Micro News

Interior Minister Mr Constantinos Petrides has stated that tourism has been a leading factor in Cyprus in recent years and allowed the country to exit from the financial crisis. According to the Cyprus Real Estate Market 2016 Year in Review, the Top Three Pillars of the Cyprus Economy is as follows: 1)                 …

New Legislation is due to be introduced under the Criminal Finances Act 2017 which will make businesses liable for crimes committed by staff members who encourage or assist tax evasion by other individuals, e.g. suppliers or customers. Under the legislation, companies will be liable to cases where senior…

The Council of the European Union has officially endorsed new rules to prevent tax avoidance via non-EU countries. The agreement was settled in order to put an end to hybrid mismatches and complete the Anti-Tax Avoidance Directive (ATAD) last February at the informal European Council in Malta. In addition,…

There has been a significant increase in requests to the HMRC for assistance in taxpayer investigations from foreign governments. Specifically, there was a 24% rise in 2016 requests since 2015 due to the authorities’ attempts to prevent tax evasion. As governments tackle the issue of ensuring that…

Hong Kong’s new Chief Executive, Carrie Lam, has issued new proposals that could benefit Hong Kong’s SMEs (small and medium enterprises) with further tax breaks, if the suggestions are approved. Lam also recommended the introduction of a two-tier profits tax rate system. Following this, Lam suggests…

Within the upcoming Budget 2018 and the development of Industry 4.0, the citizens of Malaysia can expect more tax incentives. Within this year’s budget, alongside certain SMEs, (small and medium sized businesses) Malaysia aims to use targeted tax breaks for specific sectors. This is due to the government’s…

Due to a scientific forecast on July 24th, analysts believe that China will become the first country in the world to stop using paper money. This is inevitably the result of the growing popularity for mobile payment platforms. Already, more and more Chinese consumers are familiar with paying for their…

Beijing has released plans to convert all state-owned businesses into corporations before the end of 2017. The centrally-run companies overshadow essential industries such as steel, aviation and power and China has vowed for many years that it would take action to renovate them. Efforts to reform the…

President Donald Trump advises that all countries involved should refrain from any sort of provocation, in a telephone call with China’s President Xi Jinping. Xi told Trump that in order to resolve the North Korean nuclear issue, an amicable resolution was necessary. Xi Jinping’s longing for peace…

In the 2nd quarter of 2017, due to continuous economic growth in China and slight fears about Yuan depreciation, foreign holdings of Chinese onshore assets maximised rapidly since 2014. Statistics from the People’s Bank of China show that foreign ownership increased by CNY ¥528 billion (USD $78.7 billion)…