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For the third consecutive year, the US Internal Revenue Service has placed abusive micro-captive insurance tax shelters on its list of top tax scams to watch out for in the 2017 filing season. Read Full Story
In Notice 2016-66, the US Internal Revenue Service has warned that the use of so-called "micro-captive transactions" have "a potential for tax avoidance or evasion," as it believes they may be established more to avoid federal income tax rather than for their stated aim of providing additional insurance for clients. Read Full Story
Hong Kong's Office of the Commissioner of Insurance has announced the territory's insurance sector grew in 2015, with total gross premiums up 10.9 percent year-on-year to HKD365.8bn (USD47.2bn). Read Full Story
The US Internal Revenue Service has warned taxpayers that the use of "abusive tax shelters and structures to avoid paying taxes" continues to be a major problem during the current 2016 filing season. Read Full Story
The Labuan International Business and Financial Centre is attempting to encourage more Indonesian companies to register in the jurisdiction to take advantage of its low-tax regime and trading and investment links with key economies in the Asia-Pacific region. Read Full Story
Bermuda is to send a 15-strong delegation to Canada to host a roadshow touting the corporate benefits of setting up a captive insurance company in Bermuda. Read Full Story
Jamaica has withdrawn proposals to introduce a levy on deposit-taking institutions and encashments from securities dealers, and will instead balance its budget by tackling avoidance. Read Full Story
The Organisation for Economic Co-operation and Development's Global Forum on Transparency and Exchange of Information for Tax Purposes has issued 12 new reports that highlight action being taken by jurisdictions to implement its international standard for the exchange of information on request. Read Full Story
Hong Kong's Legislative Council has passed a Bill to amend the Inland Revenue Ordinance to give captive insurance companies, for their offshore risks insurance business, a profits tax concession of 50 percent – equivalent to that given to reinsurance companies. Read Full Story
The Hong Kong Government has gazetted the Inland Revenue (Amendment) (No. 3) Bill 2013, aiming to cut down by half the profits tax on captive insurers, and to raise the deduction ceiling for retirement scheme contributions by employees or self-employed persons. Read Full Story
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