Managers of Wealth Asia Pacific

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.

Singapore becomes the fourth signatory of double taxation agreement with Seychelles this year

According to the Seychelles foreign affairs ministry the agreement was signed in New York between the Seychelles Ambassador to the United Nations, Marie-Louise Potter and her Singaporean counterpart, Karen Tan on July 9.

Standard for Automatic Exchange of Financial Information in Tax Matters

New single global standard for the automatic exchange of information between key authorities worldwide

Black Money: India making all efforts to get Swiss banks a/c holders' list

The Finance Minister said the list of 700 illegal Indian Swiss bank account holders was received from the French government which it had received from the HSBC bank data.

US entices NRIs to disclose their unreported assets

The SFOP is a game changer for non-resident and resident (who would use the Streamlined Domestic Offshore Procedures ( SDOP)) taxpayers alike

Budget brings tax worries for foreign portfolio investments

It is more attractive to be based out of jurisdictions where the treaty exempts taxes

Budget brings tax worries for foreign portfolio investments

The proportion of institutional investors that will be affected depends on how many of them were treating portfolio transactions as business income for tax purposes.

India: Government yet to decide on tax evasion rule GAAR's implementation

The GAAR provisions were introduced in the 2012-13 budget by then finance minister Pranab Mukherjee to check tax avoidance and were originally planned to be implemented from April 1, 2014.

Luxembourg passes bilateral tax pact with Taiwan

Luxembourg’s parliament approved an agreement July 9 with Taiwan to avoid double taxation and prevent fiscal evasion.

New decision on wording of Cyprus-India double tax agreement

Cyprus company Glendive Enterprises Limited entered into an agreement with Arabian Resources FZC to provide a ship to transport bauxite ore

India-UK commit to jointly deal with tax evasion menace

UK and India remain committed to the Base Erosion and Profit Shifting project

PR China and the US committed to signing Intergovernmental Agreement

The US Government concluded this agreements with many partner countries to effectively implement their 2010 US Foreign Account Tax Compliance Act (FATCA) in their local jurisdictions.

Macau, Guernsey to sign tax agreement

The number of jurisdictions that have a TIEA or Double Taxation Conventions (DTC) with Macau will increase to 19 once Guernsey has signed on the dotted line.