Reports that the US Internal Revenue Service suspects Asian jurisdictions including Hong Kong and Singapore of making tax evasion easier has caused concern in the market, especially amid allegations that banks around the world have been helping clients evade tax. This concern has been heightened because under the terms of the Foreign Account Tax Compliance Act (FATCA), Hong Kong financial institutions are due to begin reporting to the IRS from March 31.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
Like medicine, tax is an evolving science. Norah Al Khalaf explains how tax policies have changed across the member states of the Gulf Cooperation Council and what tax departments should prepare for next.