Co-operation with Other Jurisdictions on Tax Matters Regulations amended

The Co-operation with Other Jurisdictions on Tax Matters Regulations (SL 123.127) have been revised. LN 213 of 2021 has introduced the following changes:

• an amendment to the definition of “Beneficial Owner”
• a change to Regulation 4 concerning the availability of ownership information of bodies of persons to also include beneficial owners
• a clarification that the for the purposes of Regulation 4 (availability of ownership information), the term ‘beneficiaries’ means both beneficiaries as identified in terms of article 2(1) of the Trusts and Trustees Act and beneficial owners as defined in regulation 2
• a change to the definition of ‘banking information’ in Regulation 4 (availability of ownership information)
• a new regulation 4A concerning compliance monitoring and penalties for non-compliance.