Category Taxation in Asia-Pacific

IMF Identifies ASEAN Economic Challenges

April 27, 2010 International Tax CooperationTaxation in ChinaTaxation in SingaporeTaxation in ThailandTaxation in Vietnam

ASEAN London CommitteeIn a recent speech given by the Deputy Managing Director of the International Monetary Fund (IMF) to the Finance Ministers of the Association of Southeast Asian Nations (ASEAN), the key economic and fiscal issues, that the IMF perceives as currently facing ASEAN nations, were revealed.

On April 26th the IMF published a previously unreleased transcript of a speech given by Naoyuki Shinohara, Deputy Managing Director of the IMF, at the 14th ASEAN Finance Ministers’ Meeting, held on April 8th 2010 in Nha Trang, Vietnam. The speech focused on the key economic challenges the IMF perceives as facing ASEAN member nations...

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Australia Government Increasing Tax Certainty

April 21, 2010 Taxation in Australia

Government HouseThe Australian Government has announced three new legislative actions that are aimed at increasing the overall tax certainty for select business finance transactions.

On April 19th Nick Sherry, Assistant Treasurer of Australia, issued a press release announcing the extension of the transitional period for Upper Tier 2 instruments. He also revealed that the final approval has been given to new regulations governing select term subordinated notes. The Assistant Treasurer also announced the release of a consultation draft for the Taxation of Financial Arrangements (TOFA) Amendment Bill...

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Australia Escalates Fight on Offshore Evasion

April 15, 2010 Taxation in Australia

Commonwealth Bank of AustraliaThe Australian Tax Office (ATO) is stepping up its efforts to eliminate offshore tax evasion by requesting customer information from national financial institutions. The data will be used in fresh investigations on Australians with undeclared offshore bank incomes.

On April 14th the ATO issued a press release detailing its new data-matching program aimed at identifying and investigating Australian taxpayers with undeclared offshore incomes or over-claimed tax deductions involving international transactions. The ATO has revealed that national financial institutions will be requested to provide data on their clients for the operation. The received information will be inspected alongside the ATO’s own data to discover individuals potentially committing tax evasion...

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Australia Signs Eight Tax Agreements

April 7, 2010 International Tax CooperationTaxation in AustraliaTaxation in BahamasTaxation in Cayman IslandsTaxation in MonacoTaxation in Turks & Caicos Islands

Sydney Opera House by nightThe Australian Government has signed eight new bilateral Tax Information Exchange Agreements (TIEA) in a concentrated effort to enhance global tax transparency and reduce offshore tax evasion.

On April 6th-7th Senator Nick Sherry, Assistant Treasurer of Australia, announced the signing of TIEA agreements with The Cayman Islands, The Bahamas, Belize, Dominica, Grenada, Saint Lucia, Monaco, and the Turks and Caicos Islands. With the signing ceremonies complete, the TIEAs will be implemented upon the completion of legal ratification by both signatories. The new agreements raise Australia’s TIEA total to 22.

Explaining Australia’s pursuit to expand its TIEA network, Nick Sherry said, “As Chair of the Global Forum on Transparency and Exchange of Information, Australia is playing a leading rol...

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New Zealand and Hong Kong Develop Cooperation

March 30, 2010 International Tax CooperationTaxation in Hong KongTaxation in New Zealand

Night Lights in Hong KongThe Governments of New Zealand and Hong Kong have signed a Closer Economic Partnership (CEP) agreement and engaged to begin negotiations for a Double Taxation Agreement (DTA) in October.

The Hong Kong Government showed its continued commitment to meeting international standards on taxation transparency and forming closer economic ties with economies worldwide by announcing on the March 29th the signing of its first CEP agreement outside of mainland China, and intentions to begin negotiations for a future DTA agreement with New Zealand...

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