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Introduction
The Taxation (Implementation) (International Tax Compliance) (Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures) (Jersey) Regulations 2020 are expected to come into force shortly. The regulations will primarily affect promoters and service providers of certain arrangements, implementing a 30-day window to report disclosable arrangements to the Comptroller of Revenue. Failure to comply may lead to financial penalties and, in some instances, criminal penalties. It is important that intermediaries and certain taxpayers become astute to the requirements of the regulations and ensure that they are ready and able to comply with the new reporting obligations.
Background
The regulations will implement a mandatory disclosure regime which is closely aligned with the Organisation for Economic Cooperation and Development s (OECD s) Mandatory Disclosure Rules of Common Reporting Standard (CRS) Avoidance Arrangements and Opaque Offshore Struct
Introduction
The Taxation (Implementation) (International Tax Compliance) (Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures) (Jersey) Regulations 2020 are expected to come into force shortly. The regulations will primarily affect promoters and service providers of certain arrangements, implementing a 30-day window to report disclosable arrangements to the Comptroller of Revenue. Failure to comply may lead to financial penalties and, in some instances, criminal penalties. It is important that intermediaries and certain taxpayers become astute to the requirements of the regulations and ensure that they are ready and able to comply with the new reporting obligations.
Background
The regulations will implement a mandatory disclosure regime which is closely aligned with the Organisation for Economic Cooperation and Development s (OECD s) Mandatory Disclosure Rules of Common Reporting Standard (CRS) Avoidance Arrangements and Opaque Offshore Struct
This guide to Cayman's private client sector includes commentary on tax, trusts, foundations and private wealth structures used within the jurisdiction, including charitable or philanthropic.
The state of the wealth management industry in the GCC, and the evolution of carefully planned and well-executed estate and succession planning, was debated in depth at the January 28 Hubbis Digital Dialogue event. An erudite panel of experts reviewed the progress to date and opined on what steps must be made by both the authorities in the region and by the private sector to more fully set the wealth and legacy planning industry on the road to realising more of its full potential. Which jurisdictions do GCC based clients prefer to utilise for their wealth planning and trust structures? Is the recent availability of common-law trust structuring through the DIFC, resulting in a boost for business there? Are wealthy clients remediating older structures, with the arrival of the CRS, economic substance and Mandatory Disclosure Rules, amongst other new regulations, and if so, what structures and concepts are in favour? How does life insurance fit into wealth and succession planning in the