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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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Kate James |
Tax-News.com
Headlines
IRS
Urges Taxpayers To Report Foreign Bank Accounts,
by Mike Godfrey, Tax-News.com, Washington Thursday,
June 19, 2008 |
| The US Internal Revenue
Service (IRS) has issued a reminder this week to US persons
who have bank and other financial accounts in a foreign country
that they may be required to report those accounts to the US
Department of Treasury by the 30th June deadline.
[
FULL
STORY ] |
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UK
To Lead Europe For Inward Investment Despite Tax Concerns,
by Robert Lee, Tax-News.com, London
Thursday,
June 19, 2008 |
| Despite growing criticism
from multinationals over its corporate tax burden, the UK is
the most popular European inward investment destination for
corporates, and will trail behind only the US and China for
inward investment in the next year, according to a new report
by tax and advisory services firm KPMG. [
FULL
STORY ] |
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Baucus
Condemns Senate's Second Refusal To Consider Tax Extenders,
by Mike Godfrey, Tax-News.com, Washington Thursday,
June 19, 2008 |
| Senate Finance Committee
Chairman Max Baucus (D -Mont.) has condemned the US Senate's
second refusal to consider a package of tax legislation which
would extend personal and business tax breaks and provide tax
incentives for renewable energy production. [
FULL
STORY ] |
 |
Hong
Kong SFC Outlines Strategic Priorities,
by Mary Swire, Tax-News.com, Hong Kong
Wednesday,
June 18, 2008 |
| Facilitating Hong
Kong’s evolution as an international financial centre
and a key financial market in China will be one of the top priorities
of the Securities and Futures Commission (SFC) in this financial
year, the regulator has announced.
[
FULL
STORY ] |
 |
Mauritius
Government Announces Tax Changes, Measures To Benefit Finance
Sector In Budget,
by Lorys Charalambous, Tax-News.com, Cyprus Wednesday,
June 18, 2008 |
| The Government of
Mauritius has, through its recent 2008-09 Budget, implemented
a series of measures to facilitate and encourage financial institutions
to deliver services efficiently, and to help the financial services
sector maintain its dynamism. [
FULL
STORY ] |
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Mourant
Is Fastest Growing Listing Agent On CISX,
by Philip Morton, Investors Offshore.com Wednesday,
June 18, 2008 |
| Mourant
is the fastest growing listing agent on the Channel Islands
Stock Exchange (CISX) and has completed its 200th listing, it
announced this week. [
FULL
STORY ] |
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Offshore
Marshall Islands
The
Marshall Islands are situated nearly midway between Indonesia and
Hawaii, and are the easternmost island group in Micronesia.
British
naval officer John Marshall gave his name to the islands in the
1700s. The Marshall Islands were under the control of Spain from
1500 to the late 1800s, Germany from 1885 to World War I, and Japan
from 1917 to 1944. After the Second World War, the Marshall Islands
became a United Nations Trust Territory of the Pacific Islands under
United States administration. The Republic of the Marshall Islands
gained its independence in 1986, after signing the Compact of Free
Association with the United States. The Republic became a full member
of the United Nations in 1991.
The Constitution,
signed in 1979, is a blend of American and British models of government
and the official language is English. The Marshall Islands has enjoyed
political stability since its independence as a nation.
The jurisdiction
maintains a democratically elected parliamentary system of government.
Under the Marshall Islands’ parliamentary system, the legislature
known as the Nitijela, elects a President from among its members.
In turn, the President nominates a Cabinet of 6 to 10 members. The
legal system consists of local courts whose judges are appointed
by the Cabinet. The court system consists of local Courts of First
Instance, a Traditional Rights Court with jurisdiction over real
property matters and a High Court with maritime jurisdiction. Appeals
may be brought before the Supreme Court in all cases.
Learn more in our full Marshall
Islands 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
for further details.
Click
here for the new directory home page.
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| Offshore
Brunei
The Islamic Sultanate
of Brunei Darussalam is close to vital sea lanes running through
the South China Sea linking the Indian and Pacific Oceans. The climate
is tropical. The capital is Bandar Seri Begawan. The country consists
of two parts physically separated by a finger of Malaysian territory.
Brunei's major natural resources are petroleum, natural gas and
timber.
Brunei was a
powerful state from the 16th to the 19th century, but in 1888 it
became a British protectorate. Britain retained responsibility for
the state's defense and foreign affairs until 1984, when the sultanate
became fully independent.
The population
was estimated at 374,577 in July, 2007. The official religion is
Islamic. Malay is the official language; English and Chinese are
also spoken.
Brunei
is a constitutional sultanate. The Sultan and Prime Minister is
Sir Hassnal Bolkiah (since 5 October 1967). Civil law is based on
English common law; for Muslims, Islamic Shari'a law supersedes
civil law in a number of areas.
GDP at
purchasing power parity was $9.557 billion in 2006, and GDP per
head at purchasing power parity in 2005 was $25,600 - on a par with
the GDP of the EU prior to enlargement. The government runs a surplus.
The currency is the Bruneian dollar; in 2004 1 Bruneian dollar was
worth 1.6902 US dollars.
Learn more in our full Brunei
Knowledgebase.
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