Malta goes Blockchain
Malta introduces the enactment of three pieces of legislation; namely: The Malta Digital Innovation Act, The Innovative Technology Arrangement and Services Act, and The Virtual Financial Assets Act. Although not yet in force, but it [...]
New startup visa introduced in Shanghai
Shanghai’s Public Security Bureau introduced, in May 2018, a new ‘’Private Residence Permit (Entrepreneurship)’’, most commonly known as ‘’Business Startup visa’’ (创业签证), which enables foreign entrepreneurs to live in China while launching their innovative business [...]
China proposes new measures for foreign investors’ strategic investments in listed companies
The Chinese Ministry of Commerce (‘’MOC’’) released on 30 July 2018 a draft on the amended Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies (the ‘’Draft’’), which aims at further opening the [...]
China Individual Income Tax Reform
The Chinese government has recently released the draft amendments to the Individual Income Tax (“IIT”) Law to the public for consultation. The proposed amendments comprise broad changes to the IIT system and the salient proposed [...]
US Expats with non US corporations
US Expats with non US corporations, hold your hats…..The Tax Cuts and Jobs Act (TCJA) of 2017 imposed a one time "deemed repatriation tax" or 'transition tax' of 15.5% on untaxed foreign earnings or business [...]
150 Offshore Banks Are Turning Over Your Names To The IRS and the OVDP Program Ends on Sept. 28 – What Are You Waiting For?
The Internal Revenue Service announced in IR-2018-52 on March 13, 2018 that it will close the OVDP program on Sept. 28, 2018. “Taxpayers Have Had Several Years to Come into Compliance with US Tax Laws [...]
AGM 2018 Los Angeles
AITC held its AGM in Los Angeles between the 31st August and 2nd September 2018 hosted by our USA member Law Offices of John A. Strain. AITC would like to take this opportunity to thank [...]
Property acquisition opportunities in Mauritius: a must visit destination
Mauritius, ideally located in the Indian Ocean, has a mild, tropical climate year-round and is praised for its idyllic landscape and luxurious island living style. It is now considered to be one of the tropical [...]
PAPUA NEW GUINEA TAX – JUN 2018
This article highlights the changes introduced to tax remittance process by Internal Revenue Commission (IRC) of PNG, from 1 June 2018, Unacceptable payment methods Personal Cheque and Company Cheque Acceptable payment methods [...]
AFRICA-TRADE STRAGEGY
Africa is the world's second largest and second most-populous continent with a population more than 1.25 billion. Today, Africa comprises of 54 sovereign countries, most of which have borders that were drawn during the era [...]
AITC Welcomes the New Panama Member
The President and the Board of AITC welcome Mr. Alessandro Cavallera of N&C Capital as a new member within the association and wish a rewarding mutual cooperation. For more information please see the online information [...]
Managing the Foreign remittance process in Papua New Guinea
In the past few years, we have seen PNG facing acute shortage of foreign currency and businesses are hard hit. In this month’s write up, we have focused on Foreign Remittance process in PNG and [...]
India: Tax & Professional updates For May 2018
RBI came up with the latest changes on ECB on the 27th of April 2018, which has been incorporated in the Master Directions. In light of the requests received from corporates for further relaxation of [...]
2018 Australian Federal Budget – A Business Perspective
The 2018 Federal Budget was in Tax and fiscal terms was a generally a lacklustre affair. Herein is a business perspective synopsis. Company Tax Rates: No changes excepting as previously announced Personal income tax cuts: A [...]
The Offshore Voluntary Disclosure Program and Cryptocurrency
Do you think the IRS's recent announcement that it is ending its Offshore Voluntary Disclosure Program (OVDP) and Streamlined program just as its enforcement of cryptocurrency compliance increases is a coincidence? The IRS issued a [...]
US Expatriates Living Abroad – What You Should Know About the New Tax Law – Part II
The Tax Cuts and Jobs Act 2017 (TCJA) changed many things, including reporting and taxing requirements for US taxpayers living abroad. While the plan was marketed as a much needed tax simplification for Americans; the TCJA did not [...]
Mauritius: 50 years of Independence this year
Mauritius having attained its independence on 12 March 1968, has celebrated it’s 50 years of Independence this year. The Golden Jubilee of Independence marks a key milestone in the history of Mauritius and is a [...]
Creatrust Securitisation Platform
Promoters or Issuers use securitisation vehicles as an alternative to traditional bank funding, to transfer risk or deconsolidate risk off their balance sheet. Securitisation is an operation by which investors buy securities in order to [...]
US Expatriates Living Abroad – What You Should Know About the New Tax Law – Part I
The Tax Cuts and Jobs Act 2017 (TCJA) changed many things, including reporting and taxing requirements for US taxpayers living abroad. While the plan was marketed as a much needed tax simplification for Americans; the TCJA did not [...]
Hong Kong continues to expand its tax treaty network – New double taxation agreement with India
Hong Kong has recently signed a comprehensive double taxation agreement (CDTA) with India. This brings the number of CDTAs Hong Kong has concluded with other jurisdictions to 39. It is expected that Hong Kong will [...]
India: Professional updates for April 2018
CBIC clarified that LUT shall be deemed to be accepted on Generation of ARN, No documents required to be physically submitted to Jurisdictional Office. RBI has decided to defer implementation of Indian Accounting Standard (Ind [...]
Why it is important to reconcile your tax balance regularly
In this month’s write up, we will highlight the importance of reconciling your taxes with the revenue authority in PNG (IRC). What is Tax reconciliation? Tax reconciliation is a process which involves confirming tax compliance [...]
$1 Billion in Refunds Still Unclaimed from 2014 Returns
Under Internal Revenue Code Section 6511(a)Period of Limitation on Filing Claim.— a claim for refund or credit must be filed by the taxpayer within 3 years from the time the return was filed or 2 [...]
New IP Box Regime in Luxembourg – 5,2% effective tax rate – BEPS compliant.
Luxembourg is known for its favorable intellectual property regime. Its legislation is also one of the main reasons why foreign investors are highly interested in opening intellectual property holding companies in the Grand Duchy. This [...]
India: Tax & Professional updates For March 2018
RBI had discontinued the Letter of Undertaking (LOU) & Letter of Comfort (LOC) for trade credit for import into India with immediate effect from. RBI has notified the Separate limit of Interest Rate Futures (IRFs) [...]
