tax

The proposed abolition of the current Non-Dom tax regime marks a significant shift in the UK’s fiscal framework. The new Labour UK government will be taking forward earlier plans to harmonise UK tax resident individuals’ taxation on the basis of their worldwide income and gains, albeit with some modifications.

Alfi’s European asset management conference on Tuesday caught up on the global debate about corporate taxation, something that will also affect large Luxembourg investment funds. At the heart of the complex discussion: BEPS Pillar Two and Transfer Pricing. 

“Some see it like building a plane while flying,” said Keith O’Donnell, managing partner at Atoz Tax Advisors. “Really big challenge. No tax authority has issued forms yet to allow firms to comply. It is very much a work in progress.”