Iceland appears to be looking to remove its capital controls early in 2015, but would, at the same time, impose an “exit tax” on those foreign investors who have been unable to retrieve their funds that were locked in after the country’s banks defaulted in 2008. It is believed that… – Continue reading
Cyprus and Iceland have released the text of a new double tax agreement signed between the two nations on November 14, 2014. The signing took place at the Embassy of Cyprus in Stockholm. The agreement caps the withholding tax on dividends income at source to five percent, if the recipient… – Continue reading
The Swiss Federal Council has adopted dispatches on five double taxation agreements, which will now be submitted to Parliament for approval. The treaties with Estonia, Ghana, Iceland, and Uzbekistan either replace or revise the current deals, while the agreement with Cyprus is Switzerland’s first with the territory. All of the… – Continue reading
Expat savers dealing with unfamiliar banks are unlikely to know how much of their cash is protected if the foreign bank goes bust. In Britain, the Financial Services Compensation Scheme (FSCS) safeguards up to £85,000 held by each person in accounts under a single banking licence. Each building society has… – Continue reading
Norway has terminated the agreement it signed with neighboring Nordic countries on the avoidance of double taxation in respect of inheritance and gift tax, the Finnish tax authority announced July 1. The inheritance and gift tax treaty was signed by the Nordic countries, namely Finland, Norway, Sweden, Iceland and Denmark,… – Continue reading
Switzerland and Iceland have signed a new double taxation agreement (DTA) which lowers withholding tax rates and provides for the exchange of information in line with international standards. It will replace the existing DTA, signed in 1998. The treaty sets a withholding tax exemption for dividend payments from significant holdings… – Continue reading
The Canada-BVI Tax Information Exchange Agreement (“TIEA”) came into force on 11 March 2014. The TIEA was signed in May 2013, and the effective date provisions are set out in Article 13 of the Agreement. The BVI is now party to 25 TIEAs. What are the benefits? The BVI/Canada TIEA is significant due… – Continue reading
Iceland has recently enacted its own transfer pricing legislation, which became effective from January 1, 2014. Prior to that date, there were no specific transfer pricing provisions in Icelandic law. Iceland’s new transfer pricing legislation, included in Article 57 of the Income Tax Law (No 90/2003), is based on the… – Continue reading
Back in April 2013, the G5 Governments agreed to work together on a pilot scheme on multilateral and standardized exchange of tax information, with a new initiative on information exchange, based on the so-called FATCA (Foreign Account Tax Compliance Act) exchange model. Luxembourg, Liechtenstein, Malta, Greece, Iceland and Colombia have… – Continue reading
