|
Dear Colleague,
This week:
I hope you find this update useful.
Please remember that
you can customise your mailing preferences by visiting your own
profile
page to choose
from 29 offshore tax and law subjects in order to receive just the
information you want. You can also unsubscribe completely
by following the instructions at the bottom of this page.
Kind regards,
Kate James
|
Tax-News.com
Headlines
UK To Begin Crackdown
On Liechtenstein Account Holders,
by Robert Lee, Tax-News.com, London Thursday,
July 24, 2008 |
| The UK tax authority,
HM Revenue and Customs (HMRC) is ready to open new tax evasion
investigations into holders of accounts in Liechtenstein, as
part of a wider crackdown on offshore bank accounts, it has
emerged. [
FULL
STORY ] |
 |
Senate Committee
To Examine Payroll Tax Abuse,
by Leroy Baker, Tax-News.com, New York Thursday,
July 24, 2008 |
| A United States Senate
panel will next week hold a hearing to examine how an increase
in payroll tax evasion among America's employers can be tackled.
[ FULL
STORY ] |
 |
IoM
Publishes Anti-Money Laundering Handbook,
by Carla Johnson, Investors Offshore.com, London Thursday,
July 24, 2008 |
| The Isle of Man's
Financial Supervision Commission earlier this month announced
the publication of its Anti-Money Laundering and Countering
the Financing of Terrorism Handbook. [
FULL
STORY ] |
 |
Response Issued
To Cayman Government Spending,
by Amanda Banks, Tax-News.com, London Wednesday,
July 23, 2008 |
| The Portfolio of
Finance and Economics in the Cayman Islands, headed by Financial
Secretary Kenneth Jefferson (pictured), has spoken out this
week to make clear that contrary to a media report, the country's
government does not have $1.5bn in outstanding reports accounting.
[ FULL
STORY ] |
 |
UK Finance Act
2008 Promises 'Dramatic' Tax Changes,
by Robert Lee, Tax-News.com, London Wednesday,
July 23, 2008 |
| This year’s
UK Finance Bill, which was expected to have received Royal Assent
on 21st July, completing the legislative implementation of the
government’s Pre-Budget Report and Budget announcements,
changes the UK’s tax landscape in many ways, according
to PricewaterhouseCoopers LLP. [
FULL
STORY ] |
 |
HMV
Customers To Benefit From VAT 'Loophole',
by Robin Pilgrim, LawAndTax-News.com, London Wednesday,
July 23, 2008 |
| It has
emerged this week that customers at HMV stores will be able
to avoid paying VAT on certain products in a move which will
see CDs and DVDs ordered through in-store digital terminals
exempt from the usual VAT import laws. [
FULL
STORY ] |
 |
|
|
Offshore
Singapore
For
resident corporations Singapore is not particularly tax-friendly-
the corporation tax rate is 18%, and it is charged on all income
derived from sources in Singapore, together with income from sources
outside Singapore if received in Singapore.
In place
of VAT and import duty Singapore levies a 5% Goods & Services
Tax (increased to 7% from July 1st, 2007) from which exporting businesses
are exempted. There are however a number of beneficial tax regimes
available to the international investor, described on other pages.
Singapore
is setting out to be a major 'conduit' country for Indian FDI. In
April 2006 India responded positively to Singapore's request to
broaden the scope of the CECA [Comprehensive Economic Cooperation
Agreement] the two countries signed in 2005.
Learn more in our full Singapore
Knowledgebase.
|
|
|
Directory
For Visitors
Our aim is to offer you the ability to locate a service
provider specialising in the field of your choice, in the jurisdiction
of your choice, with just a few clicks. We only list confirmed entries
to reduce the number of dead-ends and strictly enforce categorisation
criteria to ensure that you find exactly the service you are after.
As of September 2007 we have begun to implement a new, expanded
format to make the directory even more user friendly and comprehensive.
Click
here for the new directory home page.
For Service Providers
The Lowtax Offshore Service Provider's Directory offers
firms the ability to highlight their services to one of the web's
largest specialised tax, legal and offshore audiences. Our visitors
include large numbers of corporates and HNWIs. Standard entry in
the directory is free as long as your details are kept up to date.
Premium entry options are available. Please contact diectory@lowtax.net
for further details.
Click
here for the new directory home page.
|
|
Offshore
Panama
Panama
Is An Independent Country With A Canal
The Republic of Panama, between Colombia and Costa Rica, has a population
of 3,242,173 (July 2007 est) and a land area of 76,000 sq km. The
climate is tropical. Panama is a sovereign democracy with a presidential
style of government. A pro-business government fell from power in
1999 and a new president, Mireya Moscoso made populist promises.
However, In May, 2004, Martin Torrijos (son of Omar Torrijos, who
ruled Panama between 1968 and 1981) was elected President. After
losing the presidential battle in 1999, Torrijos assumed leadership
of his father's party, sought to reform it, and created a platform
based on combating corruption, boosting employment, and reforming
Panama's fiscal system.
Panama was part of Colombia for a while until the US helped
it to become an independent country alongside construction of the
famous canal, beginning 1903. As of the end of 1999, the canal and
all its US facilities and bases reverted to Panama, creating a major
economic opportunity for the country. The official language is Spanish,
but English is understood in business circles. Panama's currency
is effectively the US dollar, with the official Balboa pegged to
the dollar but used only for small transactions.
Highly-Indebted Economy Is Recovering
The service sector contributes 77.6% (2005 est.) of Panama's economy,
which is based on banking, tourism, mining and commerce. The Colon
Free Zone is very successful, accounting for around 10% of GNP.
The Balladares administration pulled Panama back from a very poor
situation between 1994 and 1999, reorganising debt, trimming state
expenditure, liberalising and privatising. The government is trying
to make productive use of the canal's facilities with export processing
zones and many investment incentives. Growth had been running at
4% with low inflation, however growth fell from 2.5% in 2000 to
only 0.3% in 2001 and about 0.8% in 2002, then rebounding to 4.1%
in 2003 and 6% in 2004, partly due to property investment incentives.Growth
levels in 2005 were 6.4%. Under Torrijos Panama is enjoying something
of a boom; growth was 8.1% in 2006 and, according to some estimates,
could exceed 10% in 2007.
GDP per head is $8,200 (2006 est.) and unemployment levels were
at 9.8% in 2005.
Learn
more in our full Panama
Knowledgebase.
|
|
