22 August 2013
Offshore Updates
It has been widely report last week Cayman Islands agreed to share more information with the US tax authorities and BVI has begun talks with the US authorities on offshore tax evasion. ATO (Australian Tax Office), HMRC (HM Revenue & Customs) and IRS (Inland Revenue Services) has obtained vast amounts of material in relation to various offshore jurisdictions and it is recommended that individuals with offshore entities should review their tax arrangements and seek advice where necessary. As an example, a viable option for UK tax residence with undeclared UK tax liabilities may be to consider looking at Liechtenstein Disclosure Facility ("LDF") for transfer of undeclared assets held offshore. Allowance to choose whether to calculate the actual tax on an annual basis or to make use of a composite rate has been granted for LDF.
Please feel free to contact us should you require more information on the above.
CONTACT PERSON
Derrick Liu
derrick@alcpa.com.hk
(852) 2574 8289 (Ext. 121)
Joe Chou
joe@alcpa.com.hk
(886) 2 2729 2156
Note that any information, publication, design, product, process, idea or know-how described in this website may be the subject of other rights, including other intellectual property rights, which are owned by ALCPA or other interested parties and are not licensed to you hereunder. ALCPA does not warrant the website to be error-free and will not be liable for any damages whatsoever, whether in an action of contract or otherwise relating to the use of the information contained in the website. Certain links in this website may connect you to website maintained by third parties, ALCPA has not verified the contents on these websites and will not be liable for any damages as a result of the use of these information contained in these links.