ABU DHABI: The UAE Cabinet has on Sunday endorsed hosting the headquarters of the joint Police Force of the Gulf Co-operation Council (GCC) in Abu Dhabi. By hosting the GCC Police Force, the UAE aims to foster its relations with the other Gulf countries to safeguard the region from any… – Continue reading
Chinese authorities will cooperate with Indonesia to confiscate more than $500 million of ill-gotten assets illegally transferred to China by corrupt Indonesian banking officials. Under the Treaty on Mutual Legal Assistance in Criminal Matters between China and Indonesia that took effect in 2006, the Ministry of Justice will “give support… – Continue reading
The outlook for uranium, moribund for some time, is looking up. And that means shares of Cameco Corp., the Saskatoon-based miner one analyst calls “the only real blue-chip stock in the sector,” are up, too – about 20 per cent from their 52-week lows. The stock has received a host… – Continue reading
HONG KONG: small group of asset managers is pushing for more protection for offshore holders of Chinese bonds, in a sign that growing default fears are putting established funding structures under scrutiny. The ongoing debt restructuring of troubled Chinese property developer Kaisa Group Holdings has rattled many on the buy… – Continue reading
China started a campaign to stop the use of offshore companies to transfer the ill-gotten gains from corruption and bribery overseas. The People’s Bank of China, the central bank, will join with four ministries including the State Administration of Foreign Exchange, to crack down on underground banks, offshore company accounts… – 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
As foreign portfolio investors balk at India’s claim of $6.4 billion in back taxes, the finance ministry’s latest demand isn’t damping interest in the nation’s stocks and bonds. Foreigners were net buyers of local equities every day barring one since the finance ministry said April 6 it is well within… – 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
This week, the Royal Bank of Canada became the first bank to complete cross-border Renminbi (RMB) payment using Canada’s new RMB Trading Hub through the hub’s designated clearing bank, Industrial & Commercial Bank of China (Canada). On 23 March, Royal Bank of Canada (RBC), other Canadian banks and government delegates… – Continue reading
Taxes have risen by around one per cent on the average worker’s wage in Organisation for Economic Co-operation and Development (OECD) countries since 2014, although the majority of governments have not increased income tax rates, the OECD has said. In its Taxing Wages 2015 report, the OECD looks at the… – 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
Beijing enlists seven firms, including PwC, to investigate projects and holdings this year Beijing has appointed seven audit companies, including international firm PwC, to look into the overseas assets of major state-owned enterprises as it tightens the reins on the business giants. The State-owned Assets Supervision and Administration Commission (Sasac)… – 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
Taxes on wages have risen by about one percent for the average worker in OECD countries between 2010 and 2014, even though the majority of governments did not increase statutory income tax rates, according to the Organisation for Economic Cooperation and Development’s (OECD’s) Taxing Wages 2015 report. According to 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
This is relevant mainly for (1) Hong Kong companies or investment funds selling securities in Chinese listed companies and (2) ship or aircraft leasing companies resident in Hong Kong who (finance) lease vessels and aircraft to lessees in mainland China. On 1 April 2015, Hong Kong and mainland China signed… – Continue reading
In recent years, the State Administration of Taxes (“SAT”) has paid closer attention to fees resident enterprises pay their overseas related parties, concerned that multinational groups have shifted profits away from China through aggressive tax planning and by paying unreasonable service fees and royalties overseas. Following PRC’s active participation in… – Continue reading
Australia and the GCC countries may only be a few months away from signing a landmark Free Trade Agreement (FTA) deal “if a decision is made quickly,” with such a deal having multiple benefits for various Gulf-based businesses and stakeholders, said Australia Trade and Investment Minister Andrew Robb. Speaking to… – Continue reading
The present French Tax Update will focus on (i) several noteworthy French and European Union court decisions issued in the last months of 2014 and in the first months of 2015, and (ii) the recent presentation by the European Commission of a package of tax transparency measures. VALIDITY OF TAX… – Continue reading
[SHANGHAI] A sudden surge in mainland money chasing after Hong Kong’s share rally has prompted a dozen Chinese overseas mutual funds to suspend subscriptions on certain products, citing quota limits and the interests of existing fund investors. Chinese funds that invested overseas under the Qualified Domestic Investor (QDII) pilot scheme… – Continue reading
Hong Kong Exchanges and Clearing Limited’s securities market turnover has risen to a record high, and the recent signing of the fourth Protocol to the China-Hong Kong double taxation agreement (DTA) will further boost trading activity through the Shanghai-Hong Kong Stock Connect (SHKSC) program. Hong Kong Exchanges and Clearing Limited’s… – Continue reading
Recently, State Administration of Tax issued Annual Corporate Income Tax (“CIT”) Return Package of People’s Republic of China (Type A, 2014). The new return package will come into force on Jan 1st, 2015 and first to be adopted by resident CIT taxpayers in the 2014 annual CIT filing. This issue… – Continue reading
BANGKOK: — IN SPITE of global economic sluggishness dampening overseas shipments this year, the Thai economy should grow more strongly during the current quarter, driven by tourism growth, rising government spending and recovering exports, ministers said yesterday. At the annual meeting of the Thai National Shippers Council, Deputy Prime Minister… – Continue reading
China has introduced measures to deny income tax deductions for certain service fees and royalties paid by Chinese companies to their overseas affiliates. They appear to stem from China’s initiatives to implement rules it sees as related to the OECD’s Base Erosion and Profit Shifting project (BEPS) They will likely… – Continue reading
The Obama administration is gaining ground in its war against tax cheats, racking up victories in a global crackdown that has made it harder to escape the Internal Revenue Service. President Obama’s battle against offshore tax evaders hasn’t gotten the publicity of some of his other priorities but under his… – Continue reading
Suspicions rising that ‘hot money’ is being washed through Vancouver real estate As affluent Chinese buyers – spurred by relaxed regulations and a lower Canadian dollar – flood into British Columbia’s real estate market, warnings are rising that some cash deals may contravene federal money laundering rules. A 2015 report… – Continue reading
Shenzhen authorities have started to lift the sales ban against projects by Kaisa Group Holdings, but troubles are far from over for the developer. The city restricted Kaisa from selling thousands of flats four months ago, which quickly pushed the developer to the brink of bankruptcy as its cash flow… – Continue reading
The number of Australian companies using renminbi to settle cross-border business has increased substantially over the past year, according to a new business survey. HSBC surveyed companies transacting with China and found that the proportion of Australian companies using RMB for cross-border business has risen from nine per cent in… – Continue reading
The number of Australian companies using renminbi to settle cross-border business has increased substantially over the past year, according to a new business survey. HSBC surveyed companies transacting with China and found that the proportion of Australian companies using RMB for cross-border business has risen from nine per cent in… – Continue reading
New rules mean that almost 100 governments around the world will exchange information about bank accounts Expat tax dodgers are running out of places to hide, as information about their bank accounts and assets will soon be exchanged between 93 governments globally. At present, if tax authorities suspect people of… – Continue reading
More and more Americans are opening offshore bank accounts. This article provides statistical details about why this is so, that offshore banking can be safe and legal and which banking jurisdictions are safest. Apr. 3, 2015 / PRZen / VALENCIA, Calif. — Offshore banking is growing in leaps and bounds… – Continue reading
An agreement to lower the mainland withholding tax for aircraft and ship leasing is a crucial first step towards realising the Hong Kong government’s ambition of making the city an international centre for financing a global aviation industry that will need US$4.6 trillion worth of planes in the next two… – Continue reading
The Shanghai-Hong Kong Stock Exchange Connected is working out its kinks and investors are taking notice. Hong Kong and Beijing signed a tax treaty on Thursday that ends double taxation for equity traders, which was one of the sticking points for local brokers hoping to buy into China’s massive mainland… – Continue reading
The banking sector’s risk from a cooling housing market might be contained, as prudential measures and the likely reversal of an accommodative monetary policy have helped check property speculation and the buildup of systemic risk, Fitch Ratings Ltd said yesterday. “The sector’s household debt servicing would remain manageable under a… – 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
(Bloomberg) — Kaisa Group Holdings Ltd., the Chinese developer in talks to restructure its debt after being tied to a graft probe, postponed its results announcement for 2014 because auditors need more time to verify its accounts. There may be a “significant adjustment” to its unaudited accounts, Shenzhen-based Kaisa said… – 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
Hungaryʼs Foreign Minister Péter Szijjártó opened a Hungarian trading house in Santiago de Chile on Friday, the minister told Hungarian news agency MTI by phone early this morning following talks with Chileʼs Foreign Affairs Minister Heraldo Munoz and with Chilean businessmen. Szijjártó said on the phone that Chile is one… – Continue reading
As growth slows, the government toughens its stance on the tax practices of foreign businesses. China’s slowing economy and fiscal readjustment have led central and local governments to begin a crackdown on foreign corporate tax breaks in a search of higher revenue. The central government has become increasingly vigilant against… – Continue reading
City’s share of global yuan payments at 72pc last month from 85pc in 2012 Hong Kong’s market share in the global yuan business has been shrinking rapidly over the past two years, with other offshore yuan centres turning up the heat on the city as Beijing allows foreign financial centres… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
China will strengthen cooperation with the United States on major legal cases aimed at repatriating corrupt Chinese officials hiding in the US, as well as confiscating their ill-gotten assets, a senior official of the Supreme People’s Procuratorate said. The remarks followed news that one of China’s most wanted fugitives is… – Continue reading
A vote in favor of repealing FATCA sends a message: a message to foreign banks that they can get back to helping wealthy Americans hide their assets and use offshore accounts to evade tax. In anticipation of yesterday’s Senate’s budget resolution “vote-o-rama,” Sen. Roger Wicker (R-Miss.) has introduced an amendment… – Continue reading
DIAMOND mining companies operating in Zimbabwe’s Marange diamond fields are reportedly on a last minute looting spree ahead of a loathed mandatory consolidation exercise. As government peruses through various consolidation proposals submitted by seven companies operating in Marange and prepares for an audit, miners are reportedly exploiting the existing loopholes… – Continue reading
Modi’s government is focused on expanding manufacturing, lightening the regulatory burden on companies NEW DELHI—Indian Finance Minister Arun Jaitley has a simple message for critics pushing for deeper change in the economic policies of the world’s largest democracy: It’s coming, be patient. In an interview Thursday, Mr. Jaitley, a corporate… – Continue reading
SINGAPORE, March 27 (IFR) – China’s Bank of Communications said it would raise up to Rmb60bn (US$9.7bn) in Additional Tier 1 capital through onshore and offshore offerings. It will sell preference shares of up to Rmb45bn onshore to not more than 200 investors and up to Rmb15bn offshore. The bank… – Continue reading
Juan Ovelar made a quick decision when he heard the US government had accused his Andorran bank of money-laundering, and immediately withdrew most of his funds, reports Bloomberg. “I’m worried that everyone will do the same as I did and there will be a knock-on effect that could affect other… – Continue reading
China tax authority, the State Administration of Taxation (SAT) issued an announcement on March 18, in which it outlines a number of transfer pricing transactions which would no longer be eligible for tax deductions. The decision is effective immediately. The move follows an investigation into transfer pricing that first started… – Continue reading
