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Dear Colleague,
This week:
I hope you find this update useful.
Please remember that
you can customise your mailing preferences by visiting your own
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Kind regards,
Kate James
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Tax-News.com
Headlines
New Zealand Still
One Of World’s Best Places For Business,
by Mary Swire, for LawAndTax-News.com, Hong Kong Thursday,
September 11, 2008 |
| New Zealand's Minister
for Small Business, Clayton Cosgrove, has welcomed Wednesday's
release of the World Bank’s Doing Business 2009 survey,
which shows that New Zealand has retained its second place ranking
for ease of doing business. [
FULL
STORY ] |
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EU And Ukraine
Move Towards Free Trade Deal,
by Ulrika Lomas, for LawAndTax-News.com, Brussels Thursday,
September 11, 2008 |
| It has emerged that
the European Union and the Ukraine are on track to seal a comprehensive
free trade agreement as part of a wider economic and political
deal between the two sides. [
FULL
STORY ] |
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Republicans
Pressure Rangel To Quit Over Tax Scandal,
by Leroy Baker, Tax-News.com, New York Thursday,
September 11, 2008 |
| House Republican
leaders have written to House Speaker Nancy Pelosi (D-CA), urging
her to remove Rep. Charles Rangel (D-NY, pictured) as chairman
of the House Ways and Means Committee, which presides over tax
legislation, until mounting ethical charges against him, including
claims of unreported income, are resolved. [
FULL
STORY ] |
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Polish Budget Leaves
Room For Tax Cuts,
by Ulrika Lomas, Tax-News.com, Brussels Thursday,
September 11, 2008 |
| The Polish government
has approved the draft 2009 budget document, which supposedly
achieves the twin aims of lowering the country's tax burden
while cutting the government's budget deficit. [
FULL
STORY ] |
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Hong Kong Securities
Industry Profitability Falls,
by Mary Swire, Tax-News.com, Hong Kong Thursday,
September 11, 2008 |
| Hong Kong’s
securities industry reported a decline in profitability in the
first six months of this year, compared to the second half last
year, according to the latest issue of the Financial Review
of the Securities Industry produced by the Securities and Futures
Commission (SFC). [
FULL
STORY ] |
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PKF
Urges Chancellor To Use Tax Breaks For Energy Investment,
by Robin Pilgrim, LawAndTax-News.com, London Wednesday,
September 10, 2008 |
| Lisa
Macpherson, National Director of Tax at PKF accountants and
business advisers, has this week urged the UK's Chancellor,
Alistair Darling to use real tax incentives to harness the 'financial
muscle' of private investors, in order to boost green energy
production. [
FULL
STORY ] |
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| Offshore
Bermuda
Bermuda
Not in The Caribbean
Bermuda is a mid-Atlantic archipelago 1,000 km from the USA; it
is not in the Caribbean (1,500 km to the south). Bermuda is a self-governing
Crown dependency. It is politically stable; English is the official
language; and the Barbadian dollar is at parity with the US dollar.
The climate is warm and humid; but sea breezes temper the high summer
temperatures. Population is 66,163 (July 2007 est.) and growing
despite limited land availability. The islands are rich: Bermuda's
GDP in 2004 was over USD4.5 billion, giving a GDP per head of more
than USD69,900. GDP growth in 2004 rose to 4.6%.
Economy Buoyant Based on Financial Services and Tourism
By excluding foreign banks until recently, Bermuda avoided problems
and grew as a reputable international finance centre with three
of its own widely-branched banks. Financial services account for
a significant majority of GNP; tourism is also important, with more
than 400,000 visitors a year, mostly from the US. The Bermuda Stock
Exchange (established 1973) trades electronically and provides global
access to its settlement systems.
Bermuda's Lowtax Specialisations
Bermuda has particularly strong insurance, investment fund and trusts
sectors, with very well-developed advisory and financial infrastructure.
The Bermuda captive insurance sector is the world's largest. Hamilton
is a British port of registry. There is a sophisticated infrastructure
including the major international law and accounting firms. The
Government intends to encourage the development of e-commerce in
Bermuda and has put effective legislation in place.
No income tax in Bermuda!
There is no income tax, capital gains tax, VAT, sales or use tax
or wealth tax. Annual government fees are imposed on businesses
and there is a payroll tax. Local businesses must be controlled
by Bermudians but offshore operations take place through 'exempt'
or 'permit' companies. Due to an error in Brussels, Bermuda is not
subject to the EU's Savings Tax Directive.
Learn more in our full Bermuda
Knowledgebase.
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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
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| Offshore
Botswana
Botswana
Is A Sub-Saharan Success . . .
Botswana, independent since 1966, has had high growth rates due
to sound economic management and its diamond mining industry. With
an area of 600,000 sq km and a population of 1.84m, Botswana is
bordered by Namibia, South Africa and Zimbabwe. The capital Gaborone
has air links to major African cities. With a stable democracy,
GDP per head of USD16,400 in 2007, and reserves of more than USD6bn,
Botswana is rated the least corrupt country in Africa by Transparency
International.
. . . and Is Creating An IFSC To Diversify The Economy
The Income Tax Amendment Act 1999 created an International Financial
Services Centre, whose focus is on the provision of financial services
to clients who are domiciled in other countries. Fiscal incentives
are provided to financial and non-financial institutions to encourage
them to establish in the IFSC to provide these services. The Bank
of Botswana is responsible for supervision of IFSC companies.
The IFSC Includes Investment Funds . . .
Undertakings for Collective Investment were brought under the IFSC
regime by the Collective Investment Undertakings Act 1999. CIUs
can be organised in the form of trusts or investment companies,
including variable capital companies and unit trusts. Open and close
ended funds are permitted. CIUs are also supervised by the Bank
of Botswana.
. . . and Offers a Privileged Tax Regime To Its Members
Botswana has lowish tax rates applied on a territorial basis, but
the IFSC allows generous deductions from income before taxation
and exemption from withholding taxes on dividends. Capital gains
are tax free in the IFSC. Companies in the IFSC are likely to escape
anti-avoidance and CFC legislation in many OECD countries.
Learn more in our full Botswana
Knowledgebase.
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