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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 09/09 New
Lowtax Editor Column, by Kitty Miv |
| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 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. |
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| 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. |
| 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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| LOFSA Publishes Exposure Draft On Shariah Compliant Trusts |
by Lorys Charalambous, for LawAndTax-News.com
Tuesday, February 05, 2008
The Labuan Offshore Financial Services Authority (LOFSA) has issued an Exposure
Draft to provide guidance on the requirements to be observed by all offshore trusts
created under the Labuan Offshore Trusts Act 1966 (LOTA) and managed under the
Shariah principles, it emerged last week.
The Exposure Draft aims to ensure that Shariah compliant offshore trusts created
in the Labuan IBFC are based on necessary requirements under LOTA and Shariah
principles.
It also aims to provide some clarification for Shariah compliant trusts, as
currently there is no legislation on Islamic financial business.
The Guidelines are issued pursuant to Section 4(5) of the Labuan Offshore Financial
Services Authority Act 1996, and set out additional requirements to be observed
by all offshore trusts created and recognised under Section 7 (1) of Labuan
Offshore Trusts Act 1966 (LOTA) that are created and managed under Shariah principles.
The Guidelines aim to ensure that Shariah compliant offshore trusts created
in Labuan IBFC are created and managed based on prudent practices and necessary
requirements under the Shariah principles at all times.
The term “Shariah” refers to the guidance and code of conduct derived
from the Koran, and embodies all aspects of the Islamic faith, including beliefs
and practices that formed the sources of Islamic jurisprudence.
A Shariah compliant offshore trust is defined in the guidance as follows :
"(An) Offshore trust has the same meaning assigned to it by subsection
7(1) of LOTA. The formation of an offshore trust is generally for someone or
a settlor to give specific property to a third party to be held for the benefit
of others, including charities. The creation of a Shariah compliant trust is
to provide an alternative for a setllor to exercise his rights in creating a
trust in accordance with the Shariah principles."
"In Labuan IBFC, the creation of a Shariah compliant trust can be initiated
under LOTA and the creation of the trust shall be as per Section 8 of LOTA."
"The trust may include several types of offshore trusts recognised under
LOTA including but not limited to discretionary trusts, fixed interest trusts,
charitable trusts, life insurance trusts, trading trusts and testamentary trusts
or any other forms of offshore trusts set out under provisions of LOTA that
are in compliance with Shariah principles."
The full text of the LOFSA exposure draft can be found in the Tax-News
Resources section.
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