KOTA KINABALU: For Malaysian property investors, especially in the London property market where some Malaysian developers, welcomed by Mayor Boris Johnson are active in projects, the United Kingdom Government will introduce new Capital Gains Tax (CGT) on the sale of UK residential property with effect from April 6, 2015. Following… – Continue reading
A secret deal with the Swiss government negotiated by media group Publishing and Broadcasting Ltd when James Packer was chief executive set a tax rate of less than 2.15 per cent on PBL’s intra-company loans. “We do have good news for you!” Ernst & Young Swiss partner Markus Huber wrote… – Continue reading
Fiji is looking at reviewing its existing taxation agreements with other countries in the coming months. Fiji Revenue and Customs Authority chief executive, Jitoko Tikolevu, said these reviews are long overdue. As a consequence, negotiations for the review of Fiji’s Double Tax Agreement (DTA) with Malaysia was completed this week…. – Continue reading
KUALA LUMPUR, Dec 10 (Bernama) — Awareness of the US Foreign Account Tax Compliance Act (FATCA) among local financial institutions remains low, PricewaterhouseCoopers (PwC) said. “I’d venture an educated guess that there are more than 1,000 local financial institutions, which fall under the FATCA purview, some of which may not… – Continue reading
LABUAN: Former DAP Chairman here Lau Seng Kiat has questioned the Government’s rationale for parking billions of ringgit in 1MDB funds in distant Cayman Islands instead of the Labuan Financial and Business (ILFB) centre. Lau was referring to on-going controversies relating to the investment prudence of 1Malaysia Development Bhd (1MDB)… – Continue reading
PETALING JAYA: Public Bank Bhd and PT Bank Central Asia, Tbk, Indonesia have entered into a non-exclusive memorandum of understanding on business collaboration. The primary objective of the collaboration is to leverage upon the respective strengths expertise and networks of Public Bank and Bank Central Asia to enable the two… – Continue reading
KUALA LUMPUR: IT is not against Malaysian law for companies to keep funds in offshore accounts. Malaysian Companies (SSM) acting chief executive officer Zahrah Abd Wahab Fenner said it was not unusual for companies to keep their funds in offshore accounts. She said this when commenting on 1 Malaysia Development… – Continue reading
KUALA LUMPUR: Former Finance Minister Daim Zainuddin told a luncheon talk organised by Malaysian Industrial Development Finance Bhd (MIDF) here on Thurs that 1Malaysia Development Berhad (1MDB) should keep in mind that the people have a right to expect transparency and accountability from it as taxpayer funds are involved. The… – Continue reading
Sovereign fund 1Malaysia Development Bhd (1MDB) is bringing back the RM7.18 billion it had invested in the Cayman Islands, despite making good returns. Deputy finance minister Datuk Ahmad Maslan said the fund had already brought back 60% of its funds, and the balance 40% will return to Malaysia by year-end,… – Continue reading
KUALA LUMPUR, Nov. 3 (Xinhua) — Leaders of Malaysia and Brunei Darussalam expressed satisfaction Monday with the progress in bilateral cooperations. In a joint statement issued in conjunction with the 18th Annual Leaders’ Consultation held here, Malaysian Prime Minister Najib and the Sultan of Brunei Darussalam Sultan Hassanal Bolkiah welcomed… – Continue reading
KUCHING: Accounting firm Deloitte Malaysia stressed on the government increasing focus on transfer pricing whereby there is a new requirement for taxpayers to declare if one has prepared all the necessary transfer pricing documentations. In the past, one was only required to disclose related-party transactions but there was no requirement… – Continue reading
Last year, $20 trillion disappeared into secret off-shore tax havens across the world — an amount that can save 3.6 million lives annually. A study conducted by the UK-based NGO, ONE, has found that corruption, tax evasion and corporate malpractices is leading to monetary losses of the scale that could… – Continue reading
TRANSFER pricing occurs whenever there is a transaction between two business enterprises which are part of the same group of companies or are controlled by a common person. In simple terms we refer to such parties as related parties. The business enterprises can include companies, limited liability partnerships, partnerships, branches,… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
THE National Tax Policy (NTP) has identified double taxation as one of the major hindrances to the growth of the Nigerian economy. Double taxation has become an issue paramount to investors and top executives of multinationals as income is generally taxable both in source and residence countries. In order to… – Continue reading
It’s no secret that Democratic Gov. Pat Quinn has made his opponent’s substantial wealth the main theme of his campaign. From Bruce Rauner not releasing his complete tax records to his businesses sheltering money in the Cayman Islands, Quinn will continue harping on the $53 million man’s Montana-size wallet until… – Continue reading
KUALA LUMPUR: All local financial institutions will be required to declare their American customers to the United States Internal Revenue Service (IRS) under a new agreement to catch its tax evaders who hide their money overseas. Malaysia will be entering into an inter-governmental agreement with the US in line with… – Continue reading
May 7th, 2014 (InsideCostaRica.com) Tax evaders and privacy advocates beware – Costa Rica and 46 other countries signed up yesterday to automatically share banking, financial, and tax information in what the OECD is touting as a major step towards cracking down on global tax evasion. The Declaration on Automatic Exchange… – 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
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
Brunei Sultan Hassanal Bolkiah warned online critics of the country’s Sharia Law that they could face prosecution once the new penal code takes effect next month: They can no longer be given the liberty to continue with their mockery and if there is a basis for them to be brought to court,… – Continue reading
BEIJING – Wholly Foreign Owned Enterprises (WFOEs) are able to repatriate funds out of China in a variety of forms, for which tax implications vary according to the form of repatriation used and the Double Taxation Agreement (DTA) in place between China and the recipient country. The four most commonly… – Continue reading
KUALA LUMPUR: Malaysia and Liechtenstein have agreed to enhance bilateral ties and co-operation between both countries, particularly in the fields of trade, investment, finance and tourism. The matter was agreed at a meeting between Foreign Minister Datuk Seri Anifah Aman and Liechtenstein Foreign Affairs, Education and Culture Minister Dr Aurelia… – Continue reading
Brunei Sultan Hassanal Bolkiah warned online critics of the country’s Sharia Law that they could face prosecution once the new penal code takes effect next month: They can no longer be given the liberty to continue with their mockery and if there is a basis for them to be brought to court,… – Continue reading
