On 8 August 2023, the Premier announced Bermuda's intention to implement a corporate income tax (CIT) for periods commencing on or after 1 January 2025. The decision to implement the CIT comes in response to the OECD’s Pillar 2 initiative to ensure large multinationals (>€750m consolidated group revenue) are paying a minimum of 15% tax in each jurisdiction in which they operate, and on this...
Subsequent to a recent review across asset management firms, the Financial Conduct Authority (FCA) has observed varying degrees of liquidity risk management standards across firms and has issued a warning to Authorised Fund Managers (AFMs) to better risk-manage their liquidity to avoid investor harm.
The Strong and Simple regime could present potential advantages to firms, including cost reductions and increased competitiveness due to more proportionate regulatory requirements. This article aims to provide a clear understanding of which firms could be eligible for the new regime following PRA consultation (as of Q2 2023).
The Country by Country Report is on a journey from being a fiscal authority filing cabinet filler, to public reporting and a core component of Pillar 2 – Globe with many countries taking slightly different approaches.
ESG-related regulatory requirements, and scrutiny, show no signs of abating.
The OECD issues amendments to the operation of the Global Anti-Avoidance Base Erosion (“GloBE”) Model Rules (Pillar 2) and additional clarification of some areas.
Overall, firms weathered the initial turmoil of the Covid-19 pandemic reasonably well thanks to a combination of deployment of technology to provide flexibility in remote working, and, in the case of banks, balance sheets which have been substantially bolstered in the aftermath of the financial crisis.
The Global Anti-Base Erosion (GloBE) initiative seeks to reduce incentives for governments to offer tax incentives to drive economic growth. The initiative proposes a 15% global minimum tax. Progress continues to be made to implementation in 2023 most likely with effect for periods beginning on or after 1 January 2024. The rules will apply to multinational groups with consolidated accounting...
In time honoured tradition, we have been given a festive present for the holiday period. The Organisation for Economic Co-operation and Development (OECD) has released its guidance on the Country-by-Country Reporting (CbCR) safe harbour mechanism the Global Anti-Base Erosion Model Rules (GloBE) information return and dispute prevention/resolution.
The political momentum behind Pillar 2 remains strong. It very much looks like it will happen and what is now important is exactly when each measure comes in, the reporting requirements and readiness for those obligations.
On Wednesday 20 July 2022, the government released draft legislation for the Finance Bill for 2022 and the results of consultations. We were expecting more draft legislation but there are some HMRC recommendations that cannot currently be signed off by ministers until we have a more stable government.
On 14 March 2022 the Organisation for Economic Co-operation and Development (OECD) published a comprehensive commentary and illustrative examples of what the implementation of the Global Anti-Base Erosion Model (GloBE) Rules could look like.
In December 2021 the OECD issued their model rules setting out how the global 15% minimum tax rules could look. Countries adopting the rules are likely to follow these rules in their local legislation with a target for the first stage of legislation in 2022 and implantation from 2023.
The UK hosts the fourth largest insurance market in the world, and the largest in Europe, with a total premium volume of just under $283 billion[1] recorded in 2017.
08 December 2021 This article delves into the interest deductions for foreign banks operating in the UK, outlining the background of the Capital Attribution Tax Adjustment, the five critical steps involved, and some helpful FAQs.
30 November 2021 For the second time in the same year, the UK Government has broken with longstanding tradition, where we would have had the UK Budget and tax consultations released simultaneously.
Peering into the crystal ball, we wonder - how much corporate tax banks in the UK are going to have to pay after 1 April 2023? On that day, marking the first rate rise since 1974, the corporation tax rate goes up, from its current rate of 19% to the new rate of 25%.
The FCA wants more resources devoted to empowering customers, preventing harm and safeguarding rather than dealing with redress and remediation later down the line, and has updated their guidance by issuing four pillars to help firms with vulnerable customers.
Certain insurers will be subject to additional reporting to the Financial Conduct Authority (FCA) from 2023. Whilst the first reporting date seems far away, the return must cover data from 2020 onwards, meaning that firms need to prepare to make sure they can provide accurate data in the right format.
The UK Insurance Broking M&A outlook for 2021 is fascinating, especially following the obvious challenges of 2020.
High quality data is critical in supporting decision making, reporting and risk management activities, and even more key for getting the most out of advanced analytics and predictive modelling.
With six weeks to go before the end of the EU exit transition period, the FCA set out what firms need to be aware of in preparation for 1 January 2021. Discussions were against the backdrop of the ongoing EU Exit negotiations where the outcome is uncertain, and thus any agreements may not mitigate the risks that firms are facing, and the question of equivalence.
With the current Covid-19 pandemic and its widespread effects, banks must rely more than ever on data driven insights to monitor their changing risk profile, support quick decision making and respond to impacts on their customers and operating models.
The time has come to take the business of sustainability seriously. Governments and businesses can no longer afford to focus on short-term gains to the detriment of longer-term sustainability.
Mazars and the Official Monetary and Financial Institutions Forum (OMFIF) are proud to have come together to produce a global report providing unique insight on current and upcoming financial regulatory evolutions aimed at tackling climate change.
With Environmental, Social and Governance factors, and responsible banking practices more broadly becoming an essential focus for the banking industry, Mazars has assessed how banks are embedding sustainability into their commercial practices.
With sustainable finance expecting to be a crucial factor in the economic recovery in response to Covid-19 and regulators still encouraging banks to actively embed climate-related risks in their business operations and risk management frameworks, Mazars has analysed how 30 of the largest banks worldwide have been handling climate-related financial risks.
Brexit preparation is one of the largest undertakings that regulators and market participants have ever done, considering the uncertainty and the impact it carries.
During a meeting of the Special European Council on the 10 April 2019, EU leaders agreed to a flexible Brexit extension until 31 October 2019, to allow for the ratification of a withdrawal agreement.
What are the changes and what can you do to ensure your firm is compliant?
Following a survey of over 150 insurance brokers across the UK, our Insurance M&A experts report on the sentiment of the market and look ahead to 2019.
One day ahead of the UN Climate Action Summit in New York, 22 September 2019 – The United Nations launched the Principles for Responsible Banking with the sign up of 130 international banks, collectively holding more than USD 47 trillion in assets.
In 2018, the Bank of England (the “BoE”) set up a project called “Future of Finance” aimed at anticipating the upcoming changes in financial services for the next decade, and the impact of these changes for market participants, customers and regulators.
Effective leadership is the critical success factor for financial services companies facing regulatory and societal change. Read our special report to find out how it will affect your company.
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