This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
FINMA Explains Banking Implications Of TIEA Network,
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, June 18, 2009
The Swiss Financial Market Supervisory Authority, FINMA, has released a statement
warning of the residual risks associated with payment and securities transactions
with regards to bank client data.
Its statement notes:
'In the course of carrying out payment and securities transactions, information
and messages are exchanged by banks and securities dealers. This exchange of
information occurs when conducting international and in some cases domestic
payment and securities transactions and when making information inquiries through
the SWIFT system. It is essential as a means of facilitating connections between
all banks and ensuring the orderly processing of clients' transactions. Data
protection is accorded by the strict data protection standards adhered to by
SWIFT. However, SWIFT stores data abroad. Up until 2012, data will be stored
in the Netherlands and in the US, and from 2012 onwards they will be stored
in Switzerland and the Netherlands. For technical reasons it was not possible
to devise an economically feasible, practical solution as an alternative to
SWIFT that could have been used for all domestic payment and securities transactions.'
It continues:
'Data stored abroad are no longer protected under Swiss law and may be passed
on to foreign authorities in accordance with the regulations of the country
where the client data is stored. In view of the residual risk these circumstances
entail, the Swiss Bankers Association has issued, as agreed with the FINMA and
the Federal Data Protection Commissioner, a general client information notice
with a comprehensive guide explaining how the system works, and the implications
of Switzerland’s new Tax Information Exchange network on bank transfers.
The guidance note is available via the Swiss Bankers Association website.'
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed