Singapore and the Federal Republic of Nigeria signed an Agreement for the Avoidance of Double Taxation (“DTA”) on 02 August 2017.
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On 01 August 2017, the President of the United Arab Emirates (the “UAE”) issued the Federal Law No 7 of 2017 for Tax Procedures (the “Law’’) establishing the legal framework for a new tax regime planned in the UAE. This will commence with the implementation of value added tax (‘’VAT’’) as of 01 January 2018.
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Asiaciti Trust Group begins its fifth year of operations in Dubai. Senior executives from the Group gathered at the Capital Club in Dubai to present at its annual seminar on the topic “Advising International Families on Estate Planning and Asset Protection”.
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The Cook Islands – domicile of choice for the Pacific Catastrophe Risk Insurance Facility (‘PCRIF’). The PCRIF structure shows international recognition that the Cook Islands has a strong legal and regulatory framework that can support an international infrastructure initiative.
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MAS recently issued new guidance on the licensing and registration of fund management companies to clarify the regulatory treatment for single family offices (‘SFOs’).
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Following recent amendments to the Companies Act, new requirements have been introduced and are effective from 31 March 2017. Key legislative amendments include the register of controllers and register of nominee directors.
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MAS concluded a public consultation on a new corporate structure for investment funds designed to offer asset managers greater flexibility and lower costs, and further enhance Singapore’s status as a focal point for asset management in Asia.
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The Cook Islands is complying with its international obligations in relation to anti money laundering and the countering of terrorist financing, transparency, and the exchange of financial information to combat tax evasion.
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Effective 1 January 2017, the Panamanian Government requires Corporate and Foundation Ordinances in the Republic of Panama to maintain accounting records and supporting documentation to comply with Law Number 52 (“Law 52”) passed on 27 October 2016.
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