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Guernsey Finance, the agency tasked with promoting the island's financial services sector internationally, recently hosted a briefing in Hong Kong on the Common Report Standard (CRS). The briefing on the OECD's new international standard for the automatic exchange of financial account information in tax matters attracted more than 60 delegates from the region's banking, trust, and securities industries. The intricacies of CRS proved to be the main topic of discussion among wealth management practitioners working for Chinese clients. Delegates heard from Guernsey Finance Deputy Chief Executive Kate Clouston, who said the island's early adoption of CRS meant it was "perfectly...

NEWS 2020

Hong Kong has tabled legislation into parliament to bring into effect double tax agreements (DTAs) with Latvia, Belarus, and Pakistan. The comprehensive DTA between Hong Kong and Latvia was signed in April 2016. It provides that Latvia's withholding tax rate on royalties (currently at various rates that can be as high as 23 percent in some cases) will be reduced to zero percent for companies and capped at 3 percent in all other cases. Latvia's withholding tax rate on dividends and interest (currently at various rates that can be as high as 30 percent in some cases) will also be...

NEWS 2020

Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, has confirmed the launch of its own foundations regime. Understood to be the first regime of its kind offered in the United Arab Emirates, it enables local advisors to use ADGM foundations as an alternative to trusts and corporate vehicles for family succession planning, tax planning, asset protection, wealth management, and corporate structuring. Unlike trusts, foundations are incorporated as a legal entity with their own distinct attributes and legal personality. In this respect, foundations are similar to companies but without shareholders. ADGM said private banks have positively endorsed...

NEWS 2020

The British Virgin Islands has approved a work permit exemption for various classes of business visitor. The exemption will allow persons to enter the territory without a work permit, and applies to those visiting for meetings and conferences, those receiving training from British Virgin Islands' businesses, persons attending meetings as directors, those conducting research with the required approval, persons making purchases from territory businesses, those visiting clients for negotiations and business deals, and those who are expert witnesses in dispute resolution cases. Persons participating in amateur sporting activities and students attending the H LavityStoutt Community College, Financial Services Institute, or...

NEWS 2020

The Cayman Government has promised it will not impose any new duties or taxes, in a recently released statement. It also says it will "strive" to reduce the tax burden on households and businesses through tax and duty reductions, where this can be done prudently. The promises on taxes and duties are contained in a "2018 Strategic Policy Statement," which sets out the Government's economic forecast and targets for the next three years, as well establishing the foundation for the development of budgets for the 2018 and 2019 financial years. By Courtesy of Lowtax.net

NEWS 2020

The Waigaoqiao Bonded Logistics Park in the Shanghai Pilot Free Trade Zone recently handled its first shipment of cross-border e-commerce goods, marking the start of its operation. Cross-border e-commerce companies are now able to store their goods in bonded warehouses in the Park and enjoy favorable policies, such as easy access to Waigaoqiao Port, faster clearance, and lower freight cost. The Park's administration said it intends to put measures in place to improve services and logistics efficiency for e-commerce companies in the free trade zone. The Shanghai Pilot Free Trade Zone was founded in 2013 and offers a number of...

NEWS 2020

Gibraltar's Minister of Commerce, Albert Isola, recently led a delegation to Hong Kong to promote Gibraltar's move into the Fintech sector. His visit to Hong Kong coincided with Hong Kong Fintech Week where financial services professionals, Fintech entrepreneurs, investors, inventors, and regulators from around the world are gathering for the week. Isola hosted a reception at the Mandarin Oriental Hotel in Hong Kong's Central for over 100 executives from the Fintech sector, as well as attending a series of meetings with firms and regulators to discuss Gibraltar's Fintech offering. At the reception he told the audience of Fintech executives that...

NEWS 2020

Grenada has announced the new Customs Appeals Commission is now fully functioning. The Commission was formally created in the first quarter of 2017 under Section 205 of the Customs Act, passed in 2015. The Commission will act as an independent review body on customs decisions taken by the Comptroller of Customs and Excise Division. It is intended to give consumers greater due process and to redress the balance of power between importers and the Comptroller. It is expected that customs valuation disputes will comprise much of the Commission's workload. By Courtesy of Lowtax.net

NEWS 2020