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Financial Blog Corliss Group: For Americans in China, the...

The long arm of the American tax man has officially reached its way to Hong Kong. The question is, will it extend to the rest of China? Hong Kong, a special administrative region of China, signed an agreement with the U.S. on Tuesday to share tax information about Americans who work or have assets in the southern Chinese city. The agreement is part of the U.S. government’s global campaign against tax evasion and an attempt to recover an estimated billions worth of lost revenue. The information-sharin g agreement is strictly that – the two tax authorities will trade files on an individual if one authority asks for it. Since Hong Kong doesn’t demand taxes from its residents who live abroad, it’s likely the information sharing will be a one-way exchange. More importantly, the agreement is a precursor to an expected inter-governmental deal that will see the enforcement of the U.S. Foreign Account Tax Compliance Act, or FATCA, in Hong Kong. Under such an agreement, the U.S. government would require financial institutions to disclose details about American-held bank accounts to the U.S. Initially slated to take force in January of this year, FATCA requires all U.S. citizens and green card holders who reside outside the U.S. to disclose their accounts and financial information. It’s triggered a substantial backlash: Many in Asia have given up their U.S. citizenship or green cards rather than put up with all the paperwork and additional tax liabilities. At the same time, many private banks in Hong Kong have begun refusing to take on the accounts of U.S. citizens and green card-holders, saying the cost of the tax-related paperwork is too great Though FATCA has been in the works for years, its implementation has been delayed to July 1, partly because many countries haven’t yet signed agreements to abide by its rules. In Asia, only Japan has signed an intergovernmental deals to be fully FATCA-compliant. Hong Kong said on Tuesday a deal is in the works. Now, all eyes are on China and how the rest of the country will deal with the FATCA. “The general expectation is that that China will sign,” said Charles Kinsley, tax partner at KPMG in Hong Kong. “Many mainland financial institutions in China are already working on FATCA projects.” (Take note, rich Chinese investors looking for green cards in the U.S.) What’s at risk if a country doesn’t sign on? A lot of headache for its banks. The U.S. has said that financial institutions from countries who don’t sign onto a FATCA agreement will be subject to a 30% withholding tax from any of its U.S.-related business. For that reason, many banks and other financial companies are hoping their home governments sign on. “For Hong Kong’s financial institutions, this is a good thing,” said Mr. Kinsley of Hong Kong’s Tuesday announcement. As for Americans who hope to avoid the IRS by stashing cash in foreign bank accounts? “They’re certainly going to be under pressure,” he said. “Banking secrecy is the thing of the past.” Article Source: http://blogs.wsj.c om/chinarealtime/2 014/03/26/for-amer icans-in-china-the -taxman-cometh/ You might want to read: http://corlissonli negroup.com/ http://corlissonli negroup.com/blog/  (Apr 2, 2014 | post #1)

Business News

Corliss Online Group: The real role models of the global ...

Market economy can sometimes face problems of recession and depression  (Nov 18, 2013 | post #2)

Business News

Corliss Online Group: The real role models of the global ...

Economic policy makers seeking successful models to emulate apparently have an abundance of choices nowadays. Led by China, scores of emerging and developing countries have registered record-high growth rates over recent decades, setting precedents for others to follow. While advanced economies have performed far worse, there are notable exceptions, such as Germany and Sweden. "Do as we do," these countries' leaders often say, "and you will prosper, too." Read more: http://www.timesof oman.com/Columns/A rticle-1489.aspx  (Nov 18, 2013 | post #1)

Business News

The Corliss Group Barcelona News Updates

That was just amazing; you had a very interesting topic there. Just what I needed, you see I am about to start my own business, just a small one, but I still need to know about this kind of stuff and this financial tip is truly helpful. I believe you should continue posting such topics because they are really informative. And I know you will help lots of people like you helped me.  (Sep 3, 2013 | post #2)

Business News

The Corliss Group Barcelona News Updates

Spanish P.M. says tax cuts on the horizon, recession coming to an end http://www.globalp ost.com/dispatch/n ews/agencia-efe/13 0831/spanish-pm-sa ys-tax-cuts-the-ho rizon-recession-co ming-end Pontevedra, Spain, Aug 31 (EFE).- Prime Minister Mariano Rajoy said Saturday his government would announce plans to cut taxes within a year and predicted that the Spanish economy was "on the cusp" of growth. Speaking at a political rally in this northwestern city, the premier forecast that the country's economic situation would improve sufficiently to enable his administration to lower taxes, though he did not provide specifics. Although Spanish conservatives had consistently called for taxes to be lowered in the past, Rajoy's administration raised them after taking office in a bid to narrow a large budget deficit. The economic situation "is not good yet, but it's better than a year ago," Rajoy said, recalling that the country's risk premium - the extra return investors demand to hold the country's benchmark 10-year bond compared with equivalent German debt - is no longer weighing heavily on the country's finances. Several days prior to the victory of Rajoy's conservative Popular Party in Spain's November 2011 general election, the country's risk premium stood at 460 basis points. It climbed to as high as 550 basis points in June 2012 but has fallen since and ended at 268 basis points at Friday's close. Tags: the corliss group barcelona news updates, spanish P.M. says tax cuts on the horizon, recession coming to an end  (Sep 3, 2013 | post #1)

Business News

The Corliss Group

Very interesting post. Thanks for informing us. :)  (Jul 7, 2013 | post #7)

Netherlands

Hong Kong Builders Seen Slowing Home Sales to Control Pri...

Source Hong Kong builders will put the brakes on home sales for the rest of the year after government curbs to rein in prices sapped demand, according to Bocom International Holdings Co. and Centaline Property Agency Ltd. Builders including Sun Hung Kai Properties Ltd. (16) and Cheung Kong Holdings Ltd. (1) sold about 4,320 new units for HK$40 billion ($5.2 billion) in the first half, both the lowest since the second half of 2008, according to figures compiled by realtor Centaline. A total of 7,183 units were sold for HK$66 billion in the second half of 2012, Centaline said. Sun Hung Kai Properties Ltd.'s Imperial Cullinan residential development, second and third buildings from right, stand in West Kowloon, Hong Kong. Photographer: Jerome Favre/Bloomberg Developers are holding off sales after property transactions in the city plunged to a two-decade low in the second quarter in response to a doubling of stamp duties on buyers and sellers, and tightened regulations on marketing material of new apartments. Home prices have dropped 2 percent from a historic high in March, after having more than doubled since early 2009. “The pace of sales will remain slow unless there’s something encouraging developers to turn over assets faster,” Alfred Lau, Hong Kong-based analyst at Bocom International, said by telephone. They have “little incentive to sell at a time when the market’s down.” Hong Kong Chief Executive Leung Chun-ying, in February, doubled the stamp duty on properties costing more than HK$2 million and targeted commercial real estate. Since taking office a year ago, he also has imposed taxes on non-resident homebuyers and pledged to increase housing supply to bring prices down to more affordable levels. More Curbs Concerns that more curbs will be introduced and expectations that interest rates will begin rising may send home prices down as much as 10 percent in the second half, according to Midland Holdings Ltd. (1200), Hong Kong’s only listed real estate agency. Total property transactions in the second quarter fell 42 percent from the previous quarter to 14,291, the lowest since at least 1991, when Midland began keeping quarterly records. The government won’t ease the curbs until there’s a steady supply of new properties, Leung said in an interview with Bloomberg News in June. Financial Secretary John Tsang said the city may introduce more curbs if needed, the Hong Kong Economic Journal reported July 2. No Sales No transaction was posted on the website of Ocean One, a 35-story apartment project in Yau Tong in the city’s east, since developer Lai Sun Development (488) Co. on July 2 put 52 units up for sale at prices starting from HK$6.87 million. The government in April introduced new rules aimed at making new apartment sales more transparent. “Developers will need time to get used to the new rules,” Hong Kong-based Buggle Lau, chief analyst at Midland, said. “They may bring the pace of sales slightly up in the second half, but we probably won’t see things back to the way it once was.” The government needs to lower premiums charged either on farmland bought by developers with the aim of converting it to residential use, or on projects sold atop railway stations, to encourage developers to accelerate sales, said Bocom’s Lau. Leung has sped up approval of developers’ home sales applications to make more new units available to buyers, while also allowing developers to begin selling apartments sooner before construction is scheduled for completion. Hong Kong’s home prices have more than doubled since early 2009 on near record-low interest rates, a lack of new housing supply and an influx of mainland Chinese buyers. “All the measures to curb activities are negating whatever the government’s trying to do to accelerate sales,” Centaline’s Wong said. “They’ll need to figure out a different way.”  (Jul 5, 2013 | post #1)