Netherlands and China signed tax treaty on 31 May 2013. The main benefits of the new tax treaty are a reduction from 10% to 5% in the withholding tax rate on intercompany dividends, if the recipient company holds at least 25% of the capital of the company paying the dividends. A zero rate will apply to dividends paid to the government or related entities.


Citizens or Spanish companies that are legal tax residents of Spain are now obliged to file a declaration disclosing the ownership of all non-Spanish assets to include foreign bank accounts and real estate.


The UK Non-Resident Landlord Scheme (“NRL”) is a scheme for taxing the UK rental income of non-UK resident landlords, whether they are individuals, companies or trustees.   

Generally, a letting agent who collects rent for a landlord will be treated as an intermediary by HMRC, with the landlord being chargeable to tax. However, there are instances where a tax obligation is placed on an agent and instances where the agent is obliged to inform HMRC of any client who receives rental income. 

VAT Update - Ireland

In the last few years, there have been significant increases in various tax categories including VAT (21% to 23%). The current emphasis is to increase collection by closing tax loopholes, imposing penalties for non-compliance and improving efficiency (through electronic services) to reduce the cost of tax collection.

Risk Management


As governance codes evolved and gave an increased focus on risk management, many organisations instituted risk management procedures. A risk review was undertaken, a risk register developed, and key risks identified. These were presented to the audit committee and the board, then put on the shelf until it was required to be looked at the following year but never integrated into the management process.