WASHINGTON (Reuters) – Hong Kong has reached an information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, the U.S. Treasury Department said on Friday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of 2010 (FATCA) will… – Continue reading
• Partnership creates end-to-end solution for enabling and ensuring FATCA compliance, including: data consolidation, indicia identification, additional KYC data/document capture, alerts/notifications and dashboards to monitor compliance, withholding calculations and remittance, and tax reporting. Banking analytics, risk and compliance pioneer, iCreate, today announced a strategic partnership with tax information reporting leader,… – Continue reading
Hong Kong has signed its first ever tax information exchange agreement (TIEA), paving the way for its implementation of the US foreign account tax compliance act. Signed last month, the TIEA was enacted following an order made by the head of the Government of Hong Kong, Leung Chun-ying. It comes… – Continue reading
Hong Kong has signed its first ever tax information exchange agreement (TIEA), paving the way for its implementation of the US foreign account tax compliance act. Signed last month, the TIEA was enacted following an order made by the head of the Government of Hong Kong, Leung Chun-ying. It comes… – Continue reading
On April 25, an order was gazetted in Hong Kong to implement the tax information exchange agreement (TIEA) with the United States that was signed on March 25 this year, as part of preparations for the US Foreign Account Tax Compliance Act in Hong Kong. “This is the first TIEA… – Continue reading
Hong Kong (HKSAR) – Some 120 participants from the business sector joined a seminar in Kuala Lumpur, Malaysia, today (April 25) to learn more about the benefits and business opportunities under the “Comprehensive Double Taxation Agreement” (CDTA) signed between Hong Kong and Malaysia. Organised by the Hong Kong Economic and… – Continue reading
KUALA LUMPUR, April 25 (Bernama) — The comprehensive double taxation agreement (CDTA) signed between Malaysia and Hong Kong is expected to further boost bilateral trade and investments between the two countries. Speaking to reporters on the sidelines of the Malaysia and Hong Kong CDTA seminar here Friday, Director of Hong… – Continue reading
But reports of ‘brain drain’ plague agencies investigating financial crimes under new law Police in Hong Kong received 33,000 reports of suspicious financial transactions last year – a 12-year high and a 40 per cent rise from 2012 – after Hong Kong tightened its money-laundering laws. Police have initiated more… – Continue reading
Potato king Paul Rennie has told a court he is unable to explain why he sent millions of dollars to tax havens in transactions revealed by a Project Wickenby investigation. The Federal Court heard Mr Rennie had been raided by federal police, who seized documents related to his Griffith-area potato… – Continue reading
HONG KONG (Reuters) – Banks in Hong Kong are now offering higher interest rates than their mainland cousins on new renminbi (RMB) currency deposits as the recent sharp fall in the Chinese currency dampened investor interest in holding Chinese assets. These aggressive measures will help bolster the offshore yuan liquidity… – Continue reading
The schedule of the Russian parliament has been updated yet again and it appears that forex dealing regulation is coming back to the fray. According to recent reports by Russian media there might be some key amendments aimed to limit the participation of brokers residing in offshore financial centres (OFCs)…. – Continue reading
The much-anticipated initial public offering of Chinese Internet giant Alibaba Group could be a double-edged sword for the company: Investors are drooling for a piece of the action in that country’s burgeoning online payment market, but its growing use in illegal transactions could attract scrutiny from Chinese government regulators. Alibaba,… – Continue reading
The decision by Luxembourg and Austria to automatically exchange tax data with other European Union countries has isolated Switzerland in the global crusade against banking secrecy, a Tax Justice Network (TJN) expert tells swissinfo.ch. The two European Union states caved in to demands last month by signing up to the revised… – Continue reading
Hong Kong may feel affect of any new law to uncover financial information China is expected to impose its own version of the new US tax law which requires financial institutions around the world to provide Washington with information on US taxpayers, analysts say. On March 25, the Secretary for… – Continue reading
The long arm of the American tax man has officially reached its way to Hong Kong. The question is, will it extend to the rest of China? Hong Kong, a special administrative region of China, signed an agreement with the U.S. on Tuesday to share tax information about Americans who… – Continue reading
Hong Kong and the United States Tuesday signed an agreement on exchange of tax information. Hong Kong’s Secretary for Financial Services and the Treasury,K C Chan, on behalf of the Hong Kong Special Administrative Region( HKSAR) government, signed the agreement with the US consul general to Hong Kong and Macao,… – Continue reading
An inability to open a bank account is not news for everyone in Hong Kong. Just ask the long-suffering American residents. “Nobody wants to deal with the US citizen account signatory, whether it is a company account or an account for my own financial needs,” said Ross Feingold, a director… – Continue reading
More bits of information have emerged regarding China’s secretive, young billionaire Perenna Kei. After Forbes Magazine put Kei on their list of the world’s youngest billionaires, the search for details began. Most publications could not confirm her identity, as several photos were published mistakenly labeling Kei. A new photo of… – Continue reading
Vice Prime Minister Liviu Dragnea declared on Thursday after his meeting with the Chief Executive of the Hong Kong Special Administrative Region K.Y. Leung that Romania and Hong Kong will start negotiations for the signing of the double taxation agreement that was already discussed last summer during Prime Minister Victor… – Continue reading
The mainland’s efforts to fight tax evasion brought in 46.9 billion yuan (HK$59.2 billion) of additional taxes in 2013, 38 times more than 2008, according to the website of the State Administration of Taxation. Since 2011, China’s transfer pricing agreements with Hong Kong and Macau have saved 34.57 billion yuan… – Continue reading
KUALA LUMPUR: Small and medium enterprises (SMEs) should tap Hong Kong’s access to the markets in China, Japan and South Korea to gain tax advantages under the double-taxation deduction pact signed between Malaysia and HK. Hong Kong Trade Development Council deputy executive director, Margaret Fong, said HK SMEs paid five… – Continue reading
The Revenue (Reduction of Business Registration Fees) Order 2013, which reduces the prescribed business registration fee by a sum of $2,000 at present, will expire on 1 April 2014. Please refer to the website of the Inland Revenue Department and the business registration fee & levy table for details. With effect from 1 April… – Continue reading
The 92 forms newly specified by the Registrar of Companies for use after the commencement of the new Companies Ordinance (Chapter 622) on 3 March 2014 have been uploaded onto the dedicated thematic section New Companies Ordinance. A CD-ROM containing a full set of the new forms and hard copies of… – Continue reading
The new Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (“the new Ordinance”) and 12 pieces of subsidiary legislation commence operation today. To tie in with the commencement of the new Ordinance, this website has been updated to provide information on the requirements for registration of companies and… – Continue reading
New Delhi: The Income Tax department has rebutted Vodafone’s notice under BIPA saying that the pact between India and Netherlands does not cover taxation issues. “Tax department has sent its response to Vodafone saying BIPA does not cover tax issues,” an official source said. The response to the Bilateral Investment… – Continue reading
Feb 26 (Reuters) – Luxembourg is talking to China about allowing mutual recognition of investment funds based in the two countries, a senior Luxembourg official said on Wednesday. Such an agreement would boost the European financial centre’s bid to be a major hub for the offshore renminbi, or yuan, currency,… – Continue reading
The government, on Friday, decided not to withdraw Vodafone conciliation talks for settling the Rs.20,000-crore tax dispute until a separate case over transfer pricing is settled by a tribunal. The Union Cabinet, at its meeting on Friday, agreed not to take any ‘hasty decision’, and decided to fast-track the transfer… – Continue reading
HONG KONG, Feb 20 (Reuters) – The British and Chinese governments are in active discussions about setting up a clearing bank in London for China’s currency, a milestone that will put the city in a leading position to offer yuan trade business in Europe. Taking a leaf out of Hong Kong’s blueprint in being… – Continue reading
NEW DELHI: The Income Tax department plans to rebut Vodafone’s notice under BIPA saying that the pact between India and Netherlands does not cover taxation issues. The response to the Bilateral Investment Promotion and Protection Agreement (BIPA) notice was finalised after a meeting of the inter-ministerial group, headed by the Finance Secretary. The other… – Continue reading
Congress is on a roll, trying to track down hidden offshore accounts, and the latest news is a report that shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is tops). All told, taxpayers in at least 45 states… – Continue reading
Luxembourg is lobbying Beijing for equal treatment with London, which was granted an investment quota last year allowing investors based there to invest their offshore yuan directly in the mainland’s securities markets. In an effort to capture a larger share of Europe’s offshore yuan business, top officials from the grand… – Continue reading
Swiss bank UBS is at the centre of embarrassing revelations that it helped to set up a secretive offshore firm for the wife and daughter of a former senior Chinese official who has since been convicted of corruption. Zhang Shuguang, a former deputy chief engineer of the disbanded railways ministry,… – Continue reading
The number of local companies newly registered with the Companies Registry in 2013 hit a record high of 174,031, up from 150,165 in 2012, according to the statistics released by the Companies Registry today (January 12). “By the end of 2013, the total number of live local companies registered under… – Continue reading
The new Companies Ordinance, Chapter 622 of the Laws of Hong Kong (“new CO”), will commence operation on 3 March 2014. The provisions of the new Ordinance and the subsidiary legislation, as well as useful reference materials, are available at the dedicated thematic sectionon this website. A dedicated hotline has been… – Continue reading
