SHANGHAI — China says it will appoint independent auditors to assess the value of overseas assets belonging to the country’s biggest state enterprises. According to a Xinhua News Agency report, the state assets department of China’s State Council (or cabinet) on Tuesday announced that accounting firms could bid for the… – Continue reading
Transactional work varies from jurisdiction-to-jurisdiction with the ebb and flow of various economic cycles, but a prevailing theme across the EMEA region has been that more and more advisory firms are urging taxpayers to prepare for the impact of the OECD’s base erosion and profit shifting (BEPS) action plan. Joe… – Continue reading
Part of the African continent, with neighboring countries such as the Reunion Islands, Madagascar and the Seychelles, is the island republic of Mauritius. Over the centuries, Mauritius has been occupied at different times by three of the world’s greatest maritime powers. Beginning in 1578, Mauritius was a Portuguese possession and… – Continue reading
MUMBAI: Axis Bank, the country’s third-biggest private sector lender, plans to step up offshore investment banking as it aims to market bonds globally amid rising corporate India’s interest in overseas markets. The bank, which has been topping the league table on bond sales, may also tie up with some international… – Continue reading
UK offshore industry trade association Oil & Gas UK has called for “urgent action” to reduce and simplify North Sea oil and gas taxation, including a double digit reduction in the Supplementary Corporation Tax on UK producers. The trade body, led by outcoming CEO Malcolm Webb, said the right action… – 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
Amid a spreading climate of fear in Russia, underscored by the late February assassination of Boris Nemtsov, Russians with something to lose are increasingly trying to find safe havens abroad for their assets. The net outflow of capital from Russia reached $151.5 billion in 2014, according to statistics compiled by… – Continue reading
Martin McNamara had his suspicions. An OPP officer and executive officer of the provincial force’s union, McNamara was the first to complain to authorities about unusual financial transactions involving the union’s top brass. When McNamara, who had signing authority for the 6,000-member union, was asked to authorize a $5,000 cheque… – Continue reading
Kirstie Spicer writes that investors could be facing one of their last chances to make the most of a higher dollar and invest some cash offshore as the RBA tries to jawbone the Australian dollar lower once again. FOR those of us with spare cash, European holidays are not the… – Continue reading
VietNamNet Bridge – A lot of private enterprises in Vietnam are shoring up offshore investment activity, particularly in regional markets, to make the most of material sources and tap into opportunities presented by these growing markets. An expert of Vinamilk tests the quality of powdered milk made by the company… – Continue reading
Port Louis, March 12 : Prime Minister Narendra Modi on Thursday assured that India would work with Mauritius to avoid the “abuse” of the double taxation avoidance agreement and added that the destinies of both nations are “linked by the currents of the Indian Ocean”. Addressing the National Parliament of… – Continue reading
Port Louis: India offered US dollar 500 million concessional line of credit to Mauritius for key infrastructure projects even as the two countries agreed to continue negotiations on hammering out a revised double tax treaty to prevent its “abuse”. The two countries also signed five agreements, including one on developing… – Continue reading
The BVI is a tax haven that has been used to stash away laundered money and capital siphoned out of countries through tax evasion. “It has never been clear why the board led by Moxon decided to set up parallel investment vehicles in the BVI. That was never fully explained… – Continue reading
What is FATCA? The US federal income tax system relies on voluntary compliance by taxpayers to self-report their worldwide income and compute their income tax. It is estimated that billions of dollars in taxes are evaded annually by US persons holding offshore accounts. When voluntary compliance is augmented by third-party… – Continue reading
NEIL CHENOWETH The raids unfolded across the city at 8.40 on a Tuesday evening. Squads of federal police descended on Point Piper, Chatswood, city offices and the departure lounge of Sydney International Airport. Accountant Vanda Gould was up when police arrived to arrest him. Across town officers scooped up his… – Continue reading
BRIDGETOWN, Barbados (CMC) – The Barbados Government says it will not tolerate businesses operating within the international business and financial services sector engaging in tax evasion practices here and is seeking support from the Paris-based Organization for Economic Cooperation and Development (OECD). Commerce Minister Donville Inniss, speaking in Parliament Tuesday,… – Continue reading
MUMBAI: Next time, you will think twice before opening a bank account in Jersey or buying a property in London — even if the transaction is legitimate. Everyone having accounts with offshore banks, or owning properties or stocks abroad will be soon asked a string of questions by the tax… – Continue reading
Associated Oregon Industries Oregon’s largest business advocate The issue of “tax havens” garnered early interest from the House and Senate Revenue Committees as the Oregon Department of Revenue issued a new report outlining which additional countries should be considered “tax havens” for purposes of Oregon tax law. AOI testified in… – Continue reading
[SHANGHAI] Off-shore investment and fundraising procedures for Chinese state-owned enterprises (SOEs) will soon be simplified, media reported on Tuesday. The People’s Bank of China (PBOC) and related government bodies have already submitted a proposal to streamline “going out” procedures for Chinese firms to the State Council, a central bank official… – Continue reading
Large businesses require access to finances to fund on-going market development, regional expansion and mergers & acquisitions (M&A) to name a few. Conglomerates in particular have discovered that pooling together the different business units’ assets under treasury operations enables these to better manage the company’s liquidity as well as mitigate… – Continue reading
Government proposes to come out with a modified General Anti-Avoidance Rules by incorporating provisions of the OECD’s BEPS project so as to effectively deal with the problem of tax avoidance by MNCs. The BEPS initiative aims to ensure that taxes are paid where profits are made. Multinational companies use a… – Continue reading
Al Tamimi & Company – Advocates and Legal Consultants Surabhi Singhi Kataria Tax planning has always been a topic of international debate and adjudication. The borderlines between permitted tax planning/avoidance and unlawful tax evasion have occupied the centre stage across the globe with several modern economies emphasizing the need for… – Continue reading
(Bloomberg) — Argentine tax authorities said Sunday they are seeking the arrest of money manager Miguel Abadi for alleged involvement in an offshore investment network designed to avoid paying taxes. The agency, in a statement, said it’s seeking information from tax agencies in the Virgin Islands, Uruguay and Bermuda about… – Continue reading
Investors seeking global diversification for their property portfolios are increasingly seeing New Zealand as an attractive investment option. Although our commercial and industrial property market is too small to attract the interest of giant global real estate investment trusts (REITs), our manageable size is regarded as an advantage by other… – Continue reading
It’s been tough for investors in the U.S. to get much income from their portfolios from traditional sources like fixed-income investments, and so dividend stocks have gotten a lot more popular in recent years. Although there are thousands of U.S. stocks that pay dividends, many international companies also have lucrative… – Continue reading
David Denton, technical expert at Old Mutual International, explores the new decumulation opportunities which are emerging in the offshore market, looking at how they compare to traditional drawdown or annuity options. International annuities targeted at retail investors are emerging in the offshore market which allow QROPS or QNUPS when crystallized… – Continue reading
The number of requests from foreign governments for tax information from the UK rose by 45 percent in 2013, according to international law firm Pinsent Masons. 2,466 requests were received by HM Revenue and Customs (HMRC) in the year to December 31, 2013, up from 1,701 recorded in 2012. James… – 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
SYDNEY: Australian debt is set to be a major beneficiary of Japan’s offshore investment push, attracting up to $63 billion of Japanese bond investment by 2018, HSBC said on Thursday. HSBC estimated as much as $500 billion of Japanese savings could be re-allocated to international assets over the next two… – Continue reading
Firms need clear rules, certainty to remain in compliance with tax law, says expert Heightened scrutiny of foreign companies’ tax practices is a sign of China’s effort to modernize its taxation system to keep up with the fast-changing international business environment, but there is another dimension that concerns the foreign… – Continue reading
Some of the biggest listed Irish firms have subsidiaries in so-called ‘tax havens’, like the British Virgin Islands, Jersey or Luxembourg. They say it’s not to reduce their tax bills – so why are they there? The subsidiaries are registered in well-known offshore tax havens, such as the British Virgin… – Continue reading
A UNITED Nations official has launched a scathing attack on Ireland over its corporation tax regime. Philip Alston, the UN’s Special Rapporteur on extreme poverty and human rights, accused the country of supplementing the 12.5pc rate with a raft of schemes that appear designed to allow tax avoidance by big… – Continue reading
Some of your well-to-do clients may be thinking of moving to the “51st state.” Puerto Rico is quickly becoming a tax haven for U.S. citizens fed up with paying higher taxes on the mainland. If you qualify, the tax rate on much of your investment income – including certain capital… – Continue reading
The mainland has stepped up its participation in the G20’s fight against international tax avoidance by passing a law cracking down on the indirect sale of assets outside the country to avoid paying taxes. The law would affect investment companies, analysts said, adding it would also have a significant impact… – Continue reading
Jeremy Grant in Singapore Clampdowns on bank secrecy in Europe and a proliferation of billionaires in Asia helped Hong Kong and Singapore attract more overseas money over the past two years than rivals such as Switzerland, according to a report by Deloitte. The consultancy’s annual ranking of wealth centres highlights… – Continue reading
A source from FPT Group said this group’s revenue was estimated at VND35.11 trillion last year, up 23% against the previous year and 10% higher than targeted. But its profit fell by 2% to around VND2.46 trillion. The shrinking online game segment and difficulties related to information technology projects on… – Continue reading
As middle class flees, Puerto Rico tries luring rich people The towering 38-year-old native of Arkansas is one of at least 250 people who’ve accepted Puerto Rico’s invitation to well-heeled U.S. citizens to move to the island and enjoy life without taxes on capital gains, an enticing offer for those… – Continue reading
Though North Korean labor more expensive than previously thought – RFA The DPRK government made agreements promoting mutual investment and preventing double taxation for foreign investors, particularly highlighting cooperation with Russia, according to an article from the Korean Central News Agency (KCNA) published this week. Governments often form tax treaties… – Continue reading
Many wealthy foreigners considering their options for investment, permanent residency or citizenship in the US are concerned about the US tax policy. Many have heard of the US income tax on worldwide income, but in reality, astute advisors can mitigate or eliminate the additional expense. US Freedom Capital, the premier… – Continue reading
The National Taxpayer Advocate Nina Olson is a strong and vocal advocate for taxpayer rights. Her annual report to Congress castigates the IRS for its unfair application of offshore account penalties, and its disparate treatment of innocent Americans caught in reporting snafus. Some of the report asks the IRS to… – Continue reading
NEW DELHI: Getting tough with investment proposals from tax heavens, FIPB has deferred 23 applications in its last three meetings apprehending “treaty abuse”. According to sources, the Department of Revenue has expressed doubt that a few foreign companies were evading tax by routing their investments through tax heaven countries with… – Continue reading
The Association of Americans Resident Overseas – AARO – recently conducted a 4 month survey to see how Americans with offshore financial accounts were adapting to the mandatory electronic FBAR filing regimen. For decades, U.S. taxpayers with offshore accounts had to paper file FBAR reports each June. Now, FBARs must… – Continue reading
Li Ka-shing, Hong Kong’s richest man for the past seventeen consecutive years with a reputed personal wealth of $33 billion, surprised analysts at the start of 2015 by announcing the restructuring of his vast business empire. His plans to merge all non-property assets of his two companies Cheung Kong Holdings… – 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
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
Senate Finance Committee Chairman Orrin Hatch reiterated his view that the only solution to corporate tax inversions is United States tax reform, during remarks at a conference hosted by the Brookings Institution on January 23. Hatch has long been skeptical of short-term measures – legislative or non-legislative – to deter… – Continue reading
The Chinese Ministry of Commerce has released the draft of the proposed new Foreign Investment Law to solicit public opinions. The proposed law will significantly reduce barriers to foreign investment, while increasing scrutiny of foreigners trying to evade the regulations on investing in restricted industries. The draft law proposes five… – Continue reading
BEIJING, Jan. 23 (Xinhua) — The internationalization process of China’s currency has made a new stride forward during the ongoing World Economic Forum annual meeting, with Beijing and Bern inking a deal to expand financial cooperation. Under the agreement, signed Wednesday in the Swiss ski resort of Davos, China gives… – Continue reading
India has worked out a bilateral tax agreement with the United States, which could be signed during U.S. President Barack Obama’s visit, that would boost foreign investment and ease investors’ concerns raised by high profile cases against Vodafone and Shell. The pact, which industry executives say would specifically target the… – Continue reading
The Fiji Revenue and Customs Authority (FRCA) has announced two six-month amnesty programs, for undeclared offshore assets and for persons struggling to pay tax dues. The first amnesty will enable taxpayers who disclose assets held offshore to be liable for unpaid taxes only. Initially announced by the Fijian Minister for… – Continue reading
