tax Justice Network’s res
While the socialist government does not want to use its veto, agreed during Brexit talks last year, to lay claim to the sovereignty of Gibraltar, it does want to secure concessions.
The London law firm’s International Trust Advisory Group is headed by Jonathan Riley, Jennifer Ridgway and Sara Chisholm-Batten, who will all be in Cayman for the event.
The AEOI is designed to shine a new light on “offshore” investments and bank accounts, as it requires countries to automatically and annually exchange financial account information of non-residents with the account holder’s country of re