The Government of Luxembourg staged a press conference on December 6 to announce the outline of proposals for registries on the beneficial owners of corporate entities and trusts.
The draft law, announced jointly by Justice Minister Felix Braz and Finance Minister Pierre Gramegna, would introduce new obligations on legal persons to maintain and make available information on their own beneficial owners. Those failing to comply with the new rules could face criminal sanctions under the draft law.
The new rules would transpose the requirements of the 4th European Union Anti-Money Laundering Directive, as well as aligning Belgium with Financial Action Task Force Recommendation 24.
The new register will be administered by Luxembourg's companies registry, the Registre de Commerce et des Societes.
In addition, Finance Minister Pierre Gramegna has introduced a bill that would establish a trust register, intended to improve the availability of beneficial ownership information on trust contracts. Under the bill, trustees would be obliged to obtain and maintain adequate, accurate, and timely information on beneficial owners of trusts.
The bill also establishes a register of trusts in the Registrar and Estate Administration, as a result of which trustees established in Luxembourg would be required to provide information on the identity of beneficial owners of trusts that produce tax consequences.
The United Arab Emirates Cabinet on January 7, 2018, approved two double tax agreements concluded with Moldova and Croatia.
Taiwanese Premier Lai Ching-Te has directed the Ministry of Finance to work towards a Taiwan-US tax treaty.
Cyprus and Saudi Arabia signed a DTA on January 3, 2018.
According to preliminary media reports, Colombia and Japan are negotiating a DTA.
Georgia and Moldova signed a DTA on November 29, 2017.
Luxembourg and Kosovo signed a DTA on December 8, 2017.
Switzerland and the United Kingdom signed a DTA Protocol on November 30, 2017.
According to an update from the Liechtenstein Government, the new DTA with the United Arab Emirates will become effective from January 1, 2018.
According to preliminary media reports, the Netherlands and Liechtenstein held a first round of DTA negotiations over three days ending November 17, 2017.
Saudi Arabia's Cabinet on November 28, 2017, authorized the signing of a DTA with Bulgaria.
Bahrain's Cabinet has approved the signing of a new DTA with Hong Kong, the state news agency said November 13, 2017.
Hong Kong announced on November 24, 2017, that its DTAs with Pakistan and Latvia had entered into force.
Finland on November 2, 2017, confirmed that a new DTA signed with Germany will be effective from January 1, 2018.
The DTA between Cyprus and Iran will become effective from January 1, 2018.
India ratified a third Protocol to its DTA with New Zealand on November 2, 2017, publishing a Notice in its Official Gazette.
Gibraltar and the United Kingdom are considering launching negotiations towards a DTA, according to recent comments from the UK's Economic Secretary to the Treasury.
Barbados and Italy have exchanged instruments of ratification in respect of a DTA, which will now become effective from January 1, 2018.
Switzerland's Government on October 25, 2017, adopted a dispatch on the DTA concluded with Pakistan, enabling its ratification.
Spain and Portugal signed a DTA on October 18, 2017.
Pakistan and Latvia initialed a DTA on October 25, 2017.
Spain and Romania signed a DTA on October 18, 2017.
Denmark and Japan signed a DTA Protocol on October 11, 2017.
The Bahamas and Finland signed a Protocol to amend their TIEA on October 19, 2017.
The Dutch lower house of parliament on October 24, 2017, approved the ratification of a DTA signed with Zambia.
Cyprus and Mauritius signed a DTA Protocol on October 23, 2017.