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UK Announces Tougher Penalties for Offshore Evaders

UK Announces Tougher Penalties for Offshore Evaders

May 15, 2014 8:56 pm

Strict new rules proposed this week could see UK criminal convictions handed down to those with undeclared income offshore, even if the HMRC (HM Revenue and Customs) is not in a position to prove a tax evasion intention. In future, HMRC would only be required to demonstrate that the income was taxable and undeclared, rather […]

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Hong Kong Gazettes Its First TIEA, with the US

Hong Kong Gazettes Its First TIEA, with the US

May 15, 2014 8:55 pm

On 25th April, an order was gazetted in Hong Kong on the implementation of the tax information exchange agreement (TIEA) with the US. This agreement was signed back on 25th March this year, as part of the preparations for the US Foreign Account Tax Compliance Act in Hong Kong. A government spokesman said, “This is […]

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Seychelles New FSA to Regulate Offshore Financial Sector

Seychelles New FSA to Regulate Offshore Financial Sector

April 8, 2014 9:37 pm

On 1st March 2014, under The Financial Services Authority Act 2013 the Seychelles International Business Authority (SIBA) changed its name to the Financial Services Authority (FSA), thus becoming the regulator for offshore non-bank financial services in the Seychelles. In the past, SIBA was also a service provider and facilitated international business, but the FSA represents […]

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