SEPANG: AirAsia X Bhd (AAX) has lodged an official complaint with the Securities Commission (SC) against GMT Research and seeks the regulator’s appropriate action against the research house for various misleading statements and allegations. AAX said GMT had accused the long-haul budget carrier, among others, of practising or allowing profit… – Continue reading
PETALING JAYA: Public Bank Bhd yesterday signed a memorandum of understanding (MoU) with Saitama Resona Bank Ltd and Kinki Osaka Bank Ltd to cross-sell each other’s banking products in Malaysia and Japan. Saitama Resona Bank and Kinki Osaka Bank are wholly-owned subsidiaries of Resona Holdings Inc, which also owns Resona… – Continue reading
The National Oversight and Whistleblowers (NOW) will be lodging reports with Australian authorities to investigate Majlis Amanah Rakyat (Mara) for possible tax evasion and money laundering in its purchase of four Melbourne properties between late 2012 and early 2013. Its director Akmal Nasir will travel to Australia next week to… – Continue reading
Foreign Affairs Minister Julie Bishop has promised that Australia will not be “a safe haven for the proceeds of corruption” in Papua New Guinea, as police in both countries probe the role of Australian lawyers there. Ms Bishop’s intervention and the police probes were triggered by explosive video footage that… – Continue reading
VietNamNet Bridge – It is clear that the US has been increasing its investments in Vietnam and that Vietnam needs to grab the great opportunities brought by the capital flow. Dr Vu Chi Loc from the Hanoi Foreign Trade University noted that Vietnam’s deep integration into the global economy in… – Continue reading
The “wall of Chinese capital” hitting property markets in Sydney and Melbourne will not ease up until the government introduces its anti-money laundering legislation, says an expert in ‘flight capital’. James Tee, an ethnic Chinese property developer whose business specialises in “capital expatriation” – that is, getting money out of… – Continue reading
Mara could have set up an Australian subsidiary but instead chose to construct an elaborate network in several countries. KUALA LUMPUR: National Oversight & Whistleblowers (NOW), an NGO headed by Pandan MP Rafizi Ramli, has alleged that the nature of Mara property purchases overseas was camouflaged through various offshore companies… – Continue reading
Following the recent property purchase scandal by Majlis Amanah Rakyat (Mara) in Australia, Barisan Nasional Back Benchers Club (BNBBC) chairman Tan Sri Shahrir Samad questioned whether a company was created under Mara Incorporated for the purpose of being an “offshore tax haven”. He raised the question of the approval needed… – Continue reading
PETALING JAYA: Bukit Aman is ready to help in investigations into the controversial purchase of property in Melbourne involving Majlis Amanah Rakyat (Mara) senior officers but there has been no request from Australia yet. Federal Commercial Crime Investigation Department Comm Datuk Seri Mortadza Nazarene said police were aware of the… – Continue reading
The government should probe Majlis Amanah Rakyat (Mara)’s three other property purchases in Australia if allegations of kickbacks in its purchase of Dudley Intenational House apartments has basis, the National Oversight and Whistleblowers (NOW) said today. Its directors Rafizi Ramli and Akmal Nasir, in a joint statement, questioned if Mara,… – Continue reading
Anti-graft organisation Transparency International-Malaysia (TI-M) has urged the Malaysian Anti-Corruption Commission (MACC) to conduct a thorough investigation into Majlis Amanah Rakyat’s (Mara) purchase of a Melbourne property that was alleged to have been bought in a scam. TI-M president Datuk Akhbar Satar said there were enough provisions in the MACC… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
Mahmud Bekir Taib tells shariah court of need for PR consultants to ensure ‘fair reporting’ of facts and proceedings. KUALA LUMPUR: The Shariah High Court here was today told that news of the divorce maintenance proceedings between Sarawak entrepreneur Mahmud Abu Bekir Taib and his former wife Shahnaz Abdul Majid… – Continue reading
Malaysia’s offshore financial centre of Labuan, an island designated as Special Economic Zone off the northern Borneo coast, which has seen a surge in interest in Islamic finance transactions in the last year, now aims at positioning itself as an Islamic finance hub for the Asia-Pacific region. According to its… – Continue reading
KUALA LUMPUR, May 29 — Unless proven innocent, it must be assumed that the management of 1Malaysia Development Berhad (1MDB) had misappropriated the funds invested in Cayman Islands, Tun Dr Mahathir Mohamad said today in his continued tirade against the troubled state investment firm. The former prime minister said although… – Continue reading
PUTRAJAYA: Malaysia and Slovak today signed a protocol agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, here. The agreement was signed by Foreign Minister Datuk Seri Anifah Aman and Slovak Republic’s Deputy Prime Minister Miroslav Lajčák in conjuction with… – Continue reading
PETALING JAYA, Malaysia – Former premier Tun Dr Mahathir Mohamad has accused Prime Minister Datuk Seri Najib Tun Razak of lying when he told Parliament that money held by government investment arm 1Malaysia Development Berhad (1MDB) is being kept in Singapore. “No money was banked into BSI Bank in Singapore…. – Continue reading
The Inland Revenue Board (IRB) has informed Malaysian financial institutions (MYFIs) that their filing deadline in respect of the 2014 reporting year under the US Foreign Account Tax Compliance Act (FATCA) has been deferred from June 30, 2015. FATCA requires all FIs outside the United States to submit regular information… – Continue reading
KUALA LUMPUR: MIDF Equities Research says the Malaysian stock market is in need of a spark after its rather indifferent response to the strengthening of the ringgit and the oil price. The research house said the Bursa Malaysia’s indices have traded in a narrow range in the last three weeks…. – Continue reading
KUALA LUMPUR, May 15 ― The Malaysian Anti-Corruption Commission (MACC) today froze 1,623 bank accounts of companies and individuals involving over RM560 million in the first day of its “Operasi Bersepadu” in Sabah. The commission’s investigation division chief Datuk Mohamad Jamidan Abdullah said the operations were launched to crack down… – Continue reading
KUALA LUMPUR, May 14 ― 1Malaysia Development Bhd (1MDB) must publicly prove its ability to repay its RM3.6 billion loan with a Deutsche Bank-led consortium instead of using “banking confidentiality” as an excuse to avoid addressing the matter, DAP’s Tony Pua said today. The Petaling Jaya Utara MP pointed out… – Continue reading
The financial plight of the debt-laden 1Malaysia Development Bhd (1MDB) is set to deepen, as jittery lenders of a $975 million syndicated loan led by Deutsche Bank plan to ask the troubled state-owned firm to pay up before the loan falls due in less than four months, the Business Times… – Continue reading
Mahmud Abu Bekir testifies in the suit brought by his former wife. KUALA LUMPUR: The Sarawak Governor’s son, businessman Mahmud Abu Bekir Taib, today denied a string of accusations by his former wife’s lawyers, including the allegation that there were many women in his life. Testifiying in the Syariah High… – Continue reading
In This Issue: • It’s Stifling in Here! SEC Rules That Companies Can’t Put Restrictive Language in Confidentiality Agreements That Could Potentially Stifle Whistleblowers • An Opinion on Opinions: U.S. Supreme Court Decision in Omnicare • Is OFAC the New Black? Schlumberger and PayPal—The Rise in the Enforcement of Sanctions… – Continue reading
Myanmar remains an enigmatic country – one of the largest and most populated in Asia but also one of its poorest and least understood. It remains a country that has largely stood still for seventy years – hardly any infrastructure of note was developed in the country since the end… – Continue reading
Malaysia is poised to become a major offshore renminbi (RMB) clearing centre for the ASEAN region following the appointment of Bank of China Malaysia as the clearing bank for the RMB currency, reports Asia One. Prime Minister Datuk Seri Najib Tun Razak said that as ASEAN was one of China’s… – Continue reading
On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two decrees that modify Italy’s “black lists,” and announced on the same day that Italy and the Vatican had signed their previously agreed tax information exchange agreement (TIEA). The two decrees follow the guidelines laid down… – Continue reading
In 2015, Singapore celebrates its 50th year of independence and also mourns the passing of its first Prime Minister Lee Kuan Yew who steered Singapore’s success for many critical years. From its origins as a British trading post in 1819, Singapore has grown into one of the busiest ports and… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
Japan is the latest global financial hub to start making inroads into Islamic finance, a move that could help strengthen regional economic ties and give its lenders an edge in winning business in markets whose growth prospects far outpace their home turf, reports Reuters. Tokyo has long been a major… – Continue reading
PETALING JAYA: Local car companies can claim the 10% sales tax on unsold stock after the implementation of the goods and services tax (GST) – if they can produce documented proof of purchase. “If you’re holding stocks that had been paid for, you will get a full refund if you… – Continue reading
Malaysia has introduced a new Goods and Services Tax of six percent. However, the country’s Customs Department has said that confusion over the new tax will last six months to a year. Consumer concerns regarding the GST have been over price increases, whereas businesses concerns have focused on compliance costs… – Continue reading
The tiny island nation of Dominica in the Caribbean is positioning itself as another offshore banking facility. However, its prime minister warns that if one is thinking of parking ill-gotten gains in his country, to think again. “We are open for business but at the same time we have rules,”… – Continue reading
Towards the end of last December, the cabinet passed resolutions representing the latest attempt to turn Thailand into an attractive location in which to establish an international headquarters (IHQ). This is the third attempt in a little over a decade to lure multinational companies to Thailand. The first regional operating… – Continue reading
KUALA LUMPUR: The Goods and Services Tax will not be imposed on rentals of commercial units below RM500,000 a year, says Najib Tun Razak. The prime minister said the government had also decided that supply services for all stratified residential houses would be GST-exempt. He said under subsection 18(2) of… – Continue reading
MINSK, 17 March (BelTA) – Expert consultations on the draft agreement between the governments of Belarus and Malaysia to avoid double taxation and prevent the evasion of income and capital taxes took place in Malaysia. The parties initialed the draft agreement following the talks, BelTA learnt from the press service… – Continue reading
Both China and most other Asian nations have been highly assertive in their use of Double Tax and Free Trade agreements over the past five years, as the reality of rising prices in China coupled with an emerging consumer class dictate that intra-Asian trade flows are growing as an astounding… – Continue reading
UPDATED, March 16, 4:10 p.m.: Offshore investors are breaking into the hotel market at a rapid rate, and despite what it may seem like from recent headlines, not all are arriving from China. The buyers – many of them hailing from Qatar, Kuwait, Malaysia and Singapore – were involved in… – Continue reading
Many Islamic financial institutions like Qatar Islamic Bank have caught up to their Western counterparts in terms of efficiency and technology and are targetting new clients abroad. Also, given Doha’s expertise in the sector and its close ties with the UK, Qatari banks are well positioned to tap into British… – Continue reading
The regional operating headquarters (ROH) provisions that Thai tax authorities introduced in 2002 have never been popular, as they are difficult to understand and comply with. As a result, many businesses have bypassed Thailand and chosen Kuala Lumpur for their regional offices. Even a major revamp of ROH regulations in… – Continue reading
KUALA LUMPUR: Georgia is motivated to enhance economic cooperation with Malaysia, which has one of the most open economies in the world, its Charge d’Affaires ad interim (a.i.) to Malaysia Levan Machavariani said. “Malaysia is one of the world’s most open economies and fully integrated in the world’s trade and… – Continue reading
KUALA LUMPUR: A student movement today demanded that the government make it mandatory for top officials to publicly declare their assets in the wake of news about Malaysian public figures keeping millions of ringgit in offshore accounts. Anak Muda Harapan Malaysia (AMHM) said in a press statement that wealth declaration… – Continue reading
The Indonesian Employers Association (Apindo) has welcomed the government’s plan to introduce a tax amnesty, a fiscal incentive expected to encourage individuals or corporation that have not fully paid their taxes to comply with tax regulations. The association’s deputy chairman Hariyadi Sukamdani said that the amnesty would be effective in… – Continue reading
The existence of 1MDB’s RM7 billion in the Cayman Islands and its return to Malaysia must be verified. KUALA LUMPUR: Pandan MP Rafizi Ramli urged Bank Negara Governor Zeti Akhtar Aziz, in a statement on Wednesday, to invoke the Anti Money Laundering Act and ensure that a reported RM7 billion… – Continue reading
This edition of the Tax-News monthly feature takes in noteworthy events in the international tax arena, including attempts to inject new life into the campaign for comprehensive tax reform in the United States, and developments in the areas of free trade, indirect taxation, BEPS and tax transparency and compliance. US… – Continue reading
Asia’s ultra-high-net-worth-individuals (UHNWIs) are expected to hang onto their wealth for longer, as succession planning becomes an increasingly pertinent issue among this investor demographic elsewhere in the world. According to a new report by consultancy Wealth-X, around US$16 trillion of global UHNWI wealth is expected to be handed over to… – Continue reading
In its recent Asia-Pacific Residential Review, global property consultancy Knight Frank has said that Hong Kong and Singapore have the highest tax burdens on foreign property investors. It notes Singapore and Hong Kong have imposed taxes on foreign property buyers, such as additional duties, as a “macro-prudential tool … to… – Continue reading
(Bloomberg) — Australia is set to become the newest entrant to the Islamic debt market this year as a solar-power joint venture seeks to sell a debut sukuk in Malaysia’s offshore tax haven of Labuan. SGI-Mitabu, run by The Solar Guys International and Mitabu Australia Pty, has revived a plan… – Continue reading
Overseas property buyers have to pay significantly more tax than domestic buyers in Singapore and Hong Kong, making them the most costly places for foreigners to invest in residential real estate in Asia Pacific, says Knight Frank Singapore and Hong Kong are the most costly places for a foreigner to… – Continue reading
Indonesia has only met its tax revenue collection target two times in the past 10 years, but President Joko “Jokowi” Widodo has vowed to transfer his past success in boosting tax revenue at the regional level in Jakarta and Surakarta to the nationwide level. Jokowi has laid out his plan… – Continue reading
