Managers of Wealth Asia Pacific

Australia: Extra $40m disclosed following ATO amnesty on income and assets overseas

A tax amnesty for Australians with income and assets overseas has added almost $40 million in income into the tax system.

Things have changed on mainland says Grant Thornton boss

The global parent “expelled” Grant Thornton from Hong Kong in 2010. About 400 people – out of a Hong Kong staff of 450, including three quarters of the partners – went to the rival BDO, jumping just before the expulsion took effect

Bitcoin: Australia's tax office announces it will not treat popular digital currency as money

The Australian Taxation Office will not treat Bitcoin transactions as money, fuelling fears the industry will be driven offshore or underground.

AUSTRALIA: Accountants unprepared for regulation change

Less than 50 per cent of accountants have begun preparing for the end of the accountants’ exemption, an industry poll has revealed.

Tax Office freezes assets of Perth investor

THE Australian Taxation Office has frozen the bank accounts of an Australian investor and a $9.5 million share portfolio including stakes in blue-chip stocks Wesfarmers and Coca-Cola Amatil in a clamp down believed to be a part of Project Wickenby.

Baker Tilly International adds Japanese firm to network

Baker Tilly International has yet to find a replacement firm for Baker Tilly in the UK but it is busy strengthening its network of firms elsewhere

Pakistan in bid to crack down on tax evasion

The Pakistan Government has decided to declare tax evasion as money laundering

Pakistan: Government declares tax evasion as money laundering

The government has decided to declare tax evasion as money laundering.

INDIA: 24,000 pieces of tax evasion data got from abroad

The bulk of the information on these foreign accounts and statements, with a basic fledgling domestic connect in each of them, has been received from New Zealand, followed by Spain, the United Kingdom, Sweden and Denmark.

China Merchants Bank hedges bet over UK licence

Chinese bank also in talks with Luxembourg regulator in case of UK exit from European Union

French bank latest to fall to IRD tax avoidance net

The notes allowed debt and equity to be structured across borders in the most tax-efficient way, but only if tax authorities did not deem them to be avoidance.

Global Forum releases new compliance ratings on tax transparency for 10 jurisdictions

The Global Forum on Transparency and Exchange of Information for Tax Purposes has published 13 new peer review reports demonstrating progress toward implementation of the international standard for exchange of information on request.

Fatca regime may have unintended consequences for financial system

Many financial institutions are still completely confused and unable to comply with the US government's Fatca regime. "Foreign Account Tax Compliance Act" sounds like another innocuous tax regulation.

Hong Kong banks face global tax woe

Hong Kong’s banks, in the midst of adapting to the new US Foreign Account Tax Compliance Act, are now facing a tax headache on a global scale.

Australia: New proposal for enhanced customer due diligence on all foreign nationals and review of implementation of FATCA

The Treasury recently released a discussion paper seeking submissions, along with a short consultation period which has just closed click here to see discussion paper.

Tax