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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...

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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....

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Photo: Reuters On December 9, South Korea's Ambassador to China, Kim Jang-soo, and China's Vice Minister of Commerce, Wang Shouwen, exchanged diplomatic notes that set December 20, 2015, as the date for the entry into force of the free trade agreement (CSKFTA) between the two countries. The CSKFTA was signed on June 1 this year, soon after negotiations commenced in May 2012. As the most substantial FTA South Korea has signed, and given its expected effect of increasing South Korean economic growth prospects, the Government applied a significant amount of pressure in Parliament for its ratification by the end of...

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Photo: Over Shanghai Guernsey Finance, the promotional agency for Guernsey's financial services industry internationally, has signed an agreement to cooperate on business development with the Shanghai Family Office Union. It also announced that it will open a Hong Kong representative office during the first quarter of 2016. Welcoming the agreement, Guernsey Finance's Director of International Business Development, Kate Clouston, said: "We are thrilled to have a partner in Shanghai with whom we can work to develop ties and increase business exchanges in the private wealth space." "Guernsey industry experts now have the opportunity to help Chinese firms understand international regulatory...

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