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.

    Derrick Liu
    (852) 2574 8289 (Ext. 121)

   Joe Chou
    (886) 2 2729 2156


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