“The Beneficial Owner” and Trusts
The Financial Action Task Force (FATF) was established in 1989 to coordinate an international effort to combat money laundering. The word “beneficial owner” is used by the Financial Action Task Force (FATF) to identify a “warm body” with financially benefits. The FATF requires disclosure of these “warm bodies” to relevant institutions. Beneficial ownership transparency is […]
EMPLOYEE TRUSTS: HOW DISTRIBUTION WORKS
Binding Private Ruling 330 (“BPR330”) was issued on 3 October 2019 and relates to the tax implications arising from distributions of dividends and other amounts from an employee trust to beneficiaries on the termination of their employment. The taxpayer (a resident trust) was established for the benefit of the black permanent employees of Company A. […]