News

Announcement to cut Capital Gains Tax comes as welcome relief to investors

The UK has been holding Budget meetings this week to discuss the national deficit and other fiscal matters. Chancellor of the Exchequer Mr George Osborne announced government plans to abolish Class 2 National Insurance Contributions from 2018.


New lifetime ISA saving account may be more popular than the current UK pension scheme

The new UK Budget’s agenda has been released and with it, new plans to introduce the 'Lifetime' Individual Savings Account (commonly referred to as ISA, however the new type of account will be known as LISA), a tax-free savings account available in the UK for a longer period of time.


10 Singapore financial firms fined for anti-competitive behaviour

10 firms in Singapore have each been fined up to almost half a million Singapore dollars by the Competition Commission of Singapore (CCS) in what is the first official instance of anti-competition in the financial services sector.


Asian casinos push for betting license in Cyprus

As reports for 2016 emerge regarding the slowing economy in China, coupled with the recent attempts to combat corruption in Asian gambling companies, they are now seeking new jurisdictions to incorporate.


Singapore government will do more to support SMEs in new tax scheme

This week, Parliament in Singapore passed an amendment to the Economic Expansion Incentives Act, which will extend the maximum potential tax relief period for companies if they base their long-term operations in Singapore, which will effectively increase incentives for more direct foreign investment into the economy.


Most taxpayers in the UK are unaware of imminent changes to the tax system

The HMRC have made changes to the taxation of savings and dividends included in the Draft Finance Bill for 2016, which have been criticised by the House of Lords for being overly complicated and confusing, and have been badly communicated to the public.


Swiss bank ordered to disclose records of Singapore account

The IRS (Inland Revenue Service) in the US has ordered a subpoena which enforces a court order for the Swiss bank UBS to disclose records on a Singapore bank account owned by an American currently residing in China.


Cyprus set to leave Troika funding programme without a safety net

Capital Intelligence, the rating company based in Limassol, released figures showing that long-term foreign currency sovereign in Cyprus rating has been upgraded from B to B+ and has maintained a constant rate of the short-term foreign currency at B.