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By Baron Laudermilk Hong Kong passed a bill that will help small and medium sized business (SMEs) develop on July 12th, this indicates that the passage of Hong Kong new Companies Bill will open a new chapter in the development of company law in Hong Kong and strengthen Hong Kong status as a worldwide commercial and financial hub The bill was left standing by the government last January to enhance the corporate government, improve regulation, facilitate business, and modernize the law to enhance Hong Kong status as a global financial and commercial center. The evaluation of the Companies Ordinance (CO)...

NEWS 2020

By Leo Zhang Lawmakers in the British Virgin Islands have approved some minor changes in the BVI Business Companies Act to facilitate corporate registration in the first major review of the law since its passage in 2004. During a House of Assembly sitting late last month, an 84-clause amendment bill was passed to clarify several parts of the existing law and update its legal definitions, according to the BVI Beacon newspaper. The main revision is to broaden naming rules for companies registered during the Act, a move that will make the territory more attractive for enterprises looking to register; the...

NEWS 2020

By Baron Laudermilk The Cayman Islands, a British Overseas Territory located in the Western Caribbean Sea, which is known for its liberal offshore financial hub, was on the verge of implementing the country first direct tax that was supported by the Premier, McKeeva Bush. This would have serious implications to Chinese expats in The Cayman Islands. The ommunity Enhancement Levy was to include a 10% levy on expat workers income above a certain threshold, but the measure has been abandoned following major complaints from financial service professionals on the island. These people argued that the tax-free territory has historically made...

NEWS 2020

By Baron Laudermilk In a major compromise with Germany in the dispute over bilateral tax deals between the two nations, Switzerland says it now plans to allow rouped request for information based on history and behavior between the two countries.The compromise would be a major step for both countries, possibly making a way for ratification of the undeclared assets held by German residents in Switzerland banks, a place where Germany companies and individuals having been using to hide events for many years. The compromise would enable German authorities to obtain the names of a German resident who are choosing to...

NEWS 2020

By Baron Laudermilk On August 20, 2012 Hong Kong Permanent Secretary for Financial Services and the Treasury (Financial Services), Au King-chi, stressed that improving the financial ties between China and HK has been a long term policy goal for the authorities, with the co-operation and integration between HK and Guangdong as the main reason behind it. Au said that to go through the liberalization measures of China and Hong Kong Closer Economic Partnership Arrangement (CEPA), and an effort to make an significant step forward in improving financial integration between Guangdong and HK, the establishment of the first joint venture securities...

NEWS 2020

By Baron Laudermilk The RBC/Capgemni report that was just released said that the high net worth individuals (HNWI) population of Asia Pacific is more than North America HNWIs. Southeast Asia is one of the fastest growing regions of HNWIs in the world. The report estimated that the number of Asia-Pacific HNWI rose 1.6% to 3.37m in 2011- which was twice the global growth rate. However, some of the results demonstrate that the growth of HNWIs is the Asia-Pacific is disproportionate. The main difference was that areas that produced more HNWI, such as India and Hong Kong, have actually suffered serious...

NEWS 2020

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