According to China Merchants Bank and Bain & Company, a global business consulting firm, nearly 60 percent of China’s high net worth individuals have assets overseas in 2017, while in 2011 this ratio was only 20 percent. In 2015 and 2016, China’s annual financial assets exported overseas amounted to more...
Some of New Zealand’s largest companies are calling on any future government to lower the corporate tax rate, which is becoming high compared to other countries, and a “New Zealand first” approach to policing cross-border finance arrangements that under-tax revenue in other countries. Published jointly by peak business lobby Business...
The government’s plan to impose more levies on large companies will undermine their competitiveness amid a rising global trend of tax reductions and further distort the country’s taxation structure, analysts say. A draft tax code revision unveiled early this month proposes raising the corporate tax rate for businesses with taxable...
Every individual has a nil rate band of £325,000 after which any assets above this threshold become taxable at 40% unless they are passing to an exempt beneficiary such as a charity or spouse/civil partner. This threshold has been frozen until the end of the 2020/21 tax year. The government...
This article is the third of a series of articles that examines tax aspects of the UK company which make it an attractive international business company, or “IBC”. This generic label, and its acronym, are normally associated with the BVI company, and its international competitors in other offshore financial centres....
Ireland has published guidelines for requesting Mutual Agreement Procedure (MAP) assistance. The guidelines, issued in early August, set out the legal basis for requesting MAP assistance as well as: the process through which taxpayers can request assistance from Ireland’s Competent Authority (the Revenue) the possible outcomes resulting from a request...
The UK tax authority, HM Revenue and Customs (HMRC), has warned taxpayers to avoid disguised remuneration schemes that attempt to recharacterize loan arrangements to avoid the 2019 loan charge on disguised remuneration. “HMRC is aware of schemes that claim to avoid the 2019 loan charge on disguised remuneration. These schemes...
The Irish Government is said to be nearing a deal with Apple that would protect the state from any losses that could arise while it holds in escrow the “state aid” money the EU has ordered the tech giant to pay back. Bloomberg reported that an individual familiar with the...
Launching the taxpayer directory for the 2016 tax year, Pakistan’s Finance Minister, Ishaq Dar, revealed that government efforts to broaden the country’s taxpayer base have been successful. The number of registered taxpayers, he said, has increased by nearly 50 percent from four years ago, when the first “directory” was released....
America has formally agreed to share detailed information of companies with the Australian government’s Tax Avoidance Taskforce. This means authorities get access to additional intelligence to track down US-based multinationals. This month, US authorities signed a country-by-country report exchange deal with Australia. It seeks to give authorities a broader picture...
