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In 2018, the individual income tax law was amended to add article 8 anti-tax avoidance provisions, which are respectively made from three aspects: arm's length principle, controlled foreign corporation, and general anti-avoidance. Compared with the individual income tax law before, it is a new clause. For the first time, it is proposed that the tax authorities have the right to adjust the individual income tax, which is basically the same as the concept of "special tax adjustment" in the enterprise income tax law. The high net worth individuals must be more careful when making inside China or cross-border tax planning...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

Singapore's Minister of Trade and Industry, Chen Zhensheng, said in Singapore parliament on September 3, 2019, that Singapore needed diversification and innovation to cope with uncertainty in the world market. The uncertainties mentioned not only the US-China trade conflict but also including BREXIT, tense situation between Japan and South Korea, and the situation in Hong Kong. This is also a various challenge, not only including trade but also technical issues. He answered Mr. Christopher de Souza from Holland-Bukit Timah GRC's question on how Singapore's SMEs, regional headquarters, MNCs, and labor force could protect themselves from the side-effects of the trade...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

On September 29, 2013, China (Shanghai) pilot free trade zone was officially established, covering an area of 28.78 square kilometers. It covers four customs special supervision areas including Shanghai Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Zone, and Shanghai Pudong Airport Comprehensive Bonded Zone. On December 28, 2014, the area of China (Shanghai) pilot free trade zone was expanded to 120.72 square kilometers, including Jinqiao Export Processing Zone, Zhangjiang High-Tech Park, and Lujiazui finance and trade zone, covering 7 regions. "E-touch" enterprise affairs service platform and offline experience center officially go online and operate...

YACHT & AIRCRAFT REGISTRATION EXPERT INSIGHTS 2020

Introduction When thinking of asset or profit shifting, capital protection, and tax benefits (even “tax havens”), the thoughts of many will jump to exotic destinations such as Seychelles, Marshall Islands, Mauritius, Emirates, Cyprus or even Hong Kong. However, what if such benefits could be found in the heart of EUROPE – and at that – completely legally and with a more developed infrastructure to provide support, stability, and longevity? This article will explore the legal advantages and tax benefits of The Netherlands. In terms of holding structures, the DUTCH HOLDING (DH) regime is a very popular one. In fact, insiders...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

Most of us entrepreneurs, business owners, managers or wealthy individuals with interests in multiple locations and with an extensive travel plan find it hard to clearly identify a single location as “home” and probably have been, at one point or another, confronted with the terms Residency and Citizenship. Familiar words, yet not so clear, as they are most of the time confusing and wrongly used interchangeably.  In this article, we will discuss the concepts and distinguish the terms. We will set out the advantages of a UAE Residency – a favourable tax jurisdiction - and provide real, client examples illustrating...

IMMIGRATION BY INVESTMENT EXPERT INSIGHTS 2020

Now, a family trust is a popular topic, sweeping across the legal and financial world. But for this imported product, in fact, we have too many questions and confusion. Many basic legal problems need to be solved urgently. I．The Question As the head of the cross-border wealth planning and inheritance team of Shanghai Landing law firm, my team often involves one kind problem in the business processing: the trust property of the testamentary trust abroad (mainly Anglo American law system) is pointing in the mainland of China. The common case is as follows: Overseas testator will establish their trust in...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020

Wealthy Hong Kong investors have moved as much as ten percent of physical gold holdings away from home, and to centers including Singapore and Switzerland, the «Financial Times» (behind paywall) reported on Friday, citing several gold specialists. The move follows a controversial Chinese security law for the territory last month, which has roiled finance as well.   «Many clients now perceive Hong Kong as riskier than other jurisdictions,» Joshua Rotbart, head of J Rotbart & Co, told the outlet. Based in Hong Kong, the company stores and trades gold. The precious metal recently rallied past $2,000 per ounce on pandemic and inflation fears and is...

CORPORATE & FIDUCIARY NEWS 2020

Pictures provided by Zagreb Tourist Administration Croatia is a relatively developed country in the Balkan region with a good economic base. Although Croatia was affected by the European debt crisis after the 2008 economic crisis, its economy has been in recession for six years. Thanks to the strong growth of export and tourism, as well as the expansion of domestic demand and the influence of low oil prices, Croatia's economy, bottomed out in 2015, with GDP expanded by 1.6%. In 2016, Croatia's GDP even grew by 2.8%. In recent years, Croatia's political situation is stable, and its financial system is...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2020