Tax enforcement update

Jurisdictions and tax enforcement authorities around the world have been prioritizing the enforcement of tax laws in a bid to increase tax revenue and address public concern about tax evasion. There have been suggestions that China will be hiring 500,000 additional tax enforcement officers and Prime Minister Narendra Modi has just cancelled high value rupee notes … Read more

Singapore and United States affirm efforts to strengthen sharing of tax information

A joint statement issued by the United States and Singapore suggests that US authorities are seeking to accelerate off-shore tax enforcement aimed at US accountholders and financial institutions in Singapore. A joint statement was issued on 2 August 2016 to coincide with Singapore’s Prime Minister Lee Hsien Loong’s state visit to the United States, announcing … Read more

The Proposed Automatic Exchange of Financial Information by the Inland Revenue Department with other Governments

The Hong Kong Government proposes to introduce draft legislation early this year in respect of a new information collecting regime from banks, custodians, insurance companies, brokers and investment entities.  The regime involves the collection of certain financial information of overseas tax resident account holders from such entities by the Inland Revenue Department ("IRD") and the … Read more