Tax-News.com: Offshore News

Tax-News.com: Offshore News

Global tax news, continuously updated through the day.
  1. The Hong Kong Government has issued a statement committing to amend its tax law with regards the tax exemption for foreign source passive income from 2023, to ensure the territory does not end up placed on the EU's tax blacklist of non-cooperative territories.
  2. Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.
  3. The Australian Government has confirmed that it will amend its offshore banking unit regime after it was designated a harmful tax regime by the OECD and the European Union.
  4. The UK Government is inviting input on the tax challenges associated with the rise of the sharing economy.
  5. The Bermuda Monetary Authority on December 15, 2020, released a new consultation paper on its proposal for a conduct of business regulatory regime to better protect retail investors.
  6. The OECD has released its annual Consumption Tax Trends report, which highlights that with VAT rates at an all-time high, governments should ensure they have effective VAT frameworks in place to tax e-commerce.
  7. On November 17, 2020, Guernsey's Revenue Service released updated guidance on Mutual Agreement Procedure dispute resolution.
  8. The United Arab Emirates has released a new law that would allow businesses to use movable property to secure bank and commercial loans.
  9. On July 13, 2020, the US Internal Revenue Service (IRS) issued a progress report on the last two years' work of the J5 group of five advanced countries, who are working collaboratively to tackle cross-border tax fraud.
  10. Hong Kong's 2020 Budget includes plans for a one-off reduction of profits tax, salaries tax, and tax under personal assessment.