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Dear Colleague,
This week:
I hope you find this update useful.
Please remember that
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Kate James |
Tax-News.com
Headlines
Guernsey
Responds To UK Offshore Finance Centre Probe,
by Jason Gorringe, Tax-News.com, London Thursday,
June 26, 2008 |
| The Guernsey authorities
have this week defended the island’s finance industry
to the UK Government. [
FULL
STORY ] |
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Irish
Revenue Publishes Defaulters List,
by Amanda Banks, for LawAndTax-News.com, London Thursday,
June 26, 2008 |
| Ireland's Revenue
Commission on Wednesday published audit /investigation settlements
completed over the period 1st January 2008 to 31st March 2008.
[ FULL
STORY ] |
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Barbados
And Seychelles Sign Double Tax Agreement,
by Amanda Banks, Tax-News.com, London Thursday,
June 26, 2008 |
| The government of
Barbados intends to 'vigorously pursue' the expansion of its
tax treaty network in 2008, a government official announced
on Tuesday, following the recent signing and entry into force
of a Double Taxation Agreement between Barbados and the Republic
of Seychelles. [
FULL
STORY ] |
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British
Council Challenges Russian Back Tax Bill,
by Tatiana Smolenskaya, Tax-News.com, Msocw Wednesday,
June 25, 2008 |
| The British Council
in Russia has once again hit the headlines as a result of allegations
of tax evasion by the Russian authorities, but the UK cultural
organisation argues that it is in full compliance with the Russian
tax code, and intends to challenge a bill for back taxes.
[ FULL
STORY ] |
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DIFX
Appoints New CEO,
by Lorys Charalambous, Tax-News.com, Cyprus Wednesday,
June 25, 2008 |
| The DIFX Board of
Directors has announced the appointment of former NASDAQ executive
Jeffrey Singer as the new Chief Executive Officer and member
of the DIFX Board, effective 1st July. [
FULL
STORY ] |
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USTR
Welcomes Korean Announcement On US Beef Imports,
by Mike Godfrey, for LawAndTax-News.com, Washington Wednesday,
June 25, 2008 |
| The
Office of United States Trade Representative on Saturday responded
to an announcement by the South Korean government on Tuesday
regarding US beef trade. [
FULL
STORY ] |
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| Offshore
Labuan
Labuan
is centrally located in South-East Asia
Labuan is part of Malaysia and is well located in the centre of
the ASEAN region. 92 sq km in size, with a population of 78,000
(according to the 2000 census), Labuan is mostly flat, with a good
harbour and an airport served by MAS and other airlines. Labuan
was used by the British as a coaling station during the 19th century,
and was eventually incorporated into the Malaysian Federation. Ethnically,
Labuan has a mixed Asian population; Bahasa Malaysian is the official
language, but English is widely used. The climate is tropical and
there are extended monsoon periods.
LOFSA
runs the offshore sector . . . .
The Government sees Labuan's future in terms of its financial sector,
and in 1990 created the Labuan Offshore Financial Services Agency
alongside a batch of 'offshore' laws. Labuan offshore companies
can make use of Malaysia's good double tax treaty network, and as
a result the island has become the preferred conduit for FDI into
a number of local countries including Korea and Malaysia itself.
A stock exchange was established in 2000, aiming particularly at
the listing of Islamic financial debt issues, and has had considerable
successes.
Learn more in our full Labuan
Knowledgebase. |
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Directory
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Offshore
Monaco
Monaco occupies
barely 2 sq km on the French Riviera. Only 5,000 of its population
of 32,670 (July 2007) are original Monegasques. Monaco is well-connected
by air, from Nice airport (22 km distant), by rail and by road.
The time is GMT +1 hour, like France.
The famous
Grimaldi family has ruled since 1297 under the protection of various
countries, but mostly France - the 1963 Treaty with France created
a monetary union, confirmed a constitutional monarchy with French
responsibility for external affairs, and subjected most French residents
to tax. The elected Council has little power, with Prince Albert
II equivalent to a Chief Executive. Monaco speaks French, has adopted
the Euro, and has a civil code judicial system.
The economy
has a normal range of activities for an advanced country (GDP EUR50,000
per head), with special contributions from tourism, high-technology
light industry and especially banking. However, Monaco does not
want to be a tax haven, under any name, and has no 'offshore' sector
as such. Like other continental jurisdictions, Monaco tends to be
bureaucratic and cumbersome for international businesses.
Business
profits tax is levied only on companies that trade predominantly
outside the country, and there is no personal income tax or capital
gains tax. Modest inheritance and gift taxes, and stamp duties add
to Government revenue, along with customs duties and VAT at French
levels.
Monaco
came under attack in 2000, being included on the OECD blacklist
(but then who wasn't?) and perhaps more seriously being the target
of a hard-hitting French parliamentary report. Since then, the principality
has been working hard to shed its image as a safe hiding place for
money launderers and tax evaders. Measures undertaken have included
cooperation agreements signed with Spain, Belgium, Portugal, and
Luxembourg, and the tightening of laws relating to suspicious transactions.
In October
2001 France and Monaco reached agreement on initiatives to counter
money laundering in the principality. According to the Ministry,
Monaco has 'significantly strengthened' its stance against money
laundering activities by doubling the number of staff who trace
the money launderers as well as pledging to report more suspicious
transactions. Monaco also undertook to increase its cooperation
with the Financial Oversight Commission to revise the rules governing
investment management companies and improve upon regulation and
transparency in general.
The tax treaty between the two territories was also modified 'to
correct abnormal evolutions in the deduction of executive pay from
Monaco's tax on corporate profits.' This included a decision that
French citizens living in Monaco since 1989 must pay a wealth tax
in future.
Learn
more in our full Monaco
Knowledgebase. |
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