Establishing tax residency in the UAE is good practice for the economically conscious person who is looking to enjoy an income and corporate tax-free environment, while taking advantage of the many double taxation treaties of which the UAE is party. In becoming a UAE resident, not only can the individual (and often their immediate family)Read more about United Arab Emirates Tax Residency[…]

On April 5, 2017, US Representative Lloyd Doggett (D – TX), a senior member of the House Ways and Means Committee, and Senator Sheldon Whitehouse (D – RI), a member of the Senate Budget Committee, introduced legislation to tackle multinational tax avoidance. In a statement, Whitehouse said the legislation seeks to “limit the ways corporationsRead more about Stop Tax Haven Abuse Act Reintroduced In US Congress[…]

As announced in February 2016 by the UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, the UAE will introduce a Value Added Tax (VAT) of 5% beginning January 1, 2018. The six other states that make up the Gulf Cooperation Council (GCC) region will also be implementing a VAT duringRead more about VAT in the UAE[…]

On February 15, in his reply to a question in the Legislative Council, Secretary for Commerce and Economic Development Gregory So confirmed that Hong Kong is looking to conclude further free trade agreements (FTAs). He stressed that, if protectionist moves increase (particularly in the United States) and they deter the recovery of global trade, “HongRead more about Hong Kong Confirms Its FTA Aspirations[…]

There was an increase in local company incorporations in Hong Kong in 2016, although incorporations by foreign companies experienced a dip, according to the territory’s Companies Registry. The new figures show that the total number of local companies registered under the Companies Ordinance reached 1,341,223 at the end of 2016, up 52,557 from the correspondingRead more about Hong Kong Reports On Incorporations In 2016[…]

Switzerland has Double Taxation Treaties with over 80 other countries, more than 30 of which are based on the OECD model. The general effect of the treaties for non-residents from treaty countries is that they can obtain a partial or total refund of tax withheld by the Swiss paying agent. Although the full amount ofRead more about Switzerland: Double Tax Treaties Introduction[…]

The British Virgin Islands is to adopt a new investment policy intended to encourage companies to establish operations with substance on the islands.   The comments came from Premier and Minister of Finance Orlando Smith, who has reviewing the first year of BVI Forward, the Government’s action plan to strengthen and reposition the island’s financialRead more about BVI Focused On Attracting Businesses with ‘Substance’[…]

The British Virgin Islands (BVI) has launched a private sector consultation on the impact of implementing the OECD’s proposals on country-by-country reporting. Country-by-country reporting is a key element of the OECD/G20’s base erosion and profit shifting (BEPS) Action Plan and, if implemented in the territory, would require multinational enterprises incorporated in the BVI with annualRead more about BVI Consults On Country-by-Country Reporting[…]

        The Amendment Ordinance enables Hong Kong to deliver its pledge of support for the new international standard on AEOI as promulgated by OECD. The Inland Revenue (Amendment) (No. 3) Ordinance 2016, which provides a legal framework for Hong Kong to implement the new international standard for automatic exchange of financial accountRead more about Hong Kong’s Tax Info Exchange Legislation in Effect[…]

            Barbados Central Bank Governor DeLisle Worrell recently led a delegation to Beijing, Shanghai, and Hong Kong, to strengthen the territory’s ties with China. Barbados Central Bank Governor DeLisle Worrell recently led a delegation to Beijing, Shanghai, and Hong Kong, to strengthen the territory’s ties with China. The delegation visitedRead more about Barbados Central Bank Delegation Visits China[…]

        The Zhongguancun Boya Multimedia Creative and Innovation Park (ZBMCIP) was the first state-level high-tech industrial development zone authorized by the Chinese State Council in 1988 and, along with neighbouring sister parks, is known as the “Silicon Valley” of China. The Isle of Man has signed a memorandum of understanding with China’sRead more about IoM Strengthens Ties with China’s ‘Silicon Valley’[…]

          Jersey Finance, the island’s financial services promotional agency, set up its office in Hong Kong in 2009 and in 2014 established a “Launchpad” office in Shanghai. Jersey has appointed a new Greater China Business Development Director to promote the island’s financial services offering in the Far East.  Based in JerseyRead more about Jersey Finance Targets Greater China[…]

            The OECD/G20 BEPS Project sets out 15 key actions to reform the international tax framework and ensure that profits are reported where economic activities are carried out and value created. The BEPS Project delivers solutions for governments to close the gaps in existing international rules that allow corporate profitsRead more about Heads of Tax Administrations Take Big Step Forward In Global Tax Co-Operation[…]

                  Mr. Huaijiang Yan (Andrew Yen), founder of Panhe Family Office, delivered an independent speech titled “Structured Family Wealth Management System”. China Offshore Summit Shenzhen 2016 was held at the Grand Hyatt Shenzhen on May 25-26. During the summit, Mr. Huaijiang Yan (Andrew Yen), founder of PanheRead more about Systematic Structure is the Foundation of Family Wealth Succession[…]

            The two-day summit attracted China’s leading financial intermediaries, using this opportunity to interact with industry experts, such as bankers, lawyers, accountants and other elites from trust investment companies and corporate service providers, as well as representatives from renowned offshore jurisdictions and their governments and wealth management institutions. China OffshoreRead more about Chinese Way of Wealth Succession – 2016 China Offshore Summit (Shenzhen) Comes to a Successful Close[…]

          The establishment of a hub for trade in the renminbi follows recent project financing in the Bahamas from the Chinese Government and from Chinese corporations. The Bahamas has announced an initiative that will see the territory become a trading hub for the Chinese renminbi (yuan). The Minister of Financial Services,Read more about Bahamas Seeks to Become Renminbi Trading Hub[…]

              In the wake of the UK’s EU referendum Guernsey and Jersey have said that while there will be a period of uncertainty, they are well placed to weather the effects of this change. In the wake of the UK’s EU referendum Guernsey and Jersey have said that whileRead more about Crown Dependencies React to Brexit Result[…]

          Hong Kong’s Inland Revenue Department (IRD) has issued a new Interpretation and Practice Note No. 51 on the extension of the profits tax exemption for offshore funds to include offshore private equity funds. Hong Kong’s Inland Revenue Department (IRD) has issued a new Interpretation and Practice Note No. 51 onRead more about Hong Kong Guides on Expanded Offshore Fund Tax Break[…]

            Bob Richards, the Minister of Finance, announced that Bermuda has signed up to new country-by-country reporting standards. Bermuda has signed up to a major international agreement on country-by-country financial reporting by multinational companies.  Bob Richards, the Minister of Finance, said Bermuda had fallen in line with the Organization forRead more about Bermuda Adopts Country-By-Country Reporting[…]

        Representatives from Malta met with the Chairman of the Bank of China in Beijing, and with the President and other senior executives of the Shanghai Stock Exchange. They agreed to investigate possible synergies. The Malta Stock Exchange met recently with Chinese firms and practitioners in Beijing and Shanghai to foster newRead more about Malta’s Stock Exchange Drums Up Business in China[…]

          The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law. The Dubai International Financial Centre (DIFC), a free trade zone in the United Arab Emirates, concluded its third visit to China thisRead more about DIFC Delegation Attends Forum in China[…]

        The changes proposed in the consultation paper are intended to bring fees “into line with the modern registry environment” and to facilitate public access to information, while also factoring the increasing cost of cyber-security, registry development, and an increasing number of registry initiatives. The Jersey Financial Services Commission has issued aRead more about Jersey Proposes Fees Increase[…]

        The agreement, signed by the ADGM Financial Services Regulatory Authority, is the first it has entered into with an Asian regulator. The Abu Dhabi Global Market (ADGM), a free zone in the United Arab Emirates, and the China Banking Regulatory Commission (CBRC) have signed an agreement to deepen cooperation and exchangeRead more about Abu Dhabi Free Zone Signs Chinese Cooperation Pact[…]

            The Income Tax (Amendment) (No. 2) Bill, 2016, would increase the amount that companies can claim deductions for per employee to XCD 90,000 (USD 33,500) or XCD7,500 per month. The Bill was passed by the National Assembly recently. Businesses in Saint Kitts and Nevis will be able to deductRead more about Saint Kitts and Nevis to Boost Corporate Tax Relief[…]

The Manx Government said: “Modest fee increases are proposed for businesses and the categories of skilled migrants the Isle of Man is seeking to attract in order to grow the economy. A larger share of costs will be applied to those who derive the most benefits from the immigration system, such as the right toRead more about IoM to Raise Fees For Visa, Citizenship Applications[…]

Setting up a company in a Free Zone in the UAE, can be an attractive option for investors. Foreign Investors can have: 100% ownership of the enterprise Complete exemption of taxes from customs & commercial levies 100% repatriation of capital and profits No corporate taxes for 15 years No personal income taxes Quick procedure forRead more about UAE Free Zones, Locations, Type Of Ownerships & Other Details[…]

The DTA is the latest in a series of agreements between Jersey and the UAE on financial issues. Jersey Finance, which promotes Jersey as an international financial center, established a regional office in the UAE in March 2011.Jersey and the United Arab Emirates have signed a double tax agreement (DTA) in Dubai.The DTA was signedRead more about Jersey & UAE Sign Double Tax Agreement[…]