EU fails to adapt to borderless world

European Commission President Jose Manuel Barroso. Photo: AFP

I do not entirely follow the reasoning of this notable hot-air merchant. If the European Union truly has evidence that its citizens, personal or corporate, defraud it of €1 trillion a year, why do its law-enforcement agencies not take action?

Sunday, 26 May, 2013, 4:35am 6 comments

Rich dodge US$156b tax on hidden assets, says Oxfam

The Caymans and other British crown dependencies have been told to get their houses in order over their tax status. Photo: AP

The international aid agency Oxfam says the unpaid tax is twice the sum required for every person in the world to live above the extreme poverty threshold of US$1.25 a day.

11 Feb 2014 - 7:32am

Apple's tax practice in China subject of fierce debate

Apple CEO Tim Cook testifies before the Senate. Photo: EPA

While legislators in the United States put Apple under a microscope, the company's tax strategy in China has also become the focus of a lively debate.

22 May 2013 - 2:11pm

Ireland rejects blame for Apple’s low tax rate

Apple Operations International, a subsidiary of Apple, in Hollyhill, Cork, southern Ireland. Photo: Reuters

Ireland said on Tuesday it was not to blame for Apple’s low global tax payments and had no special rate deal with the company after the US Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries.

22 May 2013 - 2:56am

Bumper year in 2012-13 as tax revenue hits record HK$242b

Chu Yam-yuen, Commissioner of Inland Revenue. Photo: Jonathan Wong

Hong Kong collected record-breaking tax revenue of HK$242.2 billion for the 2012/13 fiscal year, thanks to healthy growth in company earnings.

3 May 2013 - 5:37am 1 comment

Australia proposes new tax for disability welfare

Australian Prime Minister Julia Gillard. Photo: Xinhua

Prime Minister Julia Gillard has pinned her government’s re-election hopes on a new welfare scheme for the disabled, proposing on Tuesday a new tax to better fund care for Australians with severe physical and mental disabilities.

1 May 2013 - 1:21pm

Break free from foreign tax shackles and embrace Hong Kong's low rate

Break free from foreign tax shackles and embrace Hong Kong's low rate

We arrived in Hong Kong a few months ago. My partner's initial contract is for two years with another two likely after that. Do you have any personal finance tips for us, or comments on pitfalls to avoid?

25 Mar 2013 - 3:30am

Cyprus bank levy spooks Hong Kong investors

Plans by Cyprus for a tax on bank deposits renewed fears over Europe's financial stability and saw stock exchanges fall. Photo: Reuters

Hong Kong stocks had their largest fall in more than a month yesterday, led by HSBC, as plans by Cyprus to levy an unexpected tax on bank deposits triggered fresh worries over financial stability in Europe and panic selling across the board.

19 Mar 2013 - 5:24am

It's risk-off again as troika plays with fire in Cyprus

Cypriot savers have been angered by the bail-out terms. Photo: AFP

Anyone who thought financial markets had broken out of the risk-on, risk-off cycle that has dominated trading for the last couple of years surely changed their mind yesterday.

In Hong Kong the benchmark Hang Seng stock index tumbled 2 per cent as investors reacted to the proposed bail-out deal for Cyprus by rushing to take their money off the table.

19 Mar 2013 - 4:16am 3 comments

Debate resurfaces over China carbon tax plan

Analysts say a carbon levy could take years to implement on the mainland, given the time needed to establish trading infrastructure and regulations. Photo: EPA

Calls for a tax on carbon emissions have resurfaced on the mainland in recent weeks, with a top policy official at the Ministry of Finance publicly highlighting the need to overhaul tax policies to improve environmental protection and energy conservation.

8 Mar 2013 - 7:02am

Does adding children's names to the deeds of a Hong Kong flat involve any duty or tax?

Does adding children's names to the deeds of a Hong Kong flat involve any duty or tax?

My husband and I have owned our flat here for more than 35 years. For succession planning, we would like to add the names of our two children (living and working abroad) to the title deeds of the property. Would this involve any duty or tax at any stage and, if so, would it be wise to do it in the current financial climate? We are about to start making our wills.

7 May 2015 - 12:48pm

Budget a case of lost opportunities

Financial Secretary John Tsang Chun-wah. Photo: SCMP

Despite overwhelming objections expressed by the public with regard to annual handouts that divert resources from long overdue improvements to our social structure, our politicians have not taken heed.

13 Feb 2013 - 3:33am

The Week Explained: Taxing the rich

Posters of French actor Gerard Depardieu in a St Petersburg bank in Russia. Depardieu was granted Russian citizenship by President Putin. Photo: EPA

Have you been worrying over how much the rich have to pay in taxes? Did you experience a warm glow of relief on learning that the French actor Gerard Depardieu has escaped his tax liabilities as a French citizen by acquiring a shiny new Russian passport? No, I thought not.

14 Jan 2013 - 7:37am

All eyes on Republicans as House set to vote on 'fiscal cliff' deal

Late night at the Capitol. Photo: AP

The dramatic deal struck by the White House and top Republicans to avert huge new year tax rises and postpone automatic spending was heading to the House of Representatives this morning (Hong Kong time).

2 Jan 2013 - 9:33am

Republicans reach out to Joe Biden to help resolve 'fiscal cliff'

Vice-President Joe Biden gives two thumbs up following a Senate Democratic meeting about the "fiscal cliff". Photo: AP

The Senate Republican leader Mitch McConnell decided it was time to deal directly with the White House when Senate budget talks stalled three days ago - though not with President Barack Obama.

"I needed a dance partner," McConnell said. "So I reached out to the vice-president."

2 Jan 2013 - 5:15am