NEWS

By Baron Laudermilk On September 12 2012, Tharman Shanmugaratnam, Singapore Deputy Prime Minister and Minster of Finance, and Vuong Dinh Hue, Vietnam Minister of Finance signed a protocol to change the existing double taxation agreement (DTA) between their two countries. The protocol changes a few matters within the original DTA, which was signed on March 2 1994. Specifically it includes the internationally agreed standard for exchange of information whereby tax authorities may obtain more power to use and exchange taxpayer information. The information can apply to axes of every kind of description imposed in the countries, and it states that...

NEWS 2020

By Baron Laudermilk The Liechtenstein government adopted a consultation report pertaining to a revision of the Principality tax law during a recent sitting.The Liechtenstein government said that the consultation draft contains measures that are designed to increase tax revenues in the country. Regarding individual income tax and wealth, the report proposes that the lower and middle tariffs will be adjusted in such a way as to make sure that the tax burden is the same as under the country previous law. Furthermore, the law may bring into affect an 8% tax rate, which has been advocated by various politicians. Regarding...

NEWS 2020

By Baron Laudermilk The Dubai Financial Services Authority (DFSA) is preparing legislative changes that will bring the city into compliance with Organization of Economic Co-operation and Development (OECD) standards on the exchange of information. This could be a good development in the city that has more and more Chinese investment. The SFSA is saying that this is an urgent change in its amendment to the Regulatory Law 2004. The amendment relates to the definition of a rivileged communication and comes from the DFSA relationship with a United Arab Emirates (UAE) working group, which is run by the UAE Ministry of...

NEWS 2020

By Baron Laudermilk After a major revision in the Cayman Island budget, more expensive work permits came into effect on September 13, 2012, and the Island government has confirmed this information. The changes that were introduced as part of the islands revised budget, which contains the Immigration (Amendment No.2) Regulations, 2012. The work permit fee increases were agreed upon during talks between the local financial services industry and the government. Increasing the fees was considered a superior than a controversial tax on the remuneration of non-resident workers. Under the new changes, work permit fees for people at the executive level...

NEWS 2020

By Tendai Musakwa Domestic investment banks are underwriting more IPOs of mainland companies that list in Hong Kong, taking over European and US banks. According to an October 22 South China Morning Post report, market leaders in the mainland's investment banking business such as China International Capital Corp. and BOC International have been underwriting more IPOs as more Western banks leave the business and mainland firms increase efforts to underwrite more IPOs. China International Capital Corp. underwrote or plans to underwrite one-third of all IPOs that are scheduled to take place in Hong Kong in the fourth quarter of this...

NEWS 2020

By Baron Laudermilk The Offshore financial centers in the Caribbean have become economically successfully in the last thirty years. Although many larger countries have had failures and successes with the global transition towards service based economics, IFCs have had a long record in terms of economic success as a direct result of their chosen model to provide international financial services. However, the economic success of the Caribbean Offshore financial centers future isn't has clear cut as it used to be thirty years ago. There are three main challenges which have happened in the last few years that are changing their...

NEWS 2020

By Baron Laudermilk The Barbados government is attempting to significantly improve the island business and investment environment to attract and retain foreign direct investment, said the territory Minister for International Business, George Hutson. Hutson said at the beginning of the International Business week, he Ministry is cognizant of the need to address such issues in order to attract and retain business, and therefore, will continue to intensify its efforts to engage the relevant ministries and departments of government, service providers and other relevant stakeholders with a view to implementing initiatives to facilitate business activities in Barbados throughout their life cycle....

NEWS 2020

By Tendai Musakwa Hungary will raise its current tax on bank transactions from 0.1 percent to 0.2 percent from January 1, 2013 and will not go forward with its previously announced plan of halving the tax applied to the profits of financial institutions. The Hungarian Minister of National Economy Gyo?rgy Matolcsy announced the new taxes on October 17, saying that the taxes are intended to bring the country's budget deficit to below 3 percent of GDP. Other measures that the government will introduce on January 1 next year include a tax on utility companies infrastructure, a reduction in local business...

NEWS 2020