Managers of Wealth Asia Pacific

Tax agency launches probes into offshore tax evasion

The office suggested an alleged case of a local clothing firm owner hiding assets by establishing a family trust abroad.

LawFinance writes down goodwill and deferred tax assets

Directors are primarily responsible for the quality of an entity’s financial report.

Australia: Government to close down offshore banking regime

The bill amends Australia’s Offshore Banking Unit (OBU) regime to remove the concessional tax treatment for OBUs

Malaysia: Highlights of corporate tax measures in enacted Finance Act 2020

There were no material changes between the version of the bill that was passed in the House of Representatives on 16 November 2020 and the enacted version of the corresponding act.

Qatar, China sign protocol amending pact for avoidance of double taxation

The signing ceremony was attended Qatar Airways Group Chief Executive, H E Akbar Al Baker.

Individual Income Tax initiatives to attract foreign talent in South China

The new system came into effect on 1 January 2019, with the first application period successfully rolled out from July to August 2020.

Tax cuts and new budget to power Philippine growth

Monetary chief expects GDP growth to rebound to 6.5% in 2021 despite the government's stimulus being among the lowest in Asean

When the ATO comes to help – dealing with the Next 5000 reviews

Advisers will receive notifications of client reviews around three months before the ATO starts the review process.

Property taxes are likely first stop for wealth tax review

Besides property, other options include reintroducing estate duty and following a model of taxation used in the cantons of Switzerland.

Hong Kong Stock Market’s Record Year Slams Into a Big Tax Increase

Hong Kong stock-exchange operator posts record annual profit, but shares fall after government unveils plan to raise taxes on share trading

OECD calls on countries to crack down on the professionals enabling tax and white collar crimes

White collar crimes like tax evasion, bribery and corruption are often hidden through complex legal structures and financial transactions facilitated by lawyers, notaries, accountants, financial institutions and other professional enablers.

IRAS publishes updated transfer pricing guidance for taxpayers affected by COVID-19

It was anticipated that the IRAS would provide a further update once OECDWorking Party No. 6 released its COVID-19 transfer pricing guidance.

Dixon: A cautionary case of U.S.-Australian tax issues

It demands more than just a pedantic understanding of civil and common laws, tax regimes, and treaties.

Accounting firms, professionals to get $8 million lifeline to cope with Covid-19 impact

Last year, ISCA rolled out a similar support package of $3.6 million for the accountancy sector.

Will Covid-19 kill your Hong Kong Offshore Company?

In their country of tax residence some Hong Kong Oshore Companies owners are declaring the opposite than what they are telling to Hong Kong tax authorities

Japan gets details on 2 million offshore accounts to combat tax evasion

The tax agency said it has already received information as of Jan15 on 2.19 million accounts in the year starting July.

Asset Management Update

Carried Interest 0% Tax Concession – Hong Kong

Hong Kong’s latest proposal for 0% carried interest tax on Private Equity Funds

This will be an enhancement and development for the private equity hub in Hong Kong

Asia Tax Bulletin - Winter 2020/21

We have also seen countries take measures to ensure related-party transactions comply with the arm’s-length principle

Govt creates special unit in I-T dept for probe into undisclosed foreign assets

The new units will also probe cases of Indian entities named in global tax document leaks like the Panama Papers