Disclosure of certain offshore private estate structures
As of assessment year 2014 (calendar year 2013), certain private asset management structures must be disclosed in the personal income tax return. The Government has now provided more details on how these structures must be disclosed in the income tax return and has published a list indicating which foreign structures are being envisaged.
This alert provides more details on the disclosure obligation and contains a list of foreign structures falling into the scope of the disclosure rule. We also indicate which foreign estate structures do not have to be disclosed.