The Swiss Federal Council mandated the Federal Department of Foreign Affairs (FDFA), on 5 December 2008, to draft legislation that will make it possible to confiscate the assets of illicit origin of politically exposed persons and restore them to the people of the country in which the funds originated.

This law would apply in the event that mutual assistance proceedings between Switzerland and the country in which the funds originated were to fail. It will, under strict conditions, reverse …

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A draft bill introducing new tax measures, including an exemption of withholding tax on dividends paid to corporate shareholders located in countries with which Luxembourg has signed a double tax treaty, was submitted to the Luxembourg Parliament on 1 October 2008.

Currently, most treaties signed by Luxembourg provide for a reduced rate of withholding tax (generally 5% instead of the domestic withholding tax of 15%). If the bill were approved, this would reduce the withholding tax on …

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Qatar and Cyprus signed seven cooperation agreements, including a tax treaty, during an official visit to Nicosia by Qatari Prime Minister Hamad bin Jasim bin Jabir Al Thani on 11 November 2008.

The other agreements included tax information exchange, economic and technical cooperation and the promotion and protection of international investment. An additional Memorandum of Understanding was also signed between the central banks of Cyprus and Qatar for cooperation in the monitoring of money …

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