asia pacific region tagged posts

Singapore Offers Tax Deductions for Angle Investors

July 1, 2010 Taxation in Singapore

We are the law!The Government of Singapore has announced its latest initiative to draw potential invest to national small businesses and start-up firms.

On June 28th SPRING Singapore, a national enterprise development agency, revealed details of the long-awaited Angel Investors Tax Deduction Scheme (AITD), which was first announced in the national 2010 Budget. The new scheme offers angel investors the opportunity to offset 50 percent of their cash investment against their personal taxable income. The program is especially aimed at increasing investment into start-up firms in the high-tech and biotech industries.

Under the AITD program, angel investors are required to make a minimum personal deposit of SGD 100 000 (approx. USD 71 541) before March 15th 2015 to qualify for this tax deduction...

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Concerns over Australian Tax Info Privacy

June 30, 2010 Taxation in Australia

Public telephone reduxConcerns have been raised about the privacy issues surrounding information provided to the Australian Tax Office by tippers and whistleblowers concerning tax evasions.

Last week the Australian National Audit Office (ANAO) released Community Intelligence – Collecting and Processing Tip-offs, a performance audit of the Australian Tax Office’s (ATO) treatment of tax information provided by anonymous tippers on other taxpayers. The report revealed the ATO’s procedure of indefinitely retaining all information provided by tippers, even if an investigation proves the data to be false or irrelevant.

The ATO currently manages all of its community sourced intelligence regarding possible fiscal crimes at the Tax Evasion Referral Center (TERC)...

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World’s Richest Back to Pre-Crises Levels

June 29, 2010 International Tax Cooperation

Dirty MoneyA new report has been released, profiling the numbers and affluence of high net worth individuals (HNWI) worldwide. The report also investigates the effect of the global economic downturn on HNWIs’ choice of investments.

Last week, Merrill Lynch Global Wealth Management and international consultancy firm Capgemini released The 14th Annual World Wealth Report 2010. The publication investigates global levels and distributions of individuals with investible incomes exceeding USD 1 million. According to the publication, the global population of HNWIs grew by 17.1 percent in 2009, to a level of 10.0 million individuals worldwide. North America remained as the densest high wealth area, with an approximate 31 percent of the international HNWI population...

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IMF Deputy Supports Australian Mining Tax

June 24, 2010 Taxation in Australia

Heavy DutyPhilip Daniel, Deputy Head of the International Monetary Fund (IMF) tax policy devision, has revealed that he supports the Australian Government’s intention to instate a new 40 percent tax rate on mining industry profits.

On June 23rd Philip Daniel spoke at an Australian Institute of Chartered Accountants conference and gave his view on the country’s current dispute over the proposed Resource Super Profit Tax (RSPT). Phillip Donald said that he believed that a recent mining-sector sponsored media campaign had misinterpreted the possible effects of the RSPT, overemphasizing the potential costs and downplaying the benefits. He went on to say that he supports the RSPT “in principal...

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Asian Economies Warned of Capital Spikes

May 19, 2010 Taxation in ChinaTaxation in Hong KongTaxation in IndiaTaxation in PhilippinesTaxation in SingaporeTaxation in South KoreaTaxation in ThailandTaxation in Vietnam

Independence Monument - Phnom Penh, CambodiaGovernments of emerging Asian economies have been warned to be ready for sudden increases in investment capital inflows, and prepare appropriate policy responses.

On May 18th the Asian Development Bank (ADB) released its annual Asian Capital Markets Monitor report, which investigates the performance and outlooks for the equity, bond and currency markets in emerging economies. According to the report, several factors have cumulatively increased the risk of Asian economies facing sudden high levels of investment capitals, leading potential destabilization of currency and financial markets.

Amidst worries of a continued national debt crisis in Greece and the Euro-zone, international investors have been paying greater attention to Asian economies...

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