If we make America the world’s most favored tax haven, money will flow to the USA. Talk of overhauling the tax code is stirring in Washington, but the overwhelming complexity of the task makes it difficult to accomplish, at least in the near term. Here’s a good, clean, quick way… – Continue reading
SINGAPORE, Dec 15 (IFR) -China Construction Bank Corporation said its board had approved a proposal to sell up to Rmb80bn (US$12.9bn) in preference shares. It will sell up to Rmb60bn onshore and up to Rmb20bn offshore. Chinese banks have been selling preference shares to raise Additional Tier 1 capital, with… – Continue reading
This is a United World interview for USA Today for a report on Antigua and Barbuda. Brian Stuart-Young, CEO of Global Bank of Commerce and Non-resident Ambassador to China, spoke about opportunities for American investors in the energy sector, Antigua’s robust framework for financial services, and the potential for the… – Continue reading
The Swiss banking sector, which has been forced to give up its traditional secrecy, is now looking to China for new financial investment. “One of the first ports that the Swiss financial center is steering for is the port of China,” Claude Alain Margelisch, chief executive of the Swiss Bankers… – Continue reading
China set up a website to collect tips about officials who have fled with ill-gotten gains, as leaders press ahead with a campaign that’s resulted in the arrests of hundreds of alleged economic fugitives so far. The Communist Party’s anti-graft watchdog, the Central Commission for Discipline Inspection, encouraged whistle-blowers at… – Continue reading
Hong Kong (HKSAR) – The Government of the Hong Kong Special Administrative Region today (December 10) exchanged notes with the Government of Japan regarding the Exchange of Information (EoI) Article in the Agreement between the Government of the Hong Kong Special Administrative Region of the People’s Republic of China and… – Continue reading
China and Turkey have fallen in international rankings of perceived corruption, according to a new report released by the Berlin-based anti-corruption watchdog Transparency International (TI).09 Dec 2014 Regulatory Europe Asia Pacific Gulf Africa According to the latest edition of TI’s Corruption Perceptions Index for 2014, which scores countries on a… – Continue reading
The Irish President Michael D. Higgins is in China on a ten day visit — his first state visit to the country. Accompanying him is a delegation of leading Irish state companies, including IDA Ireland — the country’s foreign investment agency. They are set to hold meetings with leading personnel… – Continue reading
* Nearly half of EM corporate overseas debt issued offshore * Accounting conventions do not capture associated risks, BIS says By Sam Wilkin LONDON, Dec 7 (Reuters) – Cross-border debt issued by emerging market companies may be less stable than it initially appears due to the increasing role of overseas… – Continue reading
Chinese tax authorities have pledged to increase supervision of multi-national companies in a campaign to crack down on tax avoidance.04 Dec 2014 Tax China Asia Pacific Chinese tax authorities have pledged to increase supervision of multi-national companies in a campaign to crack down on tax avoidance. The deputy director of… – Continue reading
The United States won’t give up its right to tax multinationals, and nations will go to war soon with countries like China on taxing rights, a US tax head says. Grant Thornton’s national managing partner of tax in the United States, Randy Robason, is in Australia this week for a… – Continue reading
Industrial & Commercial Bank of China Ltd. is marketing the largest sale of offshore yuan bonds as China pushes for the wider use of its currency as an alternative to the dollar in business and finance. The nation’s biggest lender by market value is offering about 12 billion yuan ($1.95… – Continue reading
Corruption is feared to be worsening in China, Turkey and other fast-growing economies, an anti-graft watchdog warned Wednesday, also urging the world’s banking centres to help combat sleaze and money-laundering. Transparency International released its annual Corruption Perceptions Index (CPI), which ranked Sudan, North Korea and Somalia as the worst offenders… – Continue reading
SHANGHAI: China will toughen its stance on tax avoidance by foreign firms to prevent tax payments being directed overseas, the official Xinhua news agency has said, after Beijing levied $140 million in back taxes from U.S. firm Microsoft Corp last week. Beijing will closely monitor the profit levels of foreign… – Continue reading
Taxation authorities in China said they would tighten their monitoring of foreign companies in order to prevent them from avoiding tax using numerous schemes. The official Xinhua news agency, citing tax officials in the country, reported that China would comprehensively monitor profit levels of foreign companies to make sure that… – Continue reading
The Chinese government has levied a $140 million fine on Microsoft Corp for cross-border tax evasion, Reuters reported Tuesday, citing an article by the Xinhua News Agency which referred to a company identified only as “M.” Chinese subsidiaries of Microsoft will also pay taxes amounting to 100 million yuan ($16.28… – Continue reading
(Updates with others banks, adds context) Dec 1 (Reuters) – Mainland listed shares in China’s big five banks jumped on Monday but later pared gains, after the country issued draft regulations to introduce a bank deposit insurance scheme for the first time. Offshore investors also reacted cautiously to the news,… – Continue reading
The lead article in The Sunday Times Business section today (authored by Simon Duke and David Smith) says that Britain is at the forefront of a crackdown on corporate tax avoidance – a blitz on tax avoidance by multinationals. The UK Treasury is planning a consultation on forcing multinationals like… – Continue reading
On 13 October 2014, China and Russia concluded a new double taxation agreement (DTA) and protocol (together referred to as ‘the new DTA’). The new DTA embodies the new trends in the development of international tax treaty. Main changes in the new DTA include: time threshold for service permanent establishment… – Continue reading
Microsoft (NASDAQ:MSFT), once again finds itself deep in controversy and this time, on foreign shores. The company has been hit with a $140 million in taxes and interests presented by the Chinese government. This came to light in a rare incident of cross-border tax invasion. An article was published by… – Continue reading
Bloomberg Beijing CHINA was expanding efforts to rein in what authorities said was tax evasion by foreign companies, with Microsoft being required to pay more than $150 million (R1.61 billion), an official familiar with the matter said yesterday. The payments – including 840 million yuan (R1.5bn) in back taxes, interest… – Continue reading
For foreign investors doing business in China, securing benefits under a double taxation avoidance (DTA) agreement is an important measure for reducing their tax burden as stipulated by Chinese tax law and thereby maximizing profit. In addition to satisfying the specific requirements of a relevant DTA, certain administrative procedures must… – Continue reading
(Reuters) – China has levied about $140 million in back taxes from Microsoft Corp in the first major case concerning cross-border tax evasion in the country, as regulators ramp up pressure on U.S. corporations doing business there. According to an article published by China’s Xinhua official news agency on Sunday,… – Continue reading
When is a Chinese company not Chinese? When it’s a complex web of offshore vehicles rooted in anonymous tax havens. That description includes some of the People’s Republic’s most successful and innovative companies. It will make the country’s apparent new push on tax evasion hard to enforce. Authorities have extracted… – Continue reading
* Asian, Gulf banks in talks about obtaining Jersey licence * 18 percent of Jersey banking deposits from Asia, Mideast * Jersey Finance custodian of 1.2 trillion pounds DUBAI, Nov 23 (Reuters) – Jersey Finance, the island’s financial centre which acts as custodian of 1.2 trillion pounds ($1.88 trillion), is… – Continue reading
A bank clerk counts renminbi banknotes, Oct. 16. (File photo/CNS) The Central Bank of the Republic of China (Taiwan) says renminbi-denominated deposits accepted by domestic banking units (DBUs) of Taiwanese banks at the end of October fell for the first time since the DBUs were allowed to conduct transactions in… – Continue reading
Nov 18 (Reuters) – BMO Capital Markets, the investment and corporate banking arm of Bank of Montreal Financial Group, said on Tuesday that it would add trade finance booking capabilities in Hong Kong as it moves to facilitate more business in Asia. The move comes just days after the central… – Continue reading
Taipei, Nov. 18 (CNA) Chinese yuan-dominated remittances through the local banking system in Taiwan in October hit a new high since the local central bank lifted a ban to allow local banks to conduct yuan transactions in February 2013. Statistics compiled by the central bank showed that yuan remittances through… – Continue reading
SHANGHAI: China’s central bank has approved a pilot programme allowing some domestic institutional investors to buy offshore yuan products, the official Shanghai Securities News said, as Beijing pushes ahead in internationalizing its currency. The People’s Bank of China (PBOC) has recently approved the so-called Renminbi Qualified Domestic Institutional Investor (RQDII)… – Continue reading
Fifty-one countries signed the Multilateral Competent Authority Agreement in Berlin on Oct. 29 to fight offshore tax fraud and evasion. The agreement aims to put an end to banking secrecy by sharing tax-related information with member states. Missing from the signatory list are the United States and China. China’s absence… – Continue reading
Recent months saw various important developments that are relevant to Sino-European trade and investment. These include (i) changes to the EU Parent-Subsidiary Directive, (ii) the entry into force of the double tax treaty between Luxembourg and Taiwan, and (iii) proposed changes to China’s Foreign Investment Catalogue and the Governmental Verifications… – Continue reading
Technical negotiations over an agreement to avoid double taxation by Taiwan and China have been completed, officials said on Thursday in Shanghai. Finance officials from both sides of the Taiwan Strait expressed their hopes for an early signing of the pact during a seminar on a global campaign against tax… – Continue reading
The establishment of a clearing bank will support Canada’s ambitions in the offshore renminbi financial markets, says British Columbia Finance Minster Michael de Jong. Canada stole the spotlight in the offshore renminbi market last week, as it became the first North American country to win an offshore renminbi clearing licence…. – Continue reading
A long-awaited free trade agreement between Australia and China could be signed soon, federal Trade Minister Andrew Robb says, despite negotiations still raging. Mr Robb, who is in China, said it was his “expectation” the agreement would be signed after the G20 leaders meeting of the world’s richest nations, which… – Continue reading
The Hong Kong Monetary Authority (HKMA) has launched an onsite examination into Hong Kong-based Taiwanese banks’ loan exposure to mainland Chinese companies, banking sources said last week. The HKMA, which is responsible for maintaining Hong Kong’s monetary and banking stability, has stepped up its supervision of Hong Kong banks since… – Continue reading
The Chinese government has been accused of blocking key anti-corruption measures ahead of the G20 Leaders Summit in Brisbane. Corruption monitor Transparency International says all the G20 nations except China have agreed on draft beneficial ownership principles seeking to improve the transparency of company ownership and control. Tranparency International’s Maggie… – Continue reading
Nov 5 (Reuters) – The Hong Kong Monetary Authority (HKMA) has launched an onsite examination into Hong Kong-based Taiwanese banks’ loan exposure to mainland Chinese companies, banking sources said on Tuesday. The HKMA, which is responsible for maintaining Hong Kong’s monetary and banking stability, stepped up its supervision of Hong… – Continue reading
Beijing (ANTARA News) – The Chinese government has agreed to exempt Garuda Indonesia from business tax after the national flag carrier flies to China for ten years. The agreement will take effect next year, Indonesian Ambassador to China and Mongolia Soegeng Rahardjo said here on Wednesday. Under article 8 of… – Continue reading
Hong Kong has been witnessing an industry-wide increase in offshore yuan deposit rates since mid-September as banks scramble for the currency before the through train scheme launch. The window-dressing needs for year-end balance sheets, an anticipated rise in cross-border funding demand from mainland borrowers and the weakening of offshore yuan… – Continue reading
WASHINGTON, Nov 5 (Thomson Reuters Foundation) – Most of the world’s biggest companies get a failing grade for transparency and are far too secretive about how they operate, despite mounting pressure for business to stand firm against bribery, corruption and tax avoidance, a survey has found. Transparency International, the leading… – Continue reading
Banks offered repo line to grow market-making activities for their offshore renminbi products Seven banks were appointed primary liquidity providers for offshore yuan business in Hong Kong yesterday to cement the city’s leading role as an offshore yuan centre, even as the market regulator urged international fund managers to apply… – Continue reading
Sydney is set to become the next offshore yuan trading hub and is likely to obtain a yuan clearing bank later in November, Reuters reported Monday. China will sign an agreement with Australia to establish a yuan trading center in Sydney and the People’s Bank of China (PBOC) is highly… – Continue reading
The offshore renminbi market in Hong Kong continues its development adding primary liquidity providers as a new swap agreement deal between the Hong Kong Monetary Authority and the People’s Bank of China is incoming. The Hong Kong Monetary Authority (HKMA) issued an announcement today designating seven banks as Primary Liquidity… – Continue reading
Taiwan’s Financial Supervisory Commission is holding an enquiry into 10 Taiwanese banks with the largest exposure to PRC companies, following a similar Ministry of Finance investigation, according to bankers. As a major shareholder, Taiwan’s MoF asked in early October eight Taiwanese state-owned banks to provide details of outstanding loans to… – Continue reading
In one of the bluntest statements on the topic by any globalist thus far, controversial German Finance Minister Wolfgang Schäuble (shown) openly called for “global standards” and “global governance” in taxation to ensure that governments can continue extracting huge sums in taxes from the wealth-producing class in perpetuity. In an… – Continue reading
Financial institutions including fund managers will need to up the ante on client due diligence and bolster investor reporting following the Organisation for Economic Cooperation and Development’s (OECD) agreement on the automatic exchange of information. The OECD’s Common Reporting Standard (CRS) will force national authorities in the 51 signatory states… – Continue reading
China has made significant strides in the past five years in building up its regulation in the area of double taxation avoidance, as well as implementation assurance techniques. Following the 2008 Corporate Income Tax Law, which laid the basis for anti-avoidance in China, the State Administration of Taxation (SAT) issued… – Continue reading
Furious at what it sees as the Modi government’s flip-flops on the black money issue and selective revelation of names of Indians holding foreign bank accounts, the Supreme Court on Tuesday ordered it to disclose by Wednesday the names of around 800 holders of accounts abroad. A bench led by… – Continue reading
Oct 24 (Reuters) – Taiwan’s Financial Supervisory Commission (FSC) has launched an enquiry into 10 Taiwanese banks with the largest exposure to Chinese companies, following a similar investigation by the country’s Ministry of Finance (MoF), bankers said on Wednesday. As a major shareholder, Taiwan’s MoF asked eight Taiwanese state-owned banks… – Continue reading
India along with 20 other countries today signed an agreement to become founding members of the China-backed Asian Infrastructure Investment Bank (AIIB) to aid the infrastructure development in the Asian region and reduce the dependence on Western-dominated World Bank and IMF. Usha Titus, Joint Secretary, Economic Affairs division of the… – Continue reading
