News

FASB amends reporting requirements for US companies

The Financial Accounting Standards Board (FASB) in the US have published an update to improve the current system of financial reporting regarding leasing transactions. The update will affect any companies that are leasing any assets in the form of property, vehicles, or general equipment.


Brazil hopes to boost economy by millions in amnesty incentive for tax evaders

The federal tax agency in Brazil have announced that any Brazilians holding unreported offshore assets located in Brazil will be eligible to declare the asset between April 4th and October 31st in exchange for a fine and no criminal proceedings in a government amnesty program.


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.