Australia Loc

Australia Seeking To Expand FTA Network

The Australian Government has said that it intends to extend its network of free trade agreements (FTAs), as part of its new foreign policy agenda.

The Government has published its Foreign Policy White Paper, the first comprehensive review of Australia’s international engagements for 14 years.

One of the objectives set out by the Government is that by 2020 Australia will have FTAs with countries that account for 80 percent of its trade. The current level of coverage is 64 percent.

The White Paper explained that the Government’s immediate priority is concluding the Indonesia-Australia Comprehensive Economic Partnership. The Government will also negotiate an FTA with the EU, and intends to negotiate a trade deal with the UK once it has left the EU.

“These prospective FTAs will advance our commercial interests, especially in investment, services, and agriculture,” it said.

The White Paper stated that the Government will initiate a comprehensive review of the ASEAN-Australia-New Zealand FTA, and will upgrade the FTAs with Singapore, Thailand, and Malaysia.

FTA negotiations with Hong Kong, India, and the Pacific Alliance continue, and ratification of a new FTA with Peru is expected in 2018. The Government will also push for the resumption of FTA negotiations with the Gulf Cooperation Council.

Australia will continue to work with the 10 other countries interested in implementing the Trans-Pacific Partnership, following the US’s withdrawal. The White Paper said that, even without the US, “the agreement would support economic growth, create new export opportunities, set high-standard rules, and contribute to global trade liberalization.”

The White Paper said: “Australia has been at the forefront of developing modern, comprehensive FTAs. These aim to maximize tariff reductions for Australian exporters, open up services markets, and set rules to enhance trade and investment and reduce regulatory risk. Through these agreements we encourage approaches that support economic growth and trade and investment liberalization more broadly.”

December 26, 2019 / No Comments /  
Why-Offshore-in-the-Philippines1

Philippines Commits To 25 Percent Corporate Tax Rate

The Philippines Department of Finance has said the country will look to install a 25 percent corporate income tax rate on a broader base as part of the second phase of its tax reform process.

Finance Undersecretary Karl Kendrick Chua explained that, presently, the country levies a 30 percent tax rate but it is applied across a narrow base, due to authorities granting tax breaks and concessions too extensively.

The Philippines imposes the highest corporate income tax (CIT) rate among Association of Southeast Asian Nations (ASEAN) but is among those at the bottom in terms of collection efficiency. “The Philippines,” he said, “currently imposes a CIT rate of 30 percent but with a tax collection efficiency of only 12.3 percent, while Thailand’s CIT rate is only 20 percent but it collects almost triple[…]”

“So clearly, we have the classic problem of a high rate but narrow base. That is why the efficiency is problematic,” Chua said.

Chua said the second stage of the Government’s tax reform progress will look to rationalize incentives to ensure these are “performance-based, targeted, time-bound, and transparent.”

December 25, 2019 / No Comments /  
Philippineflag

Philippines Senate Approves Double Taxation Treaties

On February 19 the Philippines Senate adopted three resolutions ratifying agreements for the avoidance of double taxation with Mexico, Thailand, and Sri Lanka.

The original double taxation avoidance agreement (DTTA) was signed with Mexico on November 15, 2017. The agreement with Thailand was signed on June 21, 2013, while the agreement with Sri Lanka was signed on December 11, 2000.

The agreements are intended to promote international trade and investment “by allocating taxing jurisdiction between the Contracting States to eliminate or mitigate double taxation on income,” according to Senator Loren Lagarda.

“The DTTAs also aim to create a competitive advantage for each country’s residents by removing or reducing source taxation, encourage investors and promote the inbound transfer of technology and skills,” Legarda added.

December 25, 2019 / No Comments /  
flag

Thailand Introduces Virtual Currency Trading Tax Rules

In a last-minute change ahead of the implementation of new tax rules for virtual currency trading, Thai lawmakers agreed that virtual currency trading on regulated exchanges should be exempt from value-added tax.

Under the new regime, gains will be subject to a 15 percent capital gains tax charge, with the tax to be subject to withholding, and a seven percent value-added tax charge will be assessed where trades take place off an approved exchange.

The introduction of tax comes alongside a new regulatory regime for the sector, with new value-added tax registration obligations arising for many industry players.

December 24, 2019 / No Comments /  
OECD-Global-Forum-Moving-On-To-Beneficial-Ownership

OECD Seeks Input On 13 New Dispute Resolution Peer Reviews

The OECD is seeking input from taxpayers on dispute resolution mechanisms in place in Aruba, Bahrain, Barbados, Gibraltar, Greenland, Kazakhstan, Oman, Qatar, Saint Kitts and Nevis, Thailand, Trinidad and Tobago, the United Arab Emirates, and Vietnam, as part of follow-up work under BEPS Action Plan Action 14.

Improving the tax treaty dispute resolution process is a top priority of the BEPS Project. The Mutual Agreement Procedure (MAP) peer review and monitoring process under Action 14 of the BEPS Action Plan was launched in December 2016, with the peer review process of the first nine batches now underway. Input is now being sought on the tenth batch of peer reviews.

The peer review process is conducted in two stages. Under Stage 1, implementation of the Action 14 minimum standard is evaluated for Inclusive Framework members. Stage 2 focuses on monitoring the follow-up of any recommendations resulting from jurisdictions’ Stage 1 report.

The OECD is now gathering input for the Stage 1 peer reviews of the aforementioned territories. In particular, the OECD wants to hear from taxpayers about specific issues relating to access to MAP, the clarity and availability of MAP guidance, and the timely implementation of MAP agreements for each of the jurisdictions.

Taxpayers doing business in these territories are being encouraged to complete a questionnaire by December 16, 2019, at the latest.

December 24, 2019 / No Comments /  

Spindler & Partner LLP named in Top 25 Trust Companies List

Spindler & Partner LLP has been included in the eprivateclient Top 25 Trust Companies in 2015.

Spindler & Partner LLP serves corporate, private client and funds clients worldwide. We are proud winners of many awards. Most recently, our expertise in the industry has been recognised by eprivateclient who have named us in their Top 25 Trust Companies in 2015. The accolade highlights our commitment to delivering impeccable client service over and above 100 trust companies also surveyed, both in the UK and offshore.

May 17, 2015 / No Comments /  

Spindler & Partner LLP grows treasury capabilities

Former RBS treasury expert to head Spindler & Partner LLP’s new Treasury and Investment team

Corporate, private client and fund company Spindler & Partner LLP has appointed a treasury manager to lead its recently launched Treasury and Investment Services team. The new division, which has been created by streamlining a number of existing asset management services, will deliver efficiencies by centralising Spindler & Partner LLP’s internal banking services function.

January 29, 2015 / No Comments /  2