Hassans’ Tax Partner, Grahame Jackson, this week completed a series of four “Bitesize Tax” webinars. The series was designed to be a series of short and easily digestible talks on the provisions introduced by the Anti-Tax Avoidance Directive over the past two years. The talks covered the Exit Tax, the Controlled Foreign Companies Rules, the Interest Limitation Rule and the Hybrid Mismatch Rules, which have been incorporated into Gibraltar law.
“The international tax landscape is changing at a high rate of knots. Provisions recommended by the OECD and introduced by the EU are aimed at eliminating any chance of reducing tax liability using the traditional methods of avoidance. These provisions tackle subsidiary companies located in jurisdictions which charge less tax, the use of interest to reduce profits, the shifting of tax residence to avoid capital gains tax and the use of complex entities and instruments which differ in their characterisation from jurisdiction to jurisdiction.
The four provisions are part of a wider multilateral project to press down upon on the opportunities for tax planning. Jurisdictions such as Gibraltar which have had simplicity at the core of their anti- avoidance measures are being obliged to make far reaching ch anges to their tax regimes. My lectures covered four such provisions that every fiduciary and tax adviser should be aware of.”
Grahame, who recently qualified with the Chartered Institute of Taxation’s Advanced Diploma in International Taxation (one of only two people in Gibraltar to hold the qualification and only 1200 worldwide), has delivered a number of seminars and lectures over the last 18 months, including on the new automatic exchange of information regime known as DAC6 and the UK double taxation treaty, and acknowledges the importance of sharing knowledge throughout the community of tax advisors.
“This series of talks is part of Hassans’ commitment to assisting the wider profession of tax practitioners and fiduciaries in understanding the tax landscape. A tax literate profession makes the job of a tax partner much easier and assists Gibraltar in becoming the location of choice for robust corporate structures, which benefits us all. It’s also rewarding because it helps crystalise your thoughts on matters of quite some complexity.
Tax is becoming an ever more complex issue, and the global campaign against tax avoidance will gain pace as the world grapples with the huge debt which has been required to pay for the massive schemes to guarantee wages and businesses in the Covid economy. It is through a free flow of information between the tax practitioners of Gibraltar that Gibraltar will be able to withstand the challenges ahead.”
The four sessions are available on the Hassans YouTube channel; The Exit Tax; Controlled Foreign Company Rules; Interest Limitation Rules; Hybrid Mismatch Rules.
Grahame has twenty years’ experience in the legal, tax and fiduciary field, he recently qualified with the Chartered Institute of Taxation’s Advanced Diploma in International Taxation one of only two people in Gibraltar to hold the qualification and only 1200 worldwide. He has been a partner with Hassans since 2015 and is responsible for tax advice for a wide range of clients including individuals, corporate groups and family offices.
Hassans International Law Firm Limited
Hassans was founded in 1939 and is the largest law firm in Gibraltar with 39 partners, 70 other lawyers and, along with its associated fiduciary arm Line Group, 250 staff in total. The firm has an international clientele, links with major European and US law firms and has consistently been listed as the leading law firm in Gibraltar by Chambers and Partners and Legal 500 across the majority of its practice areas.
Directors: James Levy (Chairman); Juan Xavier Chincotta (Managing Director); James Lasry; Valerie Holliday; Ian Felice; Mark Okes-Voysey.