Category: Beijing

Constraints upon future tax policies | Being Basic (Law) is good

Doing away with the outdated and increasingly minority offshore tax system can create problems with what the Basic Law says ‘The Macau Special Administrative Region shall, on its own, make policies on tourism and recreation in the light of its overall interests,’ states the Basic Law in Article 118. Today,… – Continue reading

New rules in China lay trap for tax cheats at home and abroad

New reporting regulations meant to help authorities track down evasion at home and corrupt officials overseas Beijing has ordered an overhaul of financial accounts to crack down on tax cheats at home and abroad. From July 1, all deposit-taking institutions, policy banks, investment agencies and insurers must ensure each new… – Continue reading

New Chinese tax rule to take aim at multinationals’ profit shifting

Move shows that Beijing is joining the global move against diversion of profits to low-tax jurisdictions Beijing on Saturday posted a new rule on scenarios that could trigger tax-avoidance investigations of multinationals, under¬lining its commitment to a global move to combat profit shifting. The new rule, posted on the website… – Continue reading

Double taxation: Ecuador, Italy sign agreement to foster private investements

Ecuador signed an agreement with Italy to define the tax obligations of the citizens of the two countries, in order to avoid double taxation on income taxes and equity and prevent tax evasion, the Ecuadorian Foreign Ministry said. “This protocol modifies the agreement signed in Ecuador and Italy in 1984… – Continue reading

Assessing the Hong Kong – Russia Double Taxation Agreement: Another Step Towards Amplifying China’s Eurasian Connection

Assessing the Hong Kong – Russia Double Taxation Agreement: Another Step Towards Amplifying China’s Eurasian Connection   The long-awaited Comprehensive Double Taxation Agreement (CDTA) between Hong Kong and Russia entered into force on July 29, 2016. The agreement will take effect on April 1, 2017 in Hong Kong and January… – Continue reading

Macau and China add protocol to the agreement to avoid double taxation

The Macau Special Administrative Region (MSAR) and China’s State Administration of Taxation in Beijing signed an additional protocol to the agreement to avoid double taxation and prevent tax evasion, officials said in Macau. The Additional Protocol, the third, according to the statement released by the Office of the Secretary for… – Continue reading

How new EU tax laws impact Thai firms

THAI MULTINATIONAL companies will be impacted on their cross-border business activities due to rapidly evolving tax laws in Europe and Asia-Pacific. For instance, the European Union (EU) achieved a groundbreaking result on June 20 by agreeing to a package of tax measures to combat corporate tax avoidance, which will be… – Continue reading

Global Tax Update – June 2016

Asia Pacific The January – March edition of tax highlights for the Asia Pacific region highlights industry developments from Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia and Singapore including: Australia’s new tax system for Managed Investment Trusts The final stage of China’s B2V reform to be rolled out from… – Continue reading

Russia Signs OECD Agreement on Common Reporting Standard

May 18 — Russia agreed to automatically share financial account information but passed up an opportunity the same day on a similar agreement to exchange company country-by-country reports. Russia signed the OECD’s common reporting standard (CRS) multilateral competent authority agreement May 12 at a meeting of tax administration heads in… – Continue reading

China plans to get tough on corporate tax evasion

China is joining an international effort to tackle tax evasion, with plans to require multinationals to disclose more detailed information on their overseas affiliates, according to taxation consultants who advised the government on the new rules. The proposed regulations would make it more difficult for large companies to avoid taxes… – Continue reading

China signs tax avoidance pact

China said it has signed a multi-lateral agreement to share tax information on multinational companies, paving the way for it to join the fight on global tax avoidance. China signed the country-by-country tax reporting agreement, along with Canada, India, Iceland, Israel and New Zealand, during a meeting of the OECD… – Continue reading

Government of Canada Signs International Agreement on Enhanced Tax Reporting by Large Multinationals

National Revenue Minister Diane Lebouthillier announced today that the Government of Canada has taken another step to stop the unfair practice of aggressive tax planning by signing an international agreement to implement stronger international reporting obligations for large multinational enterprises (MNEs). Thirty-one other jurisdictions have also signed the agreement. The… – Continue reading

China airs plan to help close multibillion-dollar corporate tax loophole

Authorities answer OECD call to clamp down on corporate grey area of internal transfer pricing with proposal for tougher reporting standards China is mulling plans to tighten tax reporting requirements on multinationals operating in the country to help close a ¬massive global loophole. If the plan goes ahead, multinationals would… – Continue reading

270 people held by Chinese authorities in crackdown on underground banking involving transactions of 900b yuan

Authorities in China’s southeastern coastal province of Zhejiang cracked down on 115 cases of underground banking involving transactions totalling more than 900 billion yuan (HK$ 1.07 trillion) in 2015, state media reports. The success of the campaign underscored the efforts of Beijing to rein in illegal capital outflows, which hit… – Continue reading

Chinese Official: Turn South China Sea Island into Cayman Islands-Style Bank

China’s chess game to seize control of the South China Sea may take an interesting turn if an influential businessman’s suggestion is followed and Beijing turns one of the disputed islands into its very own Cayman Islands-style offshore bank. The idea, as explained by The Washington Post, is to establish… – Continue reading

China to allow banks to directly invest in high-growth tech firms: sources

BEIJING: China is planning a pilot programme to allow selected commercial banks to set up equity investment arms to take direct stakes in technology firms, people familiar with the matter said, a move aimed at giving lenders a chance to buy into a high-growth industry while stoking competition with private… – Continue reading

Central Bank Props up Offshore Yuan in Hong Kong

The People’s Bank of China supports the country’s currency and fends off short sellers in the world’s largest overseas yuan market (Beijing) – The offshore yuan market in Hong Kong has been shaken to the core by weeks of volatility that analysts blame on strong intervention by China’s central bank…. – Continue reading

Chinese bank becomes first to open on Swiss soil

Switzerland took an important step toward becoming a renminbi trading hub on Thursday with its inauguration of a new branch of the China Construction Bank, (CCB), one of the biggest financial institutions in the world. The Zurich branch of the CCB has been authorised by China’s central bank to operate… – Continue reading