 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network 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. Sponsored by HSBC
Bank International. |
| 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. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| Hong Kong Produces Exchange Of Information Rules |
by Mary Swire Tax-News.com, Hong Kong
Tuesday, February 16, 2010
The Hong Kong government has submitted the Inland Revenue (Disclosure of Information)
Rules to the Legislative Council (Legco), that will enable Hong Kong to adopt
the internationally-agreed Organization for Economic Cooperation and Development
standard for the exchange of information (EoI) for tax purposes in double taxation
agreements (DTAs).
The government has been able to produce the EoI rules following the passing
last month by Legco of the Inland Revenue (Amendment) (No 3) Bill 2009.
"The rules put in place domestic safeguards in addition to those provided
by individual DTAs to protect privacy and confidentiality of the information
exchanged,” a government spokesman said. “The government has taken
into account the suggestions of Legco members and the business and professional
sectors when finalizing the rules.”
The rules require that, unless exceptional circumstances exist, the Inland
Revenue Department (IRD) must notify a subject person before any information
relating to that person is disclosed. The person may request a copy of the information
and request the IRD to amend any information that the person considers factually
incorrect.
The rules also stipulate that an EoI request can only apply to income taxes,
has to be approved by a directorate officer of IRD, and must set out the information
that a DTA partner has to provide to ensure that the requests are justified,
specific and relevant. The rules also prevent the IRD from disclosing any information
that relates to a period before the effective date of the relevant DTA.
The rules are now subject to the approval of the Legco under positive vetting procedures.
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
