Category: Taiwan

Taiwan-Italy Tax Treaty Takes Effect from 1 January 2016

With an aim to avoiding double taxation, improving the investment environment for Taiwan, and increasing the attractiveness of foreign investment into Taiwan, the Ministry of Finance in recent years has focused on entering into tax treaties with other jurisdictions. Following tax treaties signed with Italy and Austria, Taiwan entered into...

Legislative committee approves anti-tax evasion bill

The legislature’s Finance Committee yesterday approved an anti-tax evasion bill, which, if passed into law, would subject all companies registered overseas to the 17 percent corporate income tax. While supportive of the legislation, the committee voted 7-5 in favor of allowing the Cabinet to set the implementation date to avoid...

The biggest loophole of all

Having launched and led the battle against offshore tax evasion, America is now part of the problem DEVIN NUNES raised eyebrows in 2013 when, as chairman of a congressional working group on tax, he urged reforms that would make America “the largest tax haven in human history”. Though he was...

Taiwan, Italy sign pact to avoid double taxation

Taipei, Feb. 15 (CNA) The Ministry of Foreign Affairs said Monday that Taiwan and Italy have completed an agreement to avoid double taxation and tax evasion. The Ministry of Foreign Affairs said Monday that Taiwan and Italy have completed an agreement to avoid double taxation and tax evasion. The ministry...

The Asia Tax Awards are back: Enter now for 2016

The revived Asia Tax Awards will feature categories for companies, firms and individuals. The Asia Tax Awards are back! More than five years after they last took place in November 2010, the Asia Tax Awards will be held once again on Thursday May 5 2016, following the Asia Tax Forum,...

Canada: Taiwan – Canada Tax Arrangement Released

On January 15, 2016, Canada and Taiwan entered into an “Arrangement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income” (the “Arrangement“). The Arrangement will apply to amounts paid or taxation years beginning after January 1 of the year following the...

China: offshore banks’ must reserve more yuan

China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy...

China to start implementing RRR for offshore banks’ domestic deposits

China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy...

China winning offshore yuan battle, but may be losing the war

HONG KONG: In the space of about five years, the offshore market in Chinese yuan has gone from the poster child of Beijing’s financial market liberalisation to a battleground to regain control of the currency, spooking investors and raising questions about the future of the market. While investor appetite for...

FATCA List – January 1, 2016

Christmas Island has timely picked the festive holiday to join the Internal Revenue Service (IRS) list of Foreign Account Tax Compliance Act (FATCA) jurisdictions. The small Indian Ocean outpost has a single financial institution reporting to the IRS. Interestingly, the FATCA list of financial centres now exceeds the United Nations...

GLOBAL TAXPAYERS CAN EXPECT TO PAY MORE TAX IN THE YEARS AHEAD

Global taxpayers can expect to pay more tax in the years ahead. Many governments worldwide continue to update their tax legislation and expand their tax systems to repay debt and pay for increased social welfare, even as the memory of the last global financial crisis lingers. These are the conclusions...

East West Bank falls short on preventing money laundering, Fed warns

Pasadena’s East West Bank must beef up its efforts to prevent money laundering after federal regulators said its practices were not sufficient. The bank, which has operations in the United States, Hong Kong, China and Taiwan, was ordered by the Federal Reserve on Thursday to correct problems with its anti-money-laundering...

Tax system slow to adapt to digital economy’s rise

LOST REVENUE:A lack of regulations on taxing cross-border Web-based content and services providers puts their local peers at a disadvantage, Ernst & Young said The nation’s tax system is relatively behind developed markets in adapting to the proliferation of the digital economy, which has resulted in lost revenues for the...

Trust company ‘ready to move on’ from controversy

The founder of a Singapore-based trust company that came under fire in 2013 for data breaches and allegations of aiding tax evasion said it is “time to move on”. Mr David Chong said his Portcullis TrustNet, which has since been renamed Portcullis Group, is busy planning for the future after...

Banks’ earnings growth slowing

The earnings momentum of Taiwanese banks has tapered off this year due to China’s slowing economy and yuan devaluation, CIMB Securities Ltd said on Tuesday. Overseas earnings, which drive 35 percent of local banks’ pretax profits, might not see a hefty increase this year as in previous years, as banks...

Ireland’s Finance Bill 2015 – key changes for international companies and financial institutions

Following the recent Irish budget statement (the “Budget”), the Finance Bill 2015 (the “Bill”) has been published and it implements the changes announced by the Irish Minister for Finance (the “Minister”). The Bill includes additional detail on: the new knowledge development box (“KDB”); and Ireland’s implementation of country by country...

Taiwan and Mainland China signed a Cross-Straits Income Tax Agreement

Taiwan and Mainland China signed the “Cross-straits Agreements for the Avoidance of Double Taxation on Income and Solidifying Cooperation with respect to Taxes” (hereinafter referred to as “Cross-straits ITA”) on 25 August 2015. After the draft Article 25-2 of the “Act Governing Relations between the People of the Taiwan Area...

Markets retain early gains amid a range bound trade

Indian equity markets retaining their early gains were trading in a range in early noon session, on value buying activities by market-participants. Sentiment got boost with the statement of finance ministry that the country will grow by 7.5 per cent in the current fiscal, slightly higher than international rating agency...

HOUSING A TAX DODGE IN RICHMOND AND VANCOUVER

Some might be surprised to learn that certain areas of Richmond and Vancouver, despite being thoroughly decorated with mcmansions, monster homes, and incessantly rising land prices, are actually inhabited by low income residents that make up a surprising per cent of the population. Conservative Party leader Stephen Harper, during a...

Agreement between Mainland China and Taiwan to avoid double taxation on income

On August 25, 2015, the People’s Republic of China and Taiwan signed an Agreement for the Avoidance of Double Taxation regarding Taxes on Income (“the DTA”), which will enter into force when the legal procedures have been completed. The DTA’s highlights: 1. Permanent establishment (“PE”) specifications The DTA establishes a...

British Teachers Abroad Have One Last Chance to Avoid UK Taxes on Their Pension

QROPS specialists are offering free transfers to Gibraltar QROPS for August only for teachers who want to retire abroad and avoid all UK taxes and future UK taxes on their existing teacher’s pension scheme. This is the final chance for teachers living abroad to transfer their UK pensions outside the...

China policy lenders to issue 15 bln yuan in bonds offshore

[BEIJING] China’s top economic planning agency approved two policy lenders – China Development Bank Corp (CDB) and Agricultural Development Bank of China – to issue renminbi-denominated bonds offshore, the National Development and Reform Commission (NDRC) said on Tuesday. CDB, the country’s biggest policy lender and responsible for funding large infrastructure...

Where will the money flow from Gorgon, our biggest ever mining project?

Energy giants called to explain billions in tax havens To describe Gorgon as another super-sized resources project in Western Australia does not do justice to the scale and scope of the venture. When the taps are turned on later this year and liquefied natural gas begins to flow, Australia will...

Taxpayers Still Facing Big Challenges One Year After FATCA Goes Into Effect

June 30 — Taxpayers continue to wrestle with big questions a year after the Foreign Account Tax Compliance Act opened for business. Acknowledging that the Internal Revenue Service is doing its best to implement a complex law, issues still remain as the reach of FATCA goes global, practitioners told Bloomberg...

Amend the offshore Banking Act Enforcement Rules and issue the regulations governing Offshore Insurance Branches

The Financial Supervisory Commission (FSC) and the Central Bank of the Republic of China (Central Bank) issued the amended Offshore Banking Act Enforcement Rules (“Rules”) and the new Regulations Governing Offshore Insurance Branches (”Regulations”), respectively per letters Ref. No. Jin-Guan-Bao-Zong-Zi No. 10402567211 and Ref. No. Tai-Yang-Wai-She-Yi-Zi No. 1040021857 on 25...

FATCA – Which Countries Are In And Out

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....