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With the Tax Cuts and Jobs Act of 2017 (PL 115-97) now in effect, estate tax planning has become more complicated. Some parts of the tax code related to estate planning have remained the same, but others have changed (temporarily), creating issues that need to be addressed and opportunities to be pursued. To ensure clients are on track to meet their goals and take advantage of new planning opportunities, it is imperative they review their estate plan as soon as possible. [ABSTRACT FROM AUTHOR]

The article presents an interview with Erika Nijenhuis, a partner at law firm Cleary Gottlieb Steen & Hamilton's office in New York. Topics discussed include her work at Cleary Gottlieb since 1990; the reasons behind her working in tax law; and the focus of her practice on financial services and financial products. Also mentioned is the practice of international financial transactions.

The purpose of this paper is to assess the proposals of taxation of the financial sector and to identify the advantages and disadvantages of each proposal. This paper is based on the actual reports of international economic organizations (International Monetary Fund, European Commission), statistical data and a number of analyses carried out by economists across a number of geographies. This paper identifies the most common types of taxation imposed upon the financial sector, and provides discussion of their costs and the revenues they are likely to bring. Such estimates can be seen as valuable research material, and they often justify the conceptual reasoning for application of such tax. [ABSTRACT FROM AUTHOR]

A financial activities tax ( FAT) and a financial transactions tax ( FTT) are the main alternative ways of recouping some of the public money used to bail out the financial sector after the great crisis of 2007-08. In preparing a common proposal for the European Union, the European Commission initially appeared to favour the FAT, but then swung its weight behind the FTT in late 2011. Its rationale was that in addition to generating revenue, this tax could also help to stabilize the financial markets by curbing excessive speculative trading. This article takes a different position. Its central argument is that the FTT would amplify rather than dampen market instability by interfering with the functions of important financial institutions. Its chief conclusion is that the FAT is superior to the FTT. [ABSTRACT FROM AUTHOR]

Compliance with Unfair, Deceptive or Abusive Acts or Practices (UDAAP) principles has become a thorny problem for U.S. financial institutions. The UDAAP regulatory scheme, as embodied by the Consumer Financial Protection Bureau, represents a new approach to regulating financial institutions and the industry has yet to fully adjust. This article reviews the history of UDAAP regulation in the U.S. and then examines the ways financial institutions must change their compliance management programs to minimize the risk of UDAAP violations. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to explain the background, scope, applications, criticisms, and UK legal challenge of the European Union's Financial Transaction Tax (FTT). Design/methodology/approach – The paper explains the "enhanced cooperation" from the 11 member states implementing the FTT; revenue expected from the FTT; financial transactions, instruments, and institutions to which the FTT applies; territorial application of the FTT; chargeability and payment of the FTT; an anti-abuse rule; a proposed implementation timetable; criticisms of the FTT; and the UK's legal challenge. Findings – The UK is concerned that the FTT will have an adverse impact on its financial services sector and therefore has launched a legal challenge, increasing the likelihood that the tax will be changed before it is due to apply at the beginning of 2014. Originality/value – The paper provides practical guidance by expert financial services and tax lawyers. [ABSTRACT FROM AUTHOR]

The Commission's proposal for a Directive on a common system of financial transaction tax (FTT) is the first EU proposal for a broadbased FTT. It is proposed to be implemented in the EU by 1 January 2014. The FTT is to be applied to financial transactions with financial instruments where a financial institution is party to the transaction. In this legal appraisal of the proposal, key issues arising in the proposal are discussed, foremost concerning the scope of the tax. The proposal is benchmarked against key design features identified by commentators - the susceptibility to migration to financial transactions not covered by the FTT and to foreign territories. It is concluded that the scope is broad enough with regard to the coverage of financial transactions and that the definition of financial institutions is almost too broad. Migration to other territories will be possible but not as easy to realize as under the abolished Swedish FTT. It is also concluded that there are a number of legal uncertainties in the proposal that need to be clarified. [ABSTRACT FROM AUTHOR]

The Ethiopian Value Added Tax of 2002 follows the standard approach of exempting financial services from VAT. Not all 'financial services' are, however, exempted from VAT. A number of services provided by the financial institutions are made taxable by the VAT laws of Ethiopia. No subject in this regard has probably attracted as much attention and controversy as that of sale by foreclosure of property held as security by banks. Both sides (i.e., members of the financial industry and the tax authorities) seemed locked in their conviction over the treatment of foreclosure sales in VAT. Members of the financial industry (in particular banks) are convinced that foreclosure sales enjoy the privilege of exemption in VAT while some within the Tax Authorities are equally convinced that foreclosure sales should be chargeable with VAT. These controversies have played out in the courtrooms, the press and a number of communications between the Tax Authorities and the members of the financial industry. This article examines these controversies and analyzes the scope of exemptions for financial institutions under Ethiopian VAT laws. [ABSTRACT FROM AUTHOR]

The article presents information on a variety of international tax developments that are potentially of interest to financial service industry participants in capital markets in the U.S. The Internal Revenue Service (IRS) has issued final regulations addressing the allocation by a partnership of creditable foreign taxes. The regulations state that an allocation of creditable foreign tax expenditures (CFTE) will be deemed to be in accordance with the partners' interests in the partnership. The IRS issued proposed regulations addressing the Treasury Regulations provision that states only compulsory payments can qualify as a foreign tax for foreign tax credit purposes. In a U.S. borrower-structured financing arrangement, the loan is made indirectly through a special purpose vehicle.

EU financial services are exempted of VAT for technical reasons. This paper argues that the changed nature of bank–client relationships and advances in information technology have opened the door to a practical way of redressing this exemption. The proposed solution is to charge the regular VAT on services supplied to households, but no VAT on those supplied to businesses, while allowing financial institutions the normal VAT credit for all of their purchased inputs. Financial services would, as a result, be priced differently for households and businesses so banks would have to verify their customers’ VAT status. While this may be burdensome, the OECD–wide fight against tax evasion and the international struggle against terrorism have forced financial institutions to know much more about their clients. Verifying clients’ VAT status should thus be fairly simple. The paper also evaluates the economic impact of reform and finds that reform would significantly increase VAT revenues, while having little impact on overall welfare. Households would see an increase in the price of financial services but given the relatively high incomes of mortgage takers, the burden of the tax would be approximately proportional across income classes. [ABSTRACT FROM AUTHOR]

The author reflects on the introduction of a universally applied Financial Transaction Tax (FTT) at the G-20 Summit held in Cannes, France on November 2011. The author mentions the availability of a Blueprint for a Multi-lateral FTT Treaty that proposes a draft treaty covering broad financial transactions. The author further claims that the blueprint is part of a process leading to the realization in addressing the vast shortfall in finance.

The article comments on the European Commission's plans to modernise its value-added tax (VAT) rules. The Commission regards the definitions for exempt insurance and financial services to be out dated and acknowledges that this has led to the uneven interpretation and application of exemptions by member states. The authors, however, argue that although the proposal is a step in the right direction, it does not address all of the VAT issues relating to financial services and it does not change the current financial exemption.

The article reports on the guidelines published by the committee of the European Union Value Added Tax (EU VAT) on the taxation of cash pooling arrangements. Topics discussed include the move of the committee, examining the zero-balancing cash pooling, the treatment of the services offered by the cash pooler, and the provision of financial services.

This article discusses the implementation of legislation regarding value-added tax (VAT) grouping in Malta. The authors comment on the impact of this legislation on regulated financial services and the gaming industry. The process of forming a VAT Group to be licensed by the Malta Financial Services Authority of the Malta Gaming Authority is detailed.

The article focuses on the law related to financial business activities in Bosnia and Herzegovina (FBiH). Topics discussed include its aim to protect and upgrade the position of small and medium-sized companies acting as creditors in financial transactions; necessary measures for inadequacy of capital, drafting of the financial statements, and company's share capital; and supervision of the enforcement of the law will be conducted by the tax authority of FBiH.

This article discusses the launch of the Tax Policy Group by the European Union (EU) in 2010. According to Algirdas Semeta, the EU tax commissioner, the group was created to allow the European Commission to regularly exchange opinions with the governments of member states on tax proposals. The group will discuss a number of issues, including financial sector taxation, a common consolidated corporate tax base (CCCTB) and the Value-Added Tax (VAT) Strategy. It also addressed recommendations on corporate tax, consumption taxes and environmental taxation.

The article examines the emerging direct tax debates that impact the asset management industry in India. Topics include the efforts of the Indian government to liberalise, regulate and enhance the asset management industry and the initiatives of the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Also mentioned are challenges to the implementation of Section 9 of Income-Tax Act (ITA), such as the broad-based requirements and restriction on investor commitment.

A letter to the editor is presented in response to an article by M. Buchanan on a global financial-transaction tax to stabilize trading, published in the 2015 issue of "Nature."

The article reports on the intergovernmental agreement (IGA) signed by the governments of Hong Kong and the U.S. in November 2014, which will see financial institutions in the former being required to comply with Foreign Account Tax Compliance Act (FATCA).

A calendar of events related to taxation in Australia from December 2014 to February 2015 is presented, including the 2015 Financial Services Taxation Conference on February 18, the Graduate Diploma of Applied Tax Law Information Session in New South Wales on December 3, 2014, and the Graduate Diploma of Applied Tax Law Information Session in Victoria on December 1, 2014.

The article discusses developments in the taxation regime in Malta as of October 2014, particularly the tax on fees paid to non-resident investment committee members. It cites the move by the country's Institute of Financial Services Practitioners (IFSP) to issue its opinion on the issue based on its discussions with the Inland Revenue Department (IRD). Based on Maltese laws, all funds should be licensed by the Malta Financial Services Authority (MFSA).

The article provides information on Chile's Law No. 20,712 on Management of Third Party Funds and Individual Portfolio, which was published on January 7, 2014. It is said that the legislation applies to the industry of third party funds management such as investment funds (FIs), mutual funds (FMs), private investment funds (FIPs) and venture capital. The bill subjects foreign investors investing both in FI or FM upon the amounts distributed by the fund to a sole income tax of 10%.

The article discusses the developments in the draft Directive for the financial transaction tax (FTT) that was presented by the European Commission to the European Council on February 14, 2013. It claims that the Council Working Party on Tax Questions--Indirect Taxation led by the Irish European Union (EU) Presidency began an article-by-article reading or first reading on the draft on February 21, 2013. Among the countries that participated are Greece, Italy and Portugal.

The article reports on the decision of the European Union (EU) to bring airlines into the emissions trading scheme. The move was rejected by several countries, including China, India and the U.S., as it would tax their airlines when entering or leaving the EU. The move by the EU is cited as the best means of coordinating cross-border tax policy. The article also cites the leadership of the EU in several areas such as the introduction of greater tax transparency, particularly on financial sector taxation.

The article discusses the little support shown by academics from Oxford University's Centre for Business Taxation (CBT) for the plans of the European Commission for a European financial transactions tax (FTT). According to CBT research director Clemens Fuest, the FTT aims to raise revenue, ensure the financial sector's fair contribution to the cost of the recession and disincentivise risky transactions. He adds that the FTT was not the most effective tool to achieve the goals. The challenges to the capacity of the FTT to raise revenue are also discussed.

The article discusses the 10 things that people must know about the European Union-wide financial transactions tax (FTT) proposed by European Commission president José Manuel Barroso. It says that there is no need to panic because the rate will be miniscule. According to the author, one of the reasons behind the growing popularity of the FTT as governments struggle to balance their budgets is that the tax would apply to every individual transaction made by banks and similar institutions. The united support of Germany and France for the FTT is also discussed.

This article presents view of a panel of tax specialists on the creation of a risk of double taxation by three main options under discussion for taxing the financial sector in Europe. Daniël Smit, a tax adviser at Ernst & Young, suggests coordination within the European Union (EU) to resolve double taxation. Thomas Stolk from the Ministry of Finance in the Netherlands recommended a Tobin tax to make short-term trading with small margins of profit unprofitable.