Hassans provides crucial information to local companies on Tax Investigations and Information Notices

Hassans International Law Firm held a Tax Investigations and Information Notices seminar in conjunction with BDO, the world’s fifth largest accounting network, and global law firm Clifford Chance on Monday 17th February at the Elliot Hotel.
Demonstrating the local market’s interest in this subject matter, the seminar was held over two separate sessions with 136 delegates registering their attendance.
The seminar was led by Hassans’ Tax Partner, Chris White, who stated:
“Tax Investigations and Information Notices are hitting an all time high – the increase in cross-border information powers will day by day make it more and more likely that there will be an increase in information requests issued from the CIT. The powers granted to the Government for fulfilling TIEA (Tax Information Exchange Agreements) requests are just as stringent, if not more so and include the power to interview potential suppliers of information.

If you receive an information request form the CIT or, indeed, a TIEA request, this will likely be followed by an investigation into you or your client’s tax affairs either by the Gibraltar tax office or a tax authority in another jurisdiction. It is vital that you contact a specialist to confirm the validity of the request and advise on what you should do next.”
Kenneth Bonavia, Partner, who specialises in Spanish tax investigations aimed at Spanish residents advised delegates of what form these take and how they should be dealt with. He stated:
“It is said that you can only be certain of two things in life, the first is death and the second is taxation, however a third can now be added: a possible tax investigation.”
In addition, Richard Morley, Tax Director, Forensic Services, BDO covered the UK aspects of a tax investigation/information notices from the HMRC whilst Nicholas Jordan, Tax Disputes Partner at Clifford Chance, looked at the legal issues in relation to international tax information exchange agreements, specifically focusing on FATCA.