Both the Closely Held Companies Bill and the Business Tax Bill contain more reforms than just those highlighted above.
- New foreign trust disclosure provisions;
- Provisions for the Automatic Exchange of Information between countries;
- Allowing Inland Revenue to disclose relevant information to credit rating agencies in certain limited circumstances;
- Amendments to the Look Through Companies regime; and
- Changes to the timing of when non-resident withholding tax is required to be deducted from interest income arising on cross-border debt.
While we have not provided a whisky match for these reforms they are worthy of note. If you have any questions on these topics don’t hesitate to contact your BDO adviser.