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  • September 24, 2014
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  1. Business - China Business - TAXATION

    China fails to collect 65pc of corporate taxation, says IMF

    Posted Jun 27th 2014, 01:04am by Toh Han Shih

    ... Toh Han Shih hanshih.toh@scmp.com Mainland's high rate blamed for low corporate income tax efficiency, while HK's low levels fuel outsized foreign direct investment Beijing fails to collect 65 pc of tax, says IMF The mainland is one of the worst jurisdictions in the world when it comes to collecting corporate taxes, while Hong Kong's low tax rate has enabled ...

  2. Business - Economy - TAXATION

    Hong Kong's tax system needs complete review, institute says

    Posted May 14th 2014, 01:20am by Toh Han Shih

    ... Toh Han Shih hanshih.toh@scmp.com HK tax system 'needs complete review' Hong Kong lacks adequate tax laws to handle measures to combat tax evasion implemented by G20 governments, including Beijing's, and risks losing out to Singapore in terms of corporate tax competitiveness, according to a Hong Kong Taxation Institute study that was submitted to the city's ...

  3. Business - Banking & Finance - TAXATION

    Lion City latest to sign up to help US combat tax evasion

    Posted May 07th 2014, 01:08am by Reuters

    ... Reuters in Washington Lion City latest to sign up to combat US tax evasion Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a US Department of the Treasury spokeswoman said. Set to take effect on July 1, the Foreign Account Tax Compliance Act of 2010 (Fatca) will require foreign banks, ...

  4. Business - China Business - TAXATION

    China's efforts to curb tax evasion net extra HK$59b

    Posted Mar 20th 2014, 01:35am by Toh Han Shih

    ... Toh Han Shih hanshih.toh@scmp.com China's efforts to curb tax evasion net extra 47b yuan The mainland's efforts to fight tax evasion brought in 46.9 billion yuan (HK$59.2 billion) of additional taxes in 2013, 38 times more than 2008, according to the website of the State Administration of Taxation. Since 2011, China's transfer pricing agreements with Hong Kong ...

  5. Business - Economy - TAXATION

    EU nations agree on rules to fight tax evasion

    Posted Mar 22nd 2014, 01:30am by AP

    ... Associated Press in Brussels EU united in fight against tax evasion European Union members have agreed on a sweeping policy to fight tax evasion after Luxembourg dropped its reservations ... to better clamp down on tax fraud and tax evasion". Van Rompuy added: "Banking secrecy is set to die." The legislation proposes an EU-wide automatic exchange of data on bank deposits ...

  6. Business - Companies - TAXATION

    Cathay to withhold US pilots' wages for taxes

    Posted Mar 03rd 2014, 02:59am by Phila Siu

    ... Phila Siu phila.siu@scmp.com Airline says new laws are forcing it to hand over 30 per cent of salaries to American authorities Cathay to withhold US pilots' wages for taxes Cathay Pacific Airways is to start withholding about 30 per cent of its American pilots' salary every month and pass the money to the US tax authorities together with the pilots' personal ...

  7. Business - Banking & Finance - TAXATION

    Credit Suisse's US clients in identity crisis over tax evasion probe

    Posted Mar 08th 2014, 01:40am by BLOOM

    ... clients in U.s. face identity crisis Thousands of Credit Suisse's clients in the United States still do not know whether tax authorities will learn their identities as prosecutors work to conclude a three-year probe of how the bank helped them evade taxes. US senators last week faulted the Department of Justice for securing names for only 238 of 22,000 Americans with Credit Suisse ...

  8. Business - Money - TAXATION

    Profits tax low on a businessman’s list of concerns

    Posted Feb 18th 2014, 11:59am by Stephen Vines

    ... Stephen Vines Bodies claiming to represent businesses clamour for cuts in profit taxes, but in reality most companies do not share their obsession Untaxing burden I've been reading in newspapers that people like myself who run businesses are eagerly awaiting news of a profits tax cut in next week's budget. Indeed I am, apparently, among those strongly urging the financial ...

  9. Business - China Business - TAXATION

    Tax collectors exchange data to close loopholes

    Posted Feb 25th 2014, 01:24am by Toh Han Shih

    ... Toh Han Shih hanshih.toh@scmp.com Mainland tax authorities use third-party information to boost tax revenues as global exchange standard set to come into force next year Tax collectors exchange data to close loopholes Access to better information domestically has enabled mainland authorities to collect more taxes, while they are also expected to benefit from an international tax ...

  10. Business - Banking & Finance - TAXATION

    Swiss bankers set up Hong Kong firms to help clients dodge US tax

    Posted Feb 27th 2014, 01:34am by Toh Han Shih

    ... Toh Han Shih hanshih.toh@scmp.com Swiss bankers set up HK firms to dodge US tax Hong Kong companies were used by Credit Suisse to help US taxpayers avoid taxes, a report by the US Senate's Permanent Subcommittee on Investigations found. The bank discovered its Swiss-based bankers "were well aware that some US clients wanted to conceal their accounts from US authorities, ...




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