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G7 finance ministers agree on 15% minimum tax to crack down on corporate tax dodging

    Find out how Asia Outbound can introduce you to new intermediaries for your project or services.       By Hamish Boland-Rudder   The deal has been praised as a historic step in ending the ‘race-to-the-bottom between tax havens but will need international backing to move forward.   A group of the world’s most economically advanced nations has agreed on landmark new reforms to crack down on cross-border tax avoidance that would force multinational corporations like Google and Apple to pay taxes in the countries where they operate, rather than in tax havens where they choose to shift their profits....

The good and bad of Janet Yellen’s global taxation proposals

Find out how Asia Outbound can introduce you to new intermediaries for your project or services.         By TOM CAMPBELL    On April 5, Treasury Secretary Janet Yellin proposed that the world’s large economies should all agree that business taxes should not go below a certain level.   Otherwise, she said, the “30-year race to the bottom” would continue. Yellin also called for a consensus on how countries would divide up the right to tax companies that do business across many countries’ borders.   The Yellin initiative has a third component as well—to eliminate the more egregious tax haven...

Mills administration opposes bill to close $52m corporate tax havens loophole

      Find out how Asia Outbound can introduce you to new intermediaries for your project or services.       By Dan Neumann   An official from the administration of Democratic Gov. Janet Mills joined Maine’s largest business lobby to testify against a proposal that would close loopholes allowing corporations to stash profits in offshore tax havens.    “An Act To Prevent Tax Haven Abuse,” introduced on Thursday by state Rep. Denise Tepler (D-Topsham) to the legislature’s Taxation Committee, would require multinational corporations with sales in Maine to claim U.S.-based profits when they file their Maine taxes, rather than try...

Resilience and Reinvention - Samoa’s Solution to Global Change

By Tuala Tapuitea Lafaialii-Petaia   The Samoa International Business Finance Centre Ltd. (Samoa IBFC) in collaboration with Asia Outbound hosted a Webinar session for Professionals from mainland China on Wednesday 31st March 2021, to foster greater interest in Samoan solutions, familiarize the participants with the solutions available and provide a forum to raise any issues for clarity.    The Webinar session was attended by several Professionals from different Entities, as well as Senior Executives of renowned Trust Companies.    The Webinar included presentations highlighting the International Finance solutions offered by Samoa, as well as the developments in the international financial market...

The United Arab Emirates attracts corporate billions to climb tax haven ranking

Find out how Asia Outbound can introduce you to new intermediaries for your project or services.         By John O'Donnell   The United Arab Emirates, a magnet for the globe's ultra-rich, has also emerged as one of the fastest-growing corporate tax havens, according to a study released on Tuesday that highlighted a $200 billion-plus money flow to the country.   The index by the Tax Justice Network, which highlights countries that attract companies to shrink their tax bills, added the United Arab Emirates to its top-10 ranking that includes Switzerland and Bermuda.   Britain's offshore territories the...

Dr. Steve Fanny passes away President, finance minister, FSA chair send condolences

By Gerard Govinden   Seychelles has lost one of its brightest minds in the offshore sector, Dr Steve Fanny, who passed away on March, 13th. He was 50 years old.   According to a police communique, Dr. Fanny’s body was found where he was staying in Pointe Au Sel after they had been alerted at around 3.30 pm. The police added that he died from a presumed hanging and they have already opened an investigation and an autopsy will be performed to establish the cause of his death.   Dr. Fanny was the chief executive of the Financial Services Authority (FSA),...