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New On The Lowtax Network Today
This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below. |
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| TODAY 12/03: Lowtax
Costa Rica, annual update |
| 11/03 Estonia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 10/03 Lowtax
Labuan, annual update |
| 09/03 Word
Search Puzzle, on Lowtax |
| 08/03 Jobs
For All,
Jeremy Hetherington-Gore blog |
| 05/03 Belgium
Summary PBTG Guide,
added to Personal Business Tax Guide |
| 04/03 New
Lowtax Editor Column,
by Kitty Miv |
03/03  Personal
Business Tax Guide, PBTG, has launched!
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| Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers. |
| 02/03 Personal
Equity Investment In 2010: Not Just For Expats…, Investors Offshore special feature
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| 24/02 Lowtax
Cyprus, annual update
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| 22/02 Lowtax
Brunei, annual update
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| 17/02 Dubai
- A Stately Business Dome Decreed, Investors Offshore special feature
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| 15/02 Lowtax
Australia,
major content expansion
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| 27/01 Lowtax
Germany, major content expansion
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| Lowtax Network Sites |
| Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Australia Issues Draft Legislation To Repeal FIF-DPE Rules |
by Mary Swire, Tax-News.com, Hong Kong
Thursday, December 24, 2009
Australia’s Assistant Treasurer, Nick Sherry, has released, for public
consultation, draft legislation that will repeal the foreign investment fund
(FIF) rules and deemed present entitlement (DPE) rules.
In general, residents of Australia are taxable on their worldwide income. To
ensure residents cannot accumulate income offshore, and thereby defer or avoid
Australian tax, attribution rules apply to tax residents on an accruals basis
on their share of certain income accumulating offshore in foreign entities.
Foreign companies not controlled by Australian residents and widely-held fixed
foreign trusts are subject to the FIF rules. If the foreign entity is not eligible
for any of the FIF exemptions, calculations are required to be performed in
respect of attributable income.
On the other hand, closely-held foreign trusts are subject to the DPE rules.
Ordinarily, all of the foreign trust’s income, including active and comparably
taxed income, is attributed to Australian resident beneficiaries (according
to their present and future entitlement) on a branch-equivalent basis.
The repeal of the FIF and DPE rules represents part of the wider reforms to
Australia's foreign source income anti tax-deferral rules that were announced
in the 2009-10 budget. Draft legislation to give effect to the remaining reforms
so that the controlled foreign company rules will also apply to closely-held
trusts, and to modernize the transferor trust rules, is currently being developed.
"The repeal of these rules will reduce costs, cut red tape and improve
the competitiveness of Australian businesses," Sherry said. "These
important reforms will assist Australian managed funds and other businesses
to compete internationally and increase services exports."
"Small and medium-sized businesses wanting to expand offshore to access
markets will also benefit from lower compliance costs," he added. "The
changes will also simplify the law and bring consolidation of the two income
tax acts a significant step closer."
The government is seeking submissions from interested parties on this exposure
draft, with a closing date of February 5, 2010.
A comprehensive report in our Intelligence Report series
giving a country-by-country analysis of offshore investment funds, stock exchanges
and trusts, with an analysis of the US QI regime, is available in the Lowtax
Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report9.asp
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| THE LOWTAX LIBRARY
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services with news pages.
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