News

ZICO Allshores Trust changes name to ZICO Trust

11 December 2018

We are pleased to announce that ZICO Allshores Trust (S) Ltd has changed its name to ZICO Trust (S) Ltd., effective 12 December 2018. ZICO Allshores Trust was launched in 2012, offering a diverse range of private and corporate trust services to both onshore and offshore clients. Over the last 6 years, ZICO Trust has […]

Trust Companies Act (Chapter 336) FAQs

27 April 2017

The Monetary Authority of Singapore (“MAS”) has published a list of frequently asked questions to provide guidance to the industry on MAS’ policy and administration of the Trust Companies Act regime. Please note however that this list do not constitute legal advice. Please click here to read the FAQs.

Amendments to Income Tax Regulations 2016

19 April 2017

The Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 “CRS Regulations” have been amended. The amendments came into effect on 4 April 2017. The amendments to the CRS Regulations can be found here.

Revisions to Companies Act (Cap.50) of Singapore – New requirements with effect from 31 March 2017

19 April 2017

Service providers who used to face grouses or challenges when asked for details on companies’ shareholders and ultimate beneficial owners would now have an easily understandable and frequently-quoted legislation to point to when asking for details on controllers and nominee directors. The Companies (Amendment) Bill was passed by Parliament on 10 March 2017, and subsequently […]

New Zealand Tightens Foreign Trust Disclosure Rules

6 April 2017

The New Zealand Parliament has passed the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill which introduces trust reform measures. The Bill was passed on 14 February 2017 and is now awaiting Royal Assent. The Bill introduces new disclosure requirements for foreign trusts and requires trustees to register their foreign trust with tax […]

Thailand: Inheritance tax takes effect in January

25 August 2015

Thailand’s new inheritance tax and gift tax laws have been published in the official Royal Gazette and will take effect on 31 January. The deceased’s descendants will pay 5 per cent on legacies above THB100 million (USD2.84 million) and gifts above THB20 million. Other beneficiaries will pay 10 per cent on legacies above THB100 million and 5 […]

Non-doms’ UK property to be drawn into inheritance tax net

10 July 2015

The British government’s summer Budget announced yesterday includes two momentous measures affecting non-domiciled residents from April 2017. The first is an end to the indefinite nature of non-dom status. At the moment, a qualifying non-domiciled resident can elect for the remittance basis of taxation, under which they do not pay tax on income and assets […]

Swiss bank Julius Baer could settle US fine to put probe of assisting tax evasion aside

26 June 2015

Zürich-based bank, Julius Baer, has set aside USD350 million to cover penalties likely to be imposed on the bank by the US Department of Justice (DoJ) for allegedly helping American clients evade tax. The sum set aside is a ‘preliminary provision’ while the bank seeks a final agreement with the US DoJ. It is much […]

India yields to foreign investors over income tax

6 May 2015

The final version of India’s Finance Bill 2015 grants foreign investors a wide-ranging exemption from supplementary income tax on their future profits. The unpopular 18.5 per cent tax, called minimum alternate tax (MAT), is chargeable on the profits of companies that are otherwise exempt from corporate tax because of special incentives and reliefs. The original […]

Hong Kong releases consultation on automatic exchange of tax information

6 May 2015

The Hong Kong government has released a consultation paper setting out detailed plans for automatic exchange of bank account information under the OECD international standard. Previously Hong Kong has only disclosed this information upon request from treaty partners, and the information exchange now planned does not go as far as the multilateral disclosure specified by […]