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Dual-circulation Strategy Becomes New Road Map of Growth

By Wei Jianguo   The fifth plenary session of the 19th Communist Party of China (CPC) Central Committee, which began on Monday in Beijing, has attracted global attention.    As the world experiences a once-in-a-century shake-up caused by the COVID-19 pandemic and the headwind of anti-globalization, the achievements of China's 13th Five-Year Plan (2016-20), its proposals for formulating the 14th Five-Year Plan (2021-25), and China's long-term goals through 2035 are being closely watched.   This year marks several key milestones for China. It is the final year of the current 13th Five-Year Plan and the eve of the 100th anniversary...
中文

Voices Is Biden’s Tax Plan a Reward for the Working Class?

By Tabassum Ali   Former vice president and Democratic presidential candidate Joe Biden’s tax proposal will limit direct tax increases to just 1.9 percent of taxpayers, a significant departure from the policies and impact of major tax revisions proposed by President Trump and enacted in late 2017, according to a report from the Institute on Taxation and Economic Policy.   The Tax Acts and Jobs Act signed into law by President Trump was seen by many as a lopsided victory for the wealthy, banks, and corporate America, particularly financial services companies, in the form of a lower corporate rate (21 percent) and...
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Saint Kitts CIP Becomes Fourth in the Caribbean to Allow for Sibling Dependents

By Christian Nesheim   Saint Kitts & Nevis Citizenship by Investment Unit informs stakeholders that, effective immediately, main applicants will be permitted to include siblings in their citizenship by investment applications, as long as they meet the following criteria:   §  They must be the sibling of the main applicant (i.e., not of the spouse or any other family member included in the application); §  They must be 30 years of age or younger; §  They must be childless §  They must be financially dependent on the main applicant.     The policy, which emphasizes the circular, will not have retroactive...
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Restarting Economic Growth: Where Asian Economies, IFCs Combine

By Elise Donovan   The way in which Asia’s economies, and the international financial centres they interact with, are able to re-start global growth and help other economies recover from the ravages of COVID-19, is an important topic. Learning from Asia’s experience of handling SARS and other outbreaks, and the region's rapid growth prior to the pandemic will be crucial to our understanding of how quickly global progress can happen. The role of IFCs in channelling funds to those who are able to invest in them for the strongest returns is also important - and often not given enough credit in...
中文

With the Road Running Out for Tax Havens, Can Luxembourg Finally Remake its Financial Sector?

By MENAFN   In a long-awaited report, the OECD recently released two blueprints of how to completely overhaul the way that multinational corporations are taxed. One of the most important elements of the proposed remodeling of the global corporate tax code would be new rules ensuring that digital companies—including tech giants such as Google and Amazon—pay tax where they carry out their business, rather than where they register subsidiaries.   This particular reform would have a significant effect not just on the companies which have for years taken advantage of legal loopholes and favorable tax regimes to slice their tax...
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Tax Committee Chair: "Citizens Demand Action and this Committee Will Be Their Voice"

By European Parliament   Parliament’s new committee on tax matters will become “the European hub for debate on tax issues”, promises Dutch S&D member Paul Tang, the committee’s newly elected chair.   What will Parliament's new committee on taxation – FISC – be focusing on?   We’re at a critical stage. Governments are now – rightly – spending billions to save lives and livelihoods. But the debts incurred will have to be repaid. After the last crisis, we made the double mistake of austerity and increased taxes on the middle class. Only the richest remained out of shot. This time...
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Hong Kong Leader seeks Beijing's Aid to Revive Economy

By Li Yan   Hong Kong Chief Executive Carrie Lam Cheng Yuet-Ngor said she has sought the central government's help in finding new growth engines and fortifying existing advantages to revive the special administrative region's battered economy.   Support has been sought mainly in four areas-financial services, innovation, and technology, the aviation sector, and projects to improve people's livelihoods, Lam said in a newspaper interview days before she is expected to visit Beijing to present her proposals to the central authorities.   The new policy initiatives are also expected to be the highlight of her annual policy address this year....
中文

Striving for Global Tax Transparency: What is the End Game?

By Keith Brockman   Transparency continues to be at the forefront of international tax discussions. It’s the topic of articles, the focus of speeches, and the goal of the legislation.   But those discussions are tense and very divided, even among tax administrators.   Advocates for more transparency are looking to identify and minimize a perceived tax gap, including profit shifting, paying nil taxes in low tax jurisdictions, and operating in what some call tax havens.   For all the talk, there are still fundamental outstanding questions: Is everyone starting at the same place, and what is the end game?  ...