Hong Kong Treasury Markets Body Eyes Islamic Market
The Hong Kong Treasury Markets Association (TMA) will help treasury market practitioners tap the growing Islamic financial market and other regional business opportunities, according to Hong Kong Monetary Authority Deputy Chief Executive Eddie Yue.
Foreign Property Investors Overpaid Spanish Tax
The Spanish government could soon be facing claims for over-paid taxes from thousands of non-residents who sold property there prior to a change in Spanish capital gains tax rules.Between 2003 and 2006, Spain charged a dual rate of tax on capital gains - 15% for residents and 35% for non-residents - but was forced to equalise the rate following a ruling by the European Commission, which argued that the higher rate was discriminatory against foreign investors.
Malta Initials Double Tax Treaty WIth US
Tonio Fenech, Malta's Minister of Finance, Economy and Investment, has initialled the text of a Treaty for the Avoidance of Double Taxation between Malta and the United States. The Malta/US DTA was signed in the presence of US Ambassador Molly Bordonaro, on March 27th, 2008. Michael Mundaca headed the US Treasury delegation in Malta, and initialled the document on behalf of the United States.
Russia Charges UK Hedge Fund Manager With Tax Evasion
A well-known hedge fund manager who has been banned from re-entering Russia, has reportedly been charged with tax evasion by the Russian law enforcement authorities in his absence.Citing police sources, Russian business daily Kommersant reported on its front page last week that William Browder, CEO of Hermitage Capital Management, and Ivan Cherkasov, the fund's general manager, have been charged with tax evasion for using a Cyprus-based company to evade Russian taxes.
HK Exchange Rate Not Biggest Inflation Cause
Hong Kong's Monetary Authority Chief Executive Joseph Yam this week observed that whilst the exchange rate is one factor in inflation, it is not the biggest, and suggested that effective remedies should focus on improving and sustaining labour productivity growth. In his weekly Viewpoint column published on Wednesday, Mr Yam announced a weak US dollar, a strong renminbi and higher inflation recently may have led some to question again the appropriateness of retaining the link between the Hong Kong dollar and the US dollar.
Australian Tax Commissioner Michael D’Ascenzo on Wednesday warned taxpayers and trustees of self-managed super funds to be cautious of claiming deductions in relation to trust arrangements. Under the arrangements in question, a taxpayer uses borrowed funds to acquire an interest in a certain type of trust described in the alerts. The trust then uses the funds to purchase income-producing property.
HK Finance Industry Receipts Up 68.8%
Hong Kong's business receipts in all service industries grew in value terms last year, according to figures released today by the Census & Statistics Department. Among them, finance industry business receipts grew 68.8%, and those for real estate and banking industries rose 39.1% and 38.4% on the previous year. The Department on Tuesday explained that the rise for the finance (except banking) industry was due to the buoyant local stock market, while that of the real estate industry was attributable to the brisk trading activities in the property market.
A report published by PricewaterhouseCoopers on Tuesday has suggested that investors need to look beyond the BRICs (Brazil, Russia, India and China) for future growth opportunities. ‘The World in 2050: Beyond the BRICs’ concluded that long-term prospects for China, India and other so-called ‘E7’ economies (Brazil, Mexico, Russia, Indonesia and Turkey) are still upbeat, but looks for the first time at an additional 13 emerging economies, which the firms argues also have the potential to grow significantly faster than the established Organisation for Economic Co-operation and Development (OECD) countries.
