Author: Virtuzone As 94% of companies in the UAE are small and medium-sized businesses, market analysts expect the milestone corporate tax law to bring a wave of changes that significantly impact start-ups, microbusinesses, and SMEs in the country. The UAE introduced the corporate tax in June 2023 as part of
The UK government is set to abolish the “non-domicile” (non-dom) tax status, affecting approximately 68,000 ultra-wealthy foreign residents. This significant change, announced by Chancellor Jeremy Hunt in the Spring Budget on March 6, aims to generate an additional £9 billion (S$15.4 billion) in revenue. This boost is intended to help
In a significant move aimed at enhancing national security, the U.S. government, led by President Biden, has initiated steps to curb foreign access to sensitive personal and government-related data. On February 28, 2024, President Biden signed an Executive Order, accompanied by a detailed fact sheet, that outlines new restrictions targeting
The head of Hong Kong’s Securities and Futures Commission (SFC), Tim Lui, has proposed significant adjustments to the Stock Connect program to increase stock market turnover and enhance investor sentiment. At the National People’s Congress (NPC) in Beijing, Lui suggested reducing the minimum asset requirement for mainland Chinese traders participating
The new year ushers in significant adjustments to the federal gift, estate, and generation-skipping transfer (GST) tax rules, reflecting inflation adjustments that substantially increase exemption amounts. These changes are crucial for individuals and families to understand as they reassess their estate and gifting strategies to maximize tax benefits. For 2024,
In a significant global development, nearly 140 countries, including the Biden administration, are supporting a new tax framework developed by the Organisation for Economic Co-operation and Development (OECD). This initiative focuses on increasing taxes on international businesses, with American companies being a primary target. As countries start to implement this
One of the most critical choices in estate planning is selecting the right trustee, a decision fraught with complexity and importance. The trustee’s role is central to implementing an estate plan and ensuring the seamless operation of any trust. This individual is entrusted with managing assets, overseeing administrative and executive
On January 1, a significant shift in international corporate taxation took place as a global minimum corporate tax rate of 15% was implemented in several European and Asian countries. This initiative, led by the OECD and the G20, aims to curb base erosion and profit shifting (BEPS) by multinational corporations,
Chinese regulators have moved to close a loophole that allowed local government financing vehicles (LGFVs) to amass significant debt through offshore bonds. According to four sources familiar with the matter, LGFVs, which are entities established by local governments in China for funding infrastructure investments, have been instructed to cease issuing
Author: Dr Irina M. Francken, Director at IN Fiduciary Services As the number of family offices continues to expand, so does the demand for a wide range of essential fiduciary services, including trusts and corporate management. Given the escalating complexity of financial landscapes, there is a pressing need to diversify
