Managers of Wealth Asia Pacific

Rich Koreans Hand Kids Millions To Shield Against Estate Taxes

In Korea, where trusts offer few tax advantages and some tycoons are wary of relying on trustees from outside the family, the preference is to gift shares directly.

New Zealand: New mandatory online BEPS disclosure forms now required

The rules covered by the BEPS disclosures are technically complex and dependent on the facts and circumstances of the particular scenario.

Japan follows the money to target tax avoidance

Tokyo readies incentives for transparency in reporting foreign asset holdings

Japan to tighten tax rules on wealthy people

Under the current rules, the government has obliged domestic residents to declare the types and amounts of their overseas assets if they total more than 50 million yen.

SEBI simplifies regulations for foreign portfolio investors

The license is granted by a local custodian on behalf of the capital market regulator, the Securities and Exchange Board of India

Digital service tax to hit financial services?

All the banking services would be delivered to me electronically, and all the fees and transactions are automated.

Tax chiefs in Asia to discuss digital tax

The Asia-Pacific tax authorities agreed to avoid double taxation and to exchange tax information meant to prevent offshore tax evasion, according to the National Tax Service.

How Hong Kong’s Taxes Spawned Billionaires and Bred Inequality

How Hong Kong’s Sky-High Home Prices Feed the Unrest: QuickTake

Over 130,000 high net-worth individuals served tax notices

The incumbent government has been successful in broadening the tax base during the its first year in the office, as data showed that around 783,039 new taxpayers filed returns with the tax department as a result of various schemes, including a tax amnesty

ANZ Bank to take A$559m hit from increased customer remediation provisions

The bank had already put aside A$928 million before tax to address remediation costs following the sector-wide abuses exposed by the Hayne Royal Commission.

Japan consumers cautious on spending despite expected limited drag from sales tax increase

The impact of the tax increase on consumer spending is important because private consumption accounts for 60 per cent of Japan’s gross domestic product

South Korea strengthening taxation of YouTubers

The government is moving to strengthen taxation of high-income influencers and content creators on social networking services, including YouTubers, to prevent tax evasion, according to documents submitted to lawmakers on Monday.

Philippines Closes First Gambling Operator for Tax Evasion

Company found without VAT registration and in breach of country’s tax code

The ‘Panama Papers’ drew shady tax dealings into the light – but nothing has changed since

The Paradise Papers consist of 13.4 million pages that reveal the global rich avoiding tax payments by using offshore tax havens and secrecy jurisdictions.

Chinese billionaire hid $170m from the ATO

The ATO said this was nearly twice the amount Mr Huang had transferred out of Australia the previous year.

Income Tax serves notices to Reliance First Family under Black Money Act

In a closely guarded move, notices were served on March 28, 2019 in the names of Mukesh Ambani’s wife Nita Ambani and their three children for their alleged “undisclosed foreign income and assets”.

I-T department to adopt ''taxpayer friendly'' approach

The department will use friendly language in its communications with taxpayers rather than intimidating, according to a source, amid allegations of intrusive, threatening and arbitrary behaviour by the department.

Tariffs on Chinese-Origin Art and Antiques Set to Come into Effect on September 1

The 10% tariff as currently proposed would apply to any such artworks originally created in China, regardless of the country of export

New tax data reveals Australians hold $100bn in offshore accounts

More than 1.6m accounts identified in data shared with Australian authorities by 65 countries including tax havens

ATO warns of SMSF concentration risk

Many of the SMSFs in the ATO's sights have limited recourse borrowing arrangements in place, with most of the almost 18,000 SMSFs holding most of their assets in property.