According to the World Bank’s ‘Doing Business 2016 Report’, Hong Kong continues to be one of the world’s easiest places to do business, and tops the ranks in Asia Pacific for starting one. To sustain its economic growth and competitiveness, the Hong Kong government underwent three key changes in 2015:… – Continue reading
Russia and the Hong Kong Special Administrative Region of the People’s Republic of China signed an agreement on avoidance of double taxation and prevention of fiscal evasion regarding profits taxes on Monday. The document was signed by Russia’s State Secretary, Deputy Finance Minister Yuriy Zubarev and the Secretary for Financial… – Continue reading
China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy… – Continue reading
Nearly a third of the 26 large foreign banks operating in Australia, including Goldman Sachs, JPMorgan, Lloyds and BNP Paribas, had no taxable income in 2014, data released by the Australian Taxation Office shows. Eight banks with total revenue of $9 billion had no taxable income, while Credit Suisse, which… – Continue reading
The offshore yuan posted the biggest weekly gain since October as China’s central bank limited the currency’s supply and forced a narrowing of its discount to the mainland rate. The monetary authority repeatedly bought the currency in Hong Kong this week, sending interbank borrowing costs to an all-time high. Yuan… – Continue reading
The Inland Revenue (Amendment) (No.2) Ordinance 2015 (the “Amendment Ordinance”) came into effect on July 17, 2015, extending Hong Kong profits tax exemption to offshore private equity (“PE”) funds. Profits Tax Exemption prior to the Amendment Ordinance This is a welcome development for the private equity industry since, in the… – Continue reading
The battle between the People’s Bank of China and currency speculators has led borrowing costs for offshore yuan in Hong Kong to shoot up to 200 per cent Tuesday, with analysts saying the central bank is keen to defend the currency and fend off speculative attacks. The PBOC through several… – Continue reading
HONG KONG: In the space of about five years, the offshore market in Chinese yuan has gone from the poster child of Beijing’s financial market liberalisation to a battleground to regain control of the currency, spooking investors and raising questions about the future of the market. While investor appetite for… – Continue reading
One of the scams police are investigating involves victims being targeted through an online dating websites. The public is being warned about international scams as police investigate a number of serious fraud complaints involving offshore accounts. Hundreds of thousands of dollars are ending up in the hands of unscrupulous scammers…. – Continue reading
[SHANGHAI] Hong Kong Interbank Offered Rates (HIBOR) all hit record highs on Monday, led by the overnight rate which spiked to over 13 per cent from 4 per cent Friday, as investors bailed out of offshore yuan for dollars. All HIBOR tenors have been rising recently given that the onshore… – Continue reading
Hong Kong (HKSAR) – The Inland Revenue (Amendment) Bill 2016 was gazetted today (January 8). “The Bill seeks to put in place a legal framework for Hong Kong to implement the new international standard for automatic exchange of financial account information in tax matters (AEOI) as promulgated by the Organisation… – Continue reading
The mayhem over the yuan seems to have entangled DBS Group, Standard Chartered Bank and Deutsche Bank, which have all been suspended from conducting some of their businesses related to the Chinese currency, reports said yesterday. The temporary bans are likely a move by the Chinese central bank to clamp… – Continue reading
Taipei, Jan. 6 (CNA) President Ma Ying-jeou (馬英九) lauded his administration’s efforts to improve the country’s development and expressed optimism Wednesday about the future for Taiwan’s next generation, citing a recent survey that found Taiwan the most optimistic about the future among other Asian nations. If peace and prosperity in… – Continue reading
Spokesman for B.C. finance minister downplays tax loophole issue A new petition urging B.C. politicians to limit offshore investment and exploitation of tax loopholes in Vancouver real estate is getting a cool reception from Victoria as provincial coffers overflow with property transfer tax revenues in a red-hot housing market. The… – Continue reading
Although the British Virgin Islands is often seen as an offshore tax haven, a closer look shows such opinions may be overstated There is a stereotypical image of the so-called ‘tax haven’ for ‘shady people to put their money’. While it is true that BVI Finance enjoys warm, sunny weather… – Continue reading
Indian equity markets trimmed their losses and continue to trade weak in late morning session on account of selling in frontline blue chip counters. Sentiments remained down-beat with the repot that the Finance Ministry has cut its ambitious disinvestment revenue target by 57% to Rs 30,000 crore for the current… – Continue reading
A BALANCING ACT in London, folly and redemption in America’s District of Columbia and sheer hypocrisy in Brussels. And in every case, Barbados and many of its Caribbean neighbours were placed in the negative international spotlight at a time when some of the world’s major financial centres are casting about… – Continue reading
NEW DELHI: India is close to signing collaborative jurisdictional agreements with three countries – Singapore, the United Arab Emirates and Hong Kong – for dealing with challenges related to the siphoning of black money, said the Central Board of Direct Taxation (CBDT). A spokesperson of the CBDT told ANI in… – Continue reading
Chinese banks from Hong Kong to London are selling a record amount of yuan-denominated certificates of deposit as China takes steps to curb outflows of the currency. Sales jumped to an unprecedented 66.1 billion yuan ($10.2 billion) this month, data compiled by Bloomberg show. That comes after Hong Kong’s pool… – Continue reading
Legal experts say court order for restaurant’s parent company based in British Virgin Islands could lead to resolution of more disputes in city Hong Kong’s top court recently gave the go-ahead for the parent company of the famous Yung Kee roast goose restaurant in Central to be wound up, despite… – Continue reading
The agreement between Hong Kong and the United Arab Emirates for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income has entered into force, a Government spokesman said today (December 18). The agreement was signed in December last year. It came into force… – Continue reading
The yuan rebounded from early losses in Hong Kong’s offshore market, spurring speculation Chinese policymakers are propping up the currency after its discount to the onshore spot rate doubled. The yuan was trading 0.13 percent stronger at US$6.5227 as of 11:45am in Hong Kong, after sliding as much as 0.19… – Continue reading
RIGA – The Latvian Financial and Capital Markets Commission (FCMC) on Dec. 11 imposed a record 2-million-euro fine on Ukrainian-owned A/S Privatbank and ordered the dismissal of its CEO and managing board for violations of money laundering and other banking regulatory laws in connection with the alleged plundering and collapse… – Continue reading
The Australian Federal Court has ordered five investment schemes managed by Avestra Asset Management to shut down, The Australian reported today, following the fund’s link to the 1Malaysia Development Berhad (1MDB) controversy. It was reported that the judge made the decision after going through a report from liquidators, who unearthed… – Continue reading
More good news for Hong Kong before the end of 2015: Italy decided to remove Hong Kong from its national blacklist on November 30, 2015. Italy ratified a comprehensive agreement for the avoidance of double taxation (CDTA) signed with Hong Kong on June 18, 2015. Facilitating an early removal of… – Continue reading
The Foreign Account Compliance Act (FACTA), while designed to “minimize tax cheats”, is making banking — and life in general — painfully difficult for millions of American expats, according to Mike Michelini, a Hong Kong-based business consultant withglobalfromasia.com. Here is his editorial. Under FACTA, all 8 million or so Americans… – Continue reading
There are a variety of benefits to moving offshore, yet few would argue the assertion that tax neutrality is paramount among them. As anyone familiar with the phrase “tax haven” would surely recognize, many countries offer strongly favorable tax terms as an incentive to draw new business. Written by CT… – Continue reading
The draft agreement is intended to settle the issue of taxation of business profit, property revenues, sea and air transportation earnings, passive revenues and individual income MOSCOW, December 10. /TASS/. The Russian Government approved the draft intergovernmental agreement with Hong Kong on avoidance of double taxation and prevention of tax… – Continue reading
Hong Kong’s Financial Services Development Council (FSDC) has released a number of research reports, including one that addresses tax issues relating to open-ended fund companies (OFCs) and private equity (PE) investments, reports Tax News. One report entitled “A Paper on the Tax Issues on OFCs and Profits Tax Exemption for… – Continue reading
Hong Kong (HKSAR) – The following is issued on behalf of the Financial Services Development Council: The Financial Services Development Council (FSDC) today (December 7) released three research reports to promote Hong Kong’s asset management business, focusing on fund distribution, tax issues relating to private equity investments and an alternative… – Continue reading
Italy has removed Hong Kong from two of three “black lists.” A ministerial decree in November 2015 removed Hong Kong from the black lists that apply with respect to: The Italian controlled foreign corporation (CFC) rules and the full taxation of inbound dividends Costs that arise in transactions between Italian… – Continue reading
Switzerland’s EFG Bank is to pay a penalty of $29m to the US Department of Justice to avoid prosecution for helping its American account holders evade taxes. The bank came forward as part of a voluntary programme launched in 2013, which allows Swiss banks to admit their potential role in… – Continue reading
HONG KONG, Dec. 2, 2015 /PRNewswire — Demand for asset protection, wealth planning and funds by high net worth individuals in Asian countries will drive continued growth in the offshore industry, according to OIL’s sixth “Offshore 2020” annual market research study. OIL, the leader in international incorporations and corporate services… – Continue reading
The number of M&A transactions involving Private Equity [PE] investment in Bermuda in the first three quarters of this year has already eclipsed that seen in all of 2014, according to a report released today [Nov 30] by Appleby. “Bermuda was also the offshore jurisdiction to see the largest total… – Continue reading
(SARS) The Government of the Republic of South Africa have signed a signed an Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income with the Government of the Hong Kong Special Administrative Region of the People’s Republic of China. The date… – Continue reading
Tax Justice Network’s biannual Financial Secrecy Index revealed United States as one of the tax havens for foreign businesses despite its Foreign Account Tax Compliance Act (FATCA). The Huffington Post noted Nov. 2 that the US landed the third spot behind Hong Kong and Switzerland as the tax havens for… – Continue reading
As Common Reporting Standard (CRS) comes into operation. OHANNESBURG – South Africans with undeclared offshore funds may only have a few months to get their affairs in order or risk facing significant penalties and even criminal prosecution as revenue authorities start the automatic exchange of information. The Common Reporting Standard… – Continue reading
Introduction Transfer pricing is a term used to define the price charged between associated enterprises for the transfer of goods, services and intangible property. Increasing cross-border activities have made transfer pricing a real issue as enterprises seek to use transfer pricing as a tool for tax avoidance. Consequently, HK has… – Continue reading
Greater China, Southeast Asia Seen as Global Leaders in Use of Offshore Vehicles, Drawn by Efficiency & Legal Frameworks Key Highlights: OIL’s sixth annual survey shows: The offshore industry will be a leaner, more resilient and confident member of the global economy by 2020, driven by demand from increasing numbers… – Continue reading
Hong Kong is tipped to become the world’s largest offshore corporate services centre by 2020, helped ironically, by the industry’s own struggles against reform demands coming from western governments and pressure groups. On notice after high profile money laundering and tax avoidance scandals, traditional offshore havens like the British Virgin… – Continue reading
The offshore yuan strengthened the most this month on speculation traders are paring bets the currency will weaken after a surprise drop in U.S. consumer confidence pushed down the greenback. A gauge of the dollar’s strength fell for a second day as an index of consumer sentiment slumped to the… – Continue reading
Veteran banker says India purchase reflects client demand for onshore private banking advice. Julius Baer’s Asia Pacific head Thomas Meier is preparing to leave Asia after 20 years, but he isn’t leaving Asia behind. The veteran banker, who also worked at Credit Suisse and Deutsche Bank, will continue to oversee… – Continue reading
Israeli politicians occasionally risk the ire of their American allies. Some have successfully challenged legislation in court to slow the implementation of FATCA-related legislation. Watch and learn, Hong Kong. As the United States continues to bring country after country to their knees to comply with its Foreign Account Tax Compliance… – Continue reading
ITR Correspondent Italy has updated its rules governing transactions with parties located in tax havens. Following a legislative process which began in 2013, the Italian Government on September 14 2015 enacted a decree addressing a wide array of international tax matters, including one of the most controversial Italian tax rules… – Continue reading
The Department of Justice announced today that Privatbank IHAG Zürich AG (IHAG) reached a resolution under the department’s Swiss Bank Program. IHAG will pay a penalty of more than $7 million. “Through the information provided by IHAG and other Swiss banks in the Program, the department has unraveled the various… – Continue reading
The offshore industry is poised for growth, as the industry insiders see the demand for offshore financial and corporate services likely to increase in the coming years, according to an industry survey conducted by OIL, a corporate service provider specializing in international incorporations. The industry has been battling negative perceptions… – Continue reading
The offshore industry is poised for growth, as the industry insiders see the demand for offshore financial and corporate services likely to increase in the coming years, according to an industry survey conducted by OIL, a corporate service provider specializing in international incorporations. The industry has been battling negative perceptions… – Continue reading
Wealth inequality is a scourge of many countries. Last year, Credit Suisse reported that the richest 0.7% of adults in the world owned 44% of global wealth. Closer to home, earlier this year, the Lien Centre for Social Innovation’s ‘A Handbook on Inequality, Poverty and Unmet Social Needs in Singapore‘… – Continue reading
Hong Kong’s Secretary for Financial Services and the Treasury, K C Chan, has emphasized that the Government is committed to complying with the latest international tax developments, including on tax transparency and tackling base erosion and profit shifting. In his speech to the Taxation Institute of Hong Kong 2015 CTA… – Continue reading
As the founder of a startup company, one of the first questions you need to consider is “where should I incorporate my company?” Investors are drawn to the British Virgin Islands (BVI) for its flexible and modern corporate regime, tax neutrality, respected legal system, political stability and effective regulatory framework…. – Continue reading
