More Reforms

Both the Closely Held Companies Bill and the Business Tax Bill contain more reforms than just those highlighted above. 

These include:

  • 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.