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Photo by Labuan IBFC The Labuan International Business and Finance Centre can complement Hong Kong's position as the gateway to China by providing investors with effective legal and tax structures says Danial Mah Abdullah, the Labuan IBFC's Chief Executive Officer. The Labuan IBFC held the final leg of its ASEAN roadshow in Hong Kong on October 20 to mark the financial center's 25th anniversary. Abdullah said: "Labuan IBFC has its strengths in terms of its proximity to strategic Asian markets and sound regulatory framework, with simple as well as competitive tax system. With our balanced supervisory and regulatory framework, coupled...

NEWS 2020

Photo by: RAK FTZ A Chinese delegation recently visited the Ras Al Khaimah Investment Authority (RAKIA), a free zone operator in the United Arab Emirates, to discuss strengthening business ties between Chinese investors and RAKIA. Representatives of RAKIA briefed the visiting delegation on the business advantages and facilities available at RAKIA's Industrial Parks. The benefits include exemption from corporate and individual income tax, and 100 percent repatriation of profits. RAKIA noted that 500,000 Chinese people live in the UAE and 60 Chinese companies operate out of RAKIA's industrial parks. Established in 2000, Ras Al Khaimah Free Trade Zone (RAK FTZ)...

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Photo By: OECD Thirteen jurisdictions signed the OECD Multilateral Competent Authority Agreement (MCAA) at a meeting on October 29-30, 2015, in Barbados. In joining the MCAA, the territories commit to automatically exchange tax information with other nations' tax authorities under the OECD's new tax information exchange standard, the Common Reporting Standard. A total of 74 territories have now signed up to the deal. In Bridgetown, Barbados, the following territories added their name to this list: Antigua and Barbuda; Barbados; Belize; Bulgaria; the Cook Islands; Grenada; Japan; the Marshall Islands; Niue; Saint Lucia; Saint Vincent and the Grenadines; Saint Marteen; and...

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Photo By: Getty Hong Kong is working to provide greater incentives for multinational corporations looking to establish corporate treasury centers in the territory, John C Tsang, Hong Kong's Financial Secretary, has said. Speaking at a luncheon organized by the Hong Kong Association of Banks in late October, Tsang said that "as more and more multinational corporations and Mainland enterprises see the benefits of centralizing their treasury functions both onshore and offshore. Hong Kong is well placed to handle it for them." He said that the incentives "would include interest deduction as well as tax concessions." He added: "For banks' compliance...

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Photo By: Getty The Government of Gibraltar has launched a consultation on the introduction of new legislation to permit the creation of private foundations.  A foundation is an incorporated, self-owning, legal entity which, although having much in common with a trust, has a distinct legal personality, something that is more commonly associated with companies. A foundation has similar features to a trust in that it has a founder who is similar to a settlor, beneficiaries who have similar rights to those of a discretionary trust, and a foundation instrument and rules which are similar to a trust deed. Foundations are...

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Photo: FinanceMalta Curaçao and Malta have signed a convention for the avoidance of double taxation. The two territories had first raised the idea of signing a treaty in October 2013. It is anticipated that the agreement will enter into force on January 1, 2016. The treaty, which assigns taxing rights to the two territories to ensure that income is not taxed twice, is based on the OECD Model Tax Convention. Malta's Finance Minister, Edward Scicluna, said of the agreement: "Although the two islands are far away from each other, business persons and companies use financial centers in every corner of...

NEWS 2020

By Asia Outbound Asia Outbound summit series has made a brand new milestone success by hosting another Shanghai Summit at the Grand Kempinski Hotel, Shanghai, on Nov. 4th and 5th this year. The wealth management industry is continuously looking towards new frontiers and innovative opportunities 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 reveals reasons behind the new and rapid expansion of Chinese outbound investments and strategies for diversification outside China....

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UNCTAD's World Investment Report 2015: “Total stock of Foreign Direct Investment into Latin America and the Caribbean rose from $107 million in 1990 to $1.9 billion in 2014” Dubai, UAE, xx December 2015: The ‘Foreign Direct Investment in Latin America and the Caribbean’ 2015 report published by Economic Commission for Latin America and the Caribbean (ECLAC) showed that Mexico recorded inflows of US$ 22.795 billion in 2014. Brazil continues to be the largest recipient of FDI in the region, though inflows US$ 62.495 billion, while Chile remains the third largest recipient of FDI with US$ 22.002 billion, up 14% on 2013....

NEWS 2020