Offshore

Latest News for Offshore

• August 1, 2010 - Guernsey Poised To Build Links With India And China
  

  Business leaders and officials from Guernsey are set to travel to India and China in the second half of the year in a bid to build financial services links with the two leading Asian economies. The visits will include governmental engagements, meetings with regulators, industry associations and leading business introducers, as well as a series of networking opportunities through specific Guernsey events.

• May 14, 2010 - Little Risk That Hong Kong Will Be Put On Tax Haven Blacklist - Government Official
  

  The government of Hong Kong argues that there is little risk that the Asian jurisdiction will be placed on a blacklist of so-called tax havens by the Organisation for Economic Co-operation and Development, according to Tax-News. com.

• May 10, 2010 - Australian Bank's Top Executive Leaves Amid Controversy Over Malta
  

  The head of the Commonwealth Bank of Australia's structured finance division, Leanne Leong, has left the bank amid controversy about her division’s role in using the low-tax jurisdiction of Malta, media reports said. The bank has declined to comment on Leong’s departure or the future of the Malta operation, reports said.

• May 10, 2010 - Offshore Law Firm Adds To Teams In Hong Kong, Jersey
  

  Walkers, the offshore law firm, has added a number of senior lawyers to its offices in Hong Kong and Jersey, focusing on areas including insolvency and corporate recovery. Guy Locke – currently global head of Walkers' Insolvency and Corporate Recovery Group – has been named head of Asia.

• May 4, 2010 - US Authorities Expect To Add Thousands To Offshore Tax Probes
  

  The US government plans to investigate up to 7,000 more cases of wealthy individuals evading tax via offshore accounts. Kevin Downing, a senior tax lawyer with the US Department of Justice speaking in Singapore, said he expected between 4,000 to 7,000 cases to be brought to the IRS in addition to the UBS case.

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Latest Features for Offshore

• February 14, 2010 - Australia Tightens Screws On Trusts
  

  The Australian government continues to crack down on tax structures traditionally used by wealthy families with the release of draft legislation to extend withholding tax arrangements to family trusts. Assistant treasurer Nick Sherry released the draft legislation for public comment this week. The recommendations would enable the Australian Taxation Office (ATO) to detect the non-disclosure of income earned by the trusts, and then attribute it to individuals and assess it along with their other income.

• April 2, 2009 - Tax Havens - How The Landscape Is Changing
  

  Offshore tax jurisdictions have featured strongly in the crescendo of media coverage leading up to the G20 summit in London that is now underway.   Both Gordon Brown, the UK prime minister and US president, Barack Obama, have been pushing for a clampdown on tax havens and offshore jurisdictions which have been blamed for their role in the global economic crisis. As ever, the noise and fury of the debate has drowned out other voices.

• March 31, 2005 - Asia: A Gold Mine for Wealth Managers?
  

  Asia’s wealth market has been growing faster than other regions of the world, presenting major opportunities to the private banking and wealth management industries. China and India are the major prizes, but with little history of wealth management and a plethora of regulatory and competitive hurdles, which are only slowly being dismantled, the wealth industry is not yet fully able to tap these markets. The immaturity of the market has created a “wealth race” in those two key emerging markets as global players rush to position themselves for the new opportunities.

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