NEWS

Photo By Zap Photos By Courtesy of Eltoma"To reform the revenue administration with the objective to reinforce the efficiency and effectiveness of revenue collection capacity and the fight against tax fraud and evasion, with a view to increasing fiscal revenue." This is part of the terms of the Cypriot bailout.With this in mind the Cypriot Government gave the go ahead to create a single body which will integrate both VAT and IRD (Inland Revenue Department), this comes as part of structural changes aimed at streamlining public administration, alongside strengthening the legal framework and simplifying procedures. Currently in discussion with an...

NEWS 2020

Photo by Guernsey IFC By Guernsey IFCGuernsey's financial services regulator, the Guernsey Financial Services Commission (GFSC), has signed a Memorandum of Understanding (MoU) with the Chinese Securities Regulatory Commission (CSRC).The agreement has been signed by William Mason, Director General of the GFSC, and Xiao Gang, Chairman of the CSRC. The official announcement was made after a meeting in Beijing yesterday (Monday 18 November) between Mr. Mason and Liu Xinhua, Deputy Chairman of the CSRC. Mr. Mason said: "Guernsey has high regulatory standards and this has been demonstrated to, and recognised by, the CSRC during the course of our discussions which...

NEWS 2020

Photo: Reuters By Courtesy of Charlotte SoBOC Aviation, the largest aircraft leasing company in Asia, is lobbying the Shanghai government to relax restrictions on offshore financing in the free-trade zone.The initiative would facilitate the city in becoming an Asian aircraft finance hub, with the yuan establishing itself as a major settling currency for acquisitions.The plan, if approved, is expected to attract more aircraft financing companies to the 28 kilometers of land set aside for the zone in Shanghai. "We have spoken to senior officials in Shanghai about how to stimulate offshore financing for aircraft," said Phang Thim Fatt, deputy managing...

NEWS 2020

Photo By Asia Outbound By Asia Outbound Asia Outbound summit series has made another milestone success by hosting another Shanghai Summit at the Ritz Carlton, Pudong, on Nov. 6th and 7th this year. The wealth management industry is continuously looking towards new frontiers and opportunities and for those wishing to stay ahead, China represents a strategic necessity. With this unprecedented growth in the country, China has a strong demand for global expertise to help manage wealth. Combining panel discussions, workshops and presentations, Asia Outbound Summit will reveal reasons behind the new and rapid expansion of Chinese outbound investments and strategies...

NEWS 2020

Photo By Courtesy of CNBC By Courtesy of CNBC A new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate aking their spending and fortunes with them. The United States is their favorite destination. The report from Hurun, a wealth research firm that focuses on China, said that one-third of China's super rich r those worth $16 million or more ave already emigrated. The data offer the latest snapshot of China's worrying wealth flight, with massive numbers of rich Chinese taking their families and fortunes overseas. Previous studies show the main reasons rich Chinese are...

NEWS 2020

Photo By Philips Wong By Courtesy of LowTax.net In order to further strengthen relations in financial services between Dubai, Hong Kong and Asia, the Chairman of the Dubai Financial Services Authority (DFSA), Mr Saeb Eigner, delivered an address in Hong Kong on the opening morning of the seventh Asian Financial Forum. The forum was attended by 2,400 delegates from Asia, Europe and America, where finance ministers, central bankers, heads of governments and business leaders gathered to discuss economic developments and business trends in China and the rest of Asia, the DFSA announced. The forum focused on the challenges and opportunities...

NEWS 2020

Photo By: GBTimes Hong Kong's Secretary for Financial Services and the Treasury, K C Chan, believes that there are tremendous opportunities ahead for Hong Kong's financial center as China continues to liberalize its currency, the renminbi (RMB). In remarks at a seminar held by the London Business School, Chan observed that Hong Kong has already been playing a "key role" in the RMB liberalization process, noting that the offshore RMB market was effectively born in Hong Kong in 2003. "The combined value of deposits and certificates of deposits in Hong Kong is about RMB1.1 trillion (USD180bn) at the end of...

NEWS 2020

Photo by Rosanne Wong By Guernsey IFC The new Guernsey-based Channel Islands aircraft registry went live yesterday (9 December, 2013). The Channel Islands aircraft registry is the official aircraft registry of the Guernsey Government. It is the first to be established in the Channel Islands. Fiona Le Poidevin, Chief Executive of Guernsey Finance the promotional agency for the Island finance industry, said: his is yet another landmark day for Guernsey finance industry. In the last 12 months we have seen the development of the world first image rights law and register, the introduction of Guernsey Foundations and now Guernsey has...

NEWS 2020