NEWS

By Frances Emery The renminbi path to internationalization, its strength as a reserve currency, along with its use for global trade settlement are all experiencing a period of accelerated development as more and more countries around the world recognize its potential. According to SWIFT data, the renminbi is now the thirteenth most used currency for global payments. February, 2013 saw the enactment of a new cross strait currency clearing agreement between banks in Mainland China and Taiwan, with the Bank of China Taipei branch named the clearing bank for renminbi denominated businesses in Taiwan. According to Citibank Securities, the deal...

NEWS 2020

By Baron Laudermilk The Low Incomes Tax Reform Group (LITRG) has stated that it is committed to launch a new consultation on new rules for inclusion in the 2014 Finance Bill, which would essentially ensure that offshore employment intermediaries pay the proper amount of tax and national insurance contributions (NICS) according to their employees and contactors on their records. By changing the payroll arrangements outside of the UK, employers operating via offshore intermediaries may be able to avoid paying tax and national insurance contributions in respect of UK workers remuneration. The government as estimated that around 100,000 UK workers have...

NEWS 2020

By Baron Laudermilk Due to the present unstable economic condition, the National Assembly has agreed with the Vietnamese government to not go on with moves to withdraw the nation lower value added tax (VAT) rates.According to the previously-agreed VAT reform program for the time of 2011 to 2020, the groups of services and products that presently have a preferential 5% tax rate will be cut back, so as to finally apply only the general tax rate by 2020. But since the economic situation in Vietnam is still gloomy, especially for businesses, the National Assembly deputies agree for the moment not...

NEWS 2020

By Anas Almasri The Hong Kong Federation of Insurers (HKFI) has recently presented a detailed report to the Hong Kong maritime industry on ways to improve the jurisdiction's competitiveness and attractiveness as an international maritime center (IMC) in Asia-Pacific. One of the report main suggestions is to create new tax exemption schemes and incentives to encourage international offshore marine insurers to work from HK. "With our excellent port infrastructure, strategic location, sound legal system, and quality maritime services, Hong Kong has been an international port since 1970's," said Agnes Choi, Chairman of the HKFI. "To maintain this leading edge, and...

NEWS 2020

By Anas Almasri A comprehensive agreement on the avoidance of double taxation (DTA) between Hong Kong and Qatar was reached on May 13th 2013. With this latest addition, HK's growing network of DTAs with its partners has reached a total of 29.Under the new DTA the withholding rate on interest, currently at seven percent, will be reduced to zero percent, withholding rate on royalties will be kept at five percent and will also remain the same for dividends at zero percent. As with all DTAs, the agreement is expected to provide companies and investors in both HK and Qatar with a...

NEWS 2020

By Anas Almasri Thanks to an agreement between Guotai Asset Management and the NASDAQ OMX Group, the Guotai NASDAQ-100 Exchange Traded Fund (ETF) was recently added to the Shanghai Stock Exchange. The new ETF was launched with the purpose of providing Chinese investors and China market participants with direct access to the largest and most liquid 100 companies traded on the US NASDAQ Stock Market. It also represents the first cross-border exchange traded fund product providing access to the US market in China. Previously, investors in China were only able to access the United States stock market through ordinary Qualified Domestic...

NEWS 2020

Baron Laudermilk Singapore, the nation with the highest GDP per capita in the world, and which maintains the status of the world's fourth largest offshore financial center, said in mid May 2013, that it will adopt new measures to make it easier to share information on potential tax evaders with other countries. Since Singapore is keen to avoid the spotlight after Switzerland and other tax friendly centers have been heavily criticized by the media recently, the Southeast Asian city-state said that it will sign up to the Organization for Economic Cooperation and Developments (OECD) multilateral treaty on sharing tax details....

NEWS 2020

By Anas Almasri China's Ministry of Finance announced plans on June 9th to issue a new round of Yuan-denominated sovereign bonds in Hong Kong, also known as Dim Sum bonds, worth RMB 23 billion this year. According to the official announcement, RMB 13 billion will be issued on June 26 while RMB 10 billion is to be issued during the second half of the year with the exact date not yet revealed.Of the first RMB 13 billion bonds to be issued in June, RMB 10 billion is to be split over different maturities and sold exclusively to institutional investors using...

NEWS 2020