Commission turns the screw on loopholes

The European Commission has announced a further clampdown on offshore tax avoidance and shell companies in response to the Panama Papers. The  Commission wants tax authorities to be able to identify the real owners of offshore funds in an attempt to stop individuals and companies avoiding tax by hiding money and assets in opaque companies […]

UBS resists handing over tax info

UBS has been ordered by Switzerland’s tax agency to provide France with tax information, the Swiss bank said on Tuesday, adding that it expected other countries to file similar requests. Since the financial crisis, cash-strapped governments around the world have clamped down on tax evasion, with authorities probing Swiss banks in Germany, France and the […]

Brakes applied to Chinese investors

Seeking relief from a depreciating yuan, Chinese outbound investors have been on a roll lately, proposing huge acquisitions in commercial property in recent months from Dubai to Yangon and every investment haven in between. But the speed of capital deployment from the Middle Kingdom has been met with suspicion both at home and abroad. Determined to foil […]

UK aims for offshore status

Britain needs to act fast to signal to international investors that it is going to be a hospitable and profitable place to do business. Chancellor George Osborne’s statement that Britain should aim for a corporate tax rate of 15 percent is not a bad start, according to Juliet Samuel, writing in the Telegraph. That would […]

Property fund halts withdrawals

Investors in Standard Life’s property funds have been told that they cannot withdraw their money, after the firm acted to stop a rush of withdrawals following the UK’s decision to leave the EU. The firm halted trading on its Standard Life Investments UK Real Estate Fund and associated funds at midday on Monday, citing “exceptional […]

Tourism and health focus for Fosun

The chairman of Fosun International Limited, Guo Guangchang, has said that his conglomerate will be focusing on tourism and health industries this year, China Daily reported. Founded in 1992, Fosun is the largest Chinese conglomerate that focuses on four main industries: insurance, industrial operations, investments and asset management. This year, Fosun intends to focus on healthcare […]

Heads of Iran’s fund resign en masse

President Hassan Rouhani has accepted the mass resignation of those on the board of trustees of Iran’s sovereign wealth fund as revelations about high compensation packages at state-owned firms take new casualties. “Minutes ago, the board of trustees of the National Development Fund held a session with President Rouhani in attendance, where the mass resignation […]

Brits still top Swiss depositors

India has slipped to 75th place in terms of money held by its citizens with banks in Switzerland, while the UK remains on top. India was placed at 61st place last year, while it used to be among top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at […]

Asian countries redouble efforts

Indonesia and India are both doubling their efforts to lure back funds that citizens have parked overseas in places like Singapore.