An interesting read from Family Capital. Although I agree with the net-outflow thesis, the issue is where will these millionaires / billionaires go? America, for example, is starting to see a slow outflow of its… Read More »HNWIs seeking to leave the UK
Without trying to sound cliché, Karl Marx once wrote: “History repeats itself, first as tragedy, second as farce.” This seems to be the state Western liberal democracies find themselves in these days. Big governments with… Read More »The Pending Paradigm Shift
With all due respect to the BBC, the imposition of such a “one-time” wealth tax would have a disastrous impact on the British economy. Capital flight would occur, much like what is happening already in… Read More »UK wealth tax
Like other major economies in 2020, the UK is facing a tax deficiency in light of covid-19 and the severe contraction of its economy. Governments are now looking to new tax revenue schemes and everything… Read More »UK starts to tax wealth
A very nice development in Portugal this week. Birthright citizenship will be henceforth allowed for those that are born in Portugal to parents that have been permanent residency for at least one year. Coupled with… Read More »Portugal to allow birthright citizenship
Austria’s Ministry of Finance has recently provided some guidance on the question of an Austrian home office as it applies to an Austrian tax resident employee and whether such a setup can qualify as an… Read More »Some thoughts on Austria
The Austrian tax court has recently opined on the question of dividend payments from Austria to an intermediate EU holding company which has no substance (while its EU parent does). Generally in Austria dividends paid… Read More »Dividends in Austria
In early November, the Austrian Data Protection Authority issued a directive that data processing operations in all cases requires a data protection impact assessment (DPIA). Under Europe’s new General Data Protection Regulation (GDPR), DPIA is… Read More »Austria changes its Data Protection
Recently in August, Germany moved forward with a proposal directed against VAT avoidance relating to supplies of goods with a German nexus over online marketplaces. The bills expected to pass parliament in late fall and… Read More »Germany moves to regulate online retailers. CEE providers beware.
The EU has introduced new cross-border transaction reporting requirements. Recently in May, the EU quietly adopted Council Directive 2018/822/EU on the reporting of “potentially aggressive” cross-border tax-planning arrangements. Reporting requirements will kick-in on August 31st,… Read More »EU affects cross-border transactions
On May 24th, the EC published proposals related to the promotion of the use of small and medium sized enterprise (SME) growth markets. The proposals are designed to give more flexibility for SME growth market… Read More »European Commission legislative update
On the 23rd of June, the UK voted to leave the European Union. Known as “Brexit”, the UK Government with now initiate Article 50 of the Lisbon Treaty, starting the two year procedure leading to… Read More »Brexit – Potential impact on London based private equity managers