Higgs Johnson talks taxes to clients

Wed, Oct 8th 2014, 10:38 PM

While a new era will begin in January with the implementation of a value-added tax (VAT) regime, State Minister for Finance Michael Halkitis told attendees at the annual Higgs and Johnson client seminar that the government would also focus efforts on more efficient collection of existing taxes.
Halkitis gave opening remarks at the seminar, which Higgs and Johnson held under the theme "Bankruptcy, inheritance & taxes".
The seminar featured associate Alexandra Hall's presentation on VAT. Hall, based in The Bahamas, highlighted the impact of VAT on the financial services and discussed the likely challenges to be faced by the sector.
There was also a presentation by partner Tara Cooper Burnside (Bahamas) and senior associate John Harris (Cayman Islands) on both the Bahamian and Caymanian statutes on international insolvency and recognition of foreign proceedings.
Gennette Faust, associate of Greenberg, Traurig spoke on the topic 'Practical FATCA'. She elaborated on the practical aspects of the Foreign Account Tax Compliance Act (FATCA) and discussed FATCA classification of non-U.S. trusts and their underlying companies. Faust focused on issues facing practitioners making such classifications and the compliance options which exist once an entity has been classified.
In its ongoing effort to promote education in The Bahamas, Higgs and Johnson sponsored the attendance of faculty and students of both the UWI/COB law degree program and the Eugene Dupuch Law School.
Sponsors of the Higgs and Johnson seminar included H&J Corporate Services Ltd. and H&J Fiduciary Services Ltd. both of which are affiliates of Higgs and Johnson.

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