The Jersey Financial Services Commission has published a new draft Code of Practice for the 190 trust companies that undertake business in that island.
The key elements are as follows:
4.1.2 The draft Codes retain six fundamental principles for trust company business:
• A registered person must conduct its business with integrity;• A registered person must have [...]
Holiday is a great time for reflection. It’s also an opportunity to stand back from the day to day and to view the bigger picture. But sometimes a story from the day to day invades that bigger picture. The story of Bono’s tax planning that erupted into the news a couple of weeks ago was [...]
Aggressive tax avoidance can be countered through the creation of what are called general anti-avoidance principles within taxation law. A number of countries have such principles in place, although with varying degrees of success, depending largely upon how rigid they are. The more rigid they are, the less likely they are to work since a [...]
Yesterday I looked at problems in our current pension arrangements. Today I address the solutions.
There is a pension problem that faces everyone associated with them, and it is about time we recognised that the problem is not about now, but about the future. Put quite simply, there is no guarantee that current arrangements for [...]
Most people worry about their pensions. But the issues that worry them are usually whether they have paid in enough, or whether they have chosen the best provider. It rarely occurs to them to wonder whether they will ever see the pension that they have paid for. And nor do most people ask whether the [...]
Many accountants are attracted to the idea of a flat tax. The most common form of that tax, and the one most often referred to in the press is that created by Alvin Rabuska and Robert Hall. However, to understand flat tax it is necessary to explain four myths that lead to one truth - [...]
The Financial Reporting Standard for Smaller Enterprises (the FRSSE) has been a part of small corporate life for almost a decade. Despite this it remains as irrelevant to the reporting needs of the enterprises to which it applies as it was on the day it was introduced.
The fundamental flaw in the FRSSE is easy to [...]
The blog is going to be a bit light over the next couple of weeks. And my reactions may also be delayed on occasion. But sometimes one has a duty to give some time to one’s family. This might just be one such occasion.
For that reason post’s may be a bit less topical, and a [...]
Accountancy has moved to ‘fair value accounting’ since the introduction of International Financial Reporting Standards. Let’s put what this means in a nutshell.
It used to be that the profit and loss account was the most important statement in set of accounts. The result was that movements in the balance sheet were explained by what [...]
I couldn’t resist adding the following comment to AccountingWEB’s story on the Stones using the Netherland Antilles and the Netherlands as a way of avoiding tax on their royalties:
All of which proves that You Can’t Always Get What You Want although Satisfaction does come if you Gotta Get Away in Another Land but it may [...]
