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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

Baron Laudermilk In mid May 2013 Guernsey, one of the world's premier offshore financial centers, signed a Double Taxation Arrangement (DTA) with Luxembourg. This means that Guernsey has no signed "full" DTAs with eight jurisdictions. In addition to the DTA with Luxembourg, the island has had a DTA with the UK for multiple years and has signed DTAs with Malta, in 2012, and earlier this year with Isle of Man, Jersey, Qatar, Singapore and even Hong Kong last month. Treasury and Resources Minister of Guernsey said, "This is an important further component in Guernsey's network of tax agreements. Following on...

NEWS 2020

By Anas Almasri The Maltese government has recently announced plans to enhance its foreign investment incentive program offered to high net worth individuals (HNWI) looking to obtain residency permits in the country. Launching the new scheme, Malta Parliamentary Secretary for Competitiveness and Economic Growth, Edward Zammit Lewis, hailed the program potential in improving the local economy. Certain sectors including real estate, financial services, leisure, and hospitality are all set to receive a strong boost. The core of the previous investor incentive scheme will be reinstated; wealthy individuals seeking a permanent residency in Malta are required to purchase a high-value property...

NEWS 2020