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Shanghai FTZ Significantly Boosting Local Economy

The China (Shanghai) Pilot Free Trade Zone now represents one-quarter of the city's gross domestic product, according to city authorities. The Zone was created in 2013 and offers new companies a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone. With…
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Chinese Companies Park Record $110bn in Wealth Products

Cash-rich Chinese corporations are running out of places to invest. As economic growth cooled and investment opportunities ebbed in China last year, listed companies moved a record $110bn of idle cash into financial products, mainly at banks, according to data from Wind Financial Information. The flood of company funds into…
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Record Number of US Citizens Give Up Passport in 2016!

With the Internal Revenue Service’s (IRS) release of data for the fourth quarter of 2016, this past year broke all records for the number of US citizens who have opted to renounce their citizenship. As explained by Andrew Mitchel in his International Tax Blog, “the number of published expatriates for…
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Bahamas Enacts Law for Automatic Tax Info Exchange

Legislation allowing the Bahamas to automatically exchange tax-related information with other territories has become effective. The Automatic Exchange of Financial Account Information Act 2016 came into force on January 1, 2017. It provides for the adoption of the Common Reporting Standard, the new international tax transparency standard from the Organization…
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Chinese Free Zone Policies Extended To Mainland

The Chinese Government has announced that it intends to expand nationwide certain measures adopted in the nation's free trade zones. A circular has been released by the Chinese State Council, confirming that 19 measures will be applied across the country. Measures applied by the free zone include the negative list,…
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Hong Kong, Romania DTA in Effect

On December 9, Hong Kong's Inland Revenue Department announced that the double taxation agreement (DTA) between Hong Kong and Romania has come into force and will have effect with respect to income derived on or after January 1, 2017. Under the DTA with Romania, which was signed in November 2015,…
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Hong Kong, Switzerland in Landmark Funds Deal

Hong Kong's Securities and Futures Commission (SFC) and the Swiss Financial Market Supervisory Authority have signed a Memorandum of Understanding (MOU) on the mutual recognition of funds and asset managers between Hong Kong and Switzerland. Mutual recognition allows eligible Swiss and Hong Kong investment funds to be distributed in each…
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Singapore Enacts Tax Info Exchange Legislation

Singapore has enacted legislation to automatically exchange tax-related information with other countries, under the OECD's Common Reporting Standard (CRS). The Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016, enacted on December 8, 2016, incorporate the requirements of the CRS into Singapore's domestic legislative framework. The Regulations will…
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