Ambassador Furio De Angelis, the UN Refugee Agency’s man in Ottawa, says the media attention on the refugee crisis hitting Europe from all directions is a good thing, and one he hopes will translate into “concrete action.” He said the situation is dramatic, but it’s also a reflection of his… – Continue reading
Taipei, Aug. 27 (CNA) Taiwan and Japan have nearly completed negotiations on a bilateral agreement to avoid double taxation, a Taiwanese official said Thursday. The date of its signing is still being discussed, the official said. The negotiations on the agreement have almost been concluded, Chou Shyue-yow (周學佑), deputy director-general… – Continue reading
Fuzhou, China, Aug. 24 (CNA) Lin Join-sane (林中森), chairman of Taiwan’s semi-official Straits Exchange Foundation (SEF), arrived in the southeastern Chinese city of Fuzhou on Monday in preparation for the next round of high-level meetings with his Chinese counterpart. Lin and the SEF delegation were greeted by Chen Deming (陳德銘),… – Continue reading
Taipei, Aug. 18 (CNA) Taiwan and China will sign two agreements on taxation and aviation safety in their next high-level meeting to be held in Fuzhou, China later this month, a senior official of Taiwan’s Mainland Affairs Council (MAC) announced Tuesday. The meeting between the chiefs of Taiwan’s Straits Exchange… – Continue reading
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… – Continue reading
[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… – Continue reading
The Financial Supervisory Commission (FSC) yesterday issued licenses to 14 insurance companies to run offshore units, while commission Chairman William Tseng (曾銘宗) said the licenses would help the nation move closer to transforming into an asset management hub. Tseng said the licenses are a follow-up to efforts to benefit from… – Continue reading
Taipei, July 29 (CNA) Taiwan issued licenses Wednesday to 14 insurance companies operating here to run offshore insurance units (OIUs), and Financial Supervisory Commission (FSC) Chairman Tseng Ming-chung (曾銘宗) said that the license issuance will help Taiwan move closer to transforming itself into an asset management hub in the Asia-Pacific… – Continue reading
Singapore’s fight to stem illicit fund inflows has shoved private bankers into a new quandary – finding enough qualified compliance specialists to ensure the money passing through their accounts is clean. Like other wealth management centres around the world, Singapore is forcing banks to make more stringent checks on their… – Continue reading
Taipei, July 16 (CNA) Chinese yuan-denominated deposits held by banks operating in Taiwan as of the end of June hit a new high, but growth has shown signs of moderating, according to the central bank. Statistics released by the central bank on Wednesday indicate that the balance of yuan deposits… – Continue reading
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… – Continue reading
To launch the Offshore Insurance Units (OIU) business in Taiwan, the FSC published a ruling on May 21, 2015, amending the Offshore Banking Act Enforcement Rules. Major amendments include: (1) providing the required qualifications of an OIU, including the required capital adequacy ratio, and the requirement that an applicant shall… – Continue reading
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… – Continue reading
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… – Continue reading
Taiwan and China might sign an agreement on the avoidance of double taxation later this year, the Ministry of Finance said yesterday. “Technical issues” led to a breakdown in negotiations in 2009 on such a pact, which could significantly lighten the tax burdens on companies and Taiwanese doing business across… – 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
Turkish banks and companies are trying to sell syndicated loans to Asian investors after a drop in Asian lending but investors are wary of increasing Turkish exposure due to political instability following June’s elections, bankers said. Turkish borrowers are targeting Asian investors in a bid to extend loan maturities after… – Continue reading
The Taiwanese Trade Mission in Nigeria has called for effective collaboration with the Nigerian Government to avoid double taxation on Taiwanese investments in Nigeria. This is contained in Mission’s bulletin released in Abuja on Wednesday. It stated that the collaboration would also ensure protection of Taiwanese investments in Nigeria and… – Continue reading
UBS Global Asset Management (Taiwan) Ltd (瑞銀環球資產管理台灣) has received Financial Supervisory Commission (FSC) approval to launch a consulting service in Taiwan via an offshore banking unit, which might help generate US$3 billion in three years for its asset management business. UBS Taiwan, which is to launch the service in July,… – Continue reading
Taipei, May 16 (CNA) Chinese yuan-dominated deposits held by banks operating in Taiwan hit a new high as of the end of April, according to the Central Bank of the Republic of China. Market analysts said that the increase in the balance of Taiwanese banks’ yuan deposits largely resulted from… – Continue reading
House Foreign Affairs Committee Chairman Ed Royce (R-CA) and Congressional Armenian Caucus Co-Chair Frank Pallone (D-NJ) were among the first Congressional leaders to welcome the May 7th signing of the U.S.-Armenia Trade and Investment Framework Agreement (TIFA), a longstanding policy priority for the Armenian National Committee of America (ANCA). Chairman… – Continue reading
Global business The European Union outlined its strategy to create a digital single market. The thrust of the proposals include establishing standard rules for buying goods online, pruning cross-border regulations on telecoms and reducing the tax burden on businesses. But the plan also calls for a “comprehensive assessment” of whether… – Continue reading
The total “development finance” loss – counting both revenues and reinvested earnings – is estimated in the range of $250 to $300 billion. This prevents developing countries from stopping the outflow of money, which thus bleeds them of essential resources The financial crisis of 2008 had an interesting collateral benefit… – Continue reading
The Financial Supervisory Commission (FSC, 金管會) said it is updating regulations on bank mergers for an announcement by the end of May. FSC Chairman William Tseng (曾銘宗) said the commission is studying bank merger regulations that could facilitate the formation of large-scale institutions that compete better in the Asia-Pacific region…. – Continue reading
Taipei, May 2 (CNA) Taiwan has reached an agreement with Canada on the avoidance of double taxation at an annual bilateral economic consultation, the Ministry of Economic Affairs (MOEA) said Saturday. The double taxation avoidance pact, which will be signed very soon, will be favorable to Taiwan businesses because it… – Continue reading
CHINA Tax Free Reorganisations • With circulars 109 and 116 jointly issued in December 2014 by the Ministry of Finance and the State Administration of Taxation, the Chinese authorities have relaxed the conditions for internal reorganisations. • Circular 109 deals with internal reorganisations. Provided the pertinent requirements are met, the… – Continue reading
China may be the global electronics factory, but it is neighbouring Taiwan that India is increasingly looking at to drive its ‘Make in India’ initiative. A team led by secretary electronics and information technology RS Sharma went to Taiwan in March, and met a few major companies. The delegation will… – Continue reading
ROME–Italy’s Chamber of Deputies passed legislation Wednesday aimed at avoiding double taxation with Taiwan. It is the first time Italy’s parliament has passed legislation related to relations with Taiwan. The bill gained the support of the center-left Democratic Party, the largest party in the Chamber of Deputies, as well as… – Continue reading
Rome, April 16 (CNA) Italy’s Chamber of Deputies passed legislation Wednesday aimed at avoiding double taxation with Taiwan. It is the first time Italy’s parliament has passed legislation related to relations with Taiwan. The bill gained the support of the center-left Democratic Party, the largest party in the Chamber of… – Continue reading
Taipei, April 16 (CNA) A record high in Chinese yuan deposits taken by banks registered in Taiwan as of the end of March show optimism that the Chinese currency will appreciate against the U.S. dollar in the long run, analysts said Thursday. They said that China is gearing up to… – Continue reading
BEIJING: A total of 57 countries have been approved as founding members of a Chinese-led infrastructure bank, Beijing said on Wednesday, and Norway is included despite frosty relations over a Chinese dissident’s Nobel prize. No nations that formally sought to become founding members of the Asian Infrastructure Investment Bank (AIIB)… – Continue reading
TAIPEI–Taiwanese business people said they are optimistic about a new tax agreement between Taiwan and China that is expected to be sealed soon, with many hoping that the accord can improve the competitiveness of local businesses. Lai Cheng-i (賴正鎰) head of the General Chamber of Commerce in Taiwan, said the… – Continue reading
Taipei, April 13 (CNA) Taiwanese business people on Monday said they are optimistic about a new tax agreement between Taiwan and China that is expected to be sealed soon, with many hoping that the accord can improve the competitiveness of local businesses. Lai Cheng-i (賴正鎰), head of the General Chamber… – Continue reading
Taipei, April 4 (CNA) Banks registered in Taiwan suffered a fall in profit for the first two months of this year after financial authorities here imposed restrictions on the trading of a type of risky derivatives, according to the Financial Supervisory Commission (FSC). Statistics compiled by the FSC, the top… – 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
Asia-Pacific Banks: Chart of the Month – Taiwan here TAIPEI, March 31 (Fitch) Fitch Ratings says in a new report that it expects risks to the Taiwanese banking sector from a cooling housing market to be contained. Macro-prudential measures and the likely reversal of an accommodative monetary policy have helped… – Continue reading
The central bank yesterday welcomed positive remarks by its Chinese counterpart last week to consider removing the daily yuan conversion limit, as demand for the Chinese currency is flourishing. Taiwan has been seeking the removal of the daily 20,000 yuan (US$3,193) conversion cap, in line with its bid to develop… – Continue reading
BRUSSELS, March 10 (Reuters) – The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS — British bank Barclays (LSE: BARC.L – news) to acquire sole control of Spanish insurer CNP Barclays Vida y Pensiones Compania de Seguros,… – Continue reading
State-run Hua Nan Commercial Bank (華南銀行) — the main subsidiary of Hua Nan Financial Holding Co (華南金控) — aims to increase its loan book by 4.2 percent this year, driven by corporate lending, senior bank executives said yesterday. The target is lower than the 5 percent increase last year, as… – Continue reading
Taipei, March 7 (CNA) Banks incorporated in Taiwan saw profits in their offshore banking units (OBUs) falling year-on-year in January, while earnings in their domestic banking units (DBUs) were up for the same month, the Financial Supervisory Commission (FSC) said Saturday. The FSC, the top financial regulator in Taiwan, said… – Continue reading
Alibaba’s multiple nationalities are an invitation to trouble. Taiwan has challenged the e-commerce company’s status as a non-Chinese company. The regulators could be forgiven for being confused. Chinese tax authorities regard Alibaba as a company with its main base in Hong Kong, licensing bodies see China, while investors see the… – Continue reading
CHINA China Releases GAAR Administrative Measures Courtesy of Mr Glen Wei, an attorney at law, certified tax adviser, and CPA based in China.China’s State Administration of Taxation (SAT) on December 12 issued Decree 32 (dated December 2) introducing administrative measures for applying the domestic general anti-avoidance rule to special tax… – Continue reading
BANDAR SERI BEGAWAN – Taiwan is keen on broadening the scope of cooperation with Brunei beyond the areas of oil, gas and organic chemicals. According to Albert Huang, representative at the Taipei Economic and Cultural Office in Brunei, the two parties can explore other trade opportunities. Taiwan is interested to… – Continue reading
With a fast-growing pool of Chinese yuan and a close trade relationship with China, in the long term the nation has the potential to become a leading offshore yuan center, foreign banks said in Hong Kong. The internationalization of the yuan is to continue this year, with more regions or… – 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
Taiwan’s central bank said that the nation’s Chinese yuan remittances rose 44% at the end of last December Taiwan’s central bank said on Jan. 16 that Chinese yuan-denominated remittances from Taiwanese banks at the end of December last year rose about 44% from a month earlier, amid warming business ties… – Continue reading
While Chinese officials aren’t required to disclose their assets publicly, citizens have remained largely in the dark about the parallel economy that can allow the powerful and well-connected to avoid taxes and keep their dealings secret. By some estimates, between $US1 trillion and $US4 trillion in untraced assets have left… – Continue reading
Taipei, Jan. 13 (CNA) President Ma Ying-jeou said Tuesday that the Republic of China and Ireland have enjoyed close exchanges in recent years and that the two sides are now negotiating on signing an agreement on the avoidance of double taxation to further boost bilateral trade. The president noted that… – Continue reading
Taiwan’s Strait Exchange Foundation (SEF) chairman is scheduled to hold negotiations with his Chinese counterpart on the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income on Jan. 13, reports our Chinese-language sister newspaper Commercial Times. The agreement will possibly… – Continue reading
A double taxation avoidance agreement between Taiwan and Austria, which is expected to boost bilateral trade an investment, will take effect on Jan. 1, 2015, Taiwan’s Ministry of Foreign Affairs said Wednesday. The agreement was signed in July, and with the two countries now having completed the necessary domestic legal… – Continue reading
