RSM Voice of International Tax | JANUARY 2025
Dear reader,
As we reflect on the developments of 2024, the landscape of international tax continues to evolve in response to shifting regulations and complex global tax dynamics. This edition of The Voice of International Tax provides a comprehensive overview of key tax trends and regulatory shifts that have shaped the year. Our featured article offers an insightful look back at the crucial milestones and provides expert guidance on how businesses can navigate these changes moving forward.
?As we approach the end of the year, we look ahead to 2025 and beyond, preparing for the new challenges and opportunities that await in the ever-changing world of international tax.
?Thank you for your continued engagement, and we look forward to supporting you in the year ahead.
?Warm regards,
?Mario van den Broek - RSM Netherlands Tax & Business Consulting Services
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?Financial Institutions' Responsibility for Sanctions: New Guidelines both the EU and US In a global financial ecosystem, compliance with sanctions frameworks has become a cornerstone of regulatory expectations. Two recent guidelines, one from the United States and the other from the European Union, highlight the increasing accountability placed on financial institutions (FIs) to uphold sanctions compliance. These guidelines outline measures for institutions to safeguard against breaches and ensure compliance to restrictive measures.
?From the U.S. perspective, the focus lies on facilitation and due diligence in export-related financial transactions when items for example, are in risk of being sent to sanctioned countries. In the EU, the emphasis is on asset freezes and the critical role of banks as gatekeepers of financial systems. Banks are tasked with preventing sanctioned parties from accessing funds or assets, further reinforcing their pivotal role in sanctions enforcement.