It looks as though the stars are aligning for Taiwan’s onshore wealth management market. A number of unrelated events are prompting Taiwanese HNWIs to reconsider whether it makes sense to keep their wealth offshore or whether an onshore structure is more beneficial. Since the start of the COVID-19 pandemic, Taiwan’s success in containing its spread has prompted wealthy offshore Taiwanese […]

The post Taiwan lures offshore assets, pushes onshore wealth management appeared first on Asian Private Banker.

The Philippines tax amnesty has hardly affected private banking clients, while it’s “business as usual” for banks as the country is still not a member of the Common Reporting Standard (CRS) network, according to a private banker with experience in the Philippines market. In December last year, the Senate of the Philippines passed a bill endorsing a tax amnesty scheme covering […]

The post Philippines tax amnesty has limited impact on HNWIs appeared first on Asian Private Banker.

During his Budget 2019 speech, Lim Guan Eng, Malaysia’s finance minister, announced a new tax amnesty scheme through which the government aims to lure taxpayers into voluntarily disclosing outstanding taxes. Although some experts liken the new scheme to an extension of an olive branch that taxpayers should seize, others predict that sensitivity concerns will slow the programme’s progress. According to […]

The post Mixed reception for Malaysia’s new tax amnesty rules appeared first on Asian Private Banker.

In the wake of the country’s tax amnesty programme, Indonesian private banking clients are resettling their trusts and redistributing their wealth amongst family members, says Sheau-Yuen Tan, Deutsche Bank Wealth Management’s head of wealth planning for the Asia Pacific. Singapore-based Tan told Asian Private Banker that following the completion of the tax amnesty scheme on 31 March, “most Indonesian families […]

The post Wealthy Indonesians “redistributing” assets amongst family members following tax amnesty appeared first on Asian Private Banker.

Standard Chartered has responded to reports that it is under investigation for the role that its staff played in transferring US$1.4 billion of assets from Guernsey to Singapore in 2015 by saying that it proactively notified authorities, according to media reports. The bank has also conducted a full account review of the trust structures used, according to the report by […]

The post StanChart says US$1.4 billion transaction under investigation was proactively reported appeared first on Asian Private Banker.

Indonesian tax officials will start collecting tax from “hidden wealth” that was not declared under the country’s tax amnesty programme, according to Hestu Yoga Saksama, spokesman for the directorate general of taxation. “For nine months, we intensively called on taxpayers to utilise the tax pardon. It is time now to enforce the law, particularly for those who did not take […]

The post “Time to enforce the law”: Indonesian tax office appeared first on Asian Private Banker.

Indonesia’s government has introduced regulations aimed at detecting, and ultimately taxing, assets that were not declared under the country’s recently-concluded tax amnesty programme, according to a Reuters report. The island nation’s nine-month tax amnesty scheme resulted in just 3% (Rp 147 trillion) of assets declared being repatriated. According to the government, both asset declarations and repatriations of offshore assets did […]

The post Indonesia to clamp down on tax evasion six months after amnesty ends appeared first on Asian Private Banker.

Indonesia has fulfilled a requirement for its participation in the automatic exchange of information (AEOI) scheme, with lawmakers successfully turning an emergency rule in lieu of law into a law yesterday, according to a Bloomberg report. The rule, which was first issued by the country’s president without parliamentary approval in May, allows Indonesia’s tax office to obtain information for tax […]

The post Indonesia passes law that paves the way for AEOI participation appeared first on Asian Private Banker.

Indonesia has signed an agreement with Switzerland for the automatic exchange of financial account information (AEOI) scheme, Indonesia’s tax office said on its website. The agreement aims to ensure that both countries exchange individuals’ tax information, under the common reporting standard (CRS) framework, from 2018. Indonesian finance minister Sri Mulyani Indrawati said the joint declaration is important to Indonesia since […]

The post Indonesia adds major financial centre to its tax reporting network appeared first on Asian Private Banker.

Hong Kong has signed an automatic exchange of financial account information (AEOI) agreement with Indonesia, and has also gazetted changes to its tax framework in order to facilitate the rollout of the OECD initiative. The Inland Revenue Department’s latest amendment ordinance enables Hong Kong to implement the AEOI scheme “more effectively”, a government spokesperson said in a statement. “We must […]

The post Hong Kong signs AEOI agreement with Indonesia, prepares for information exchanges appeared first on Asian Private Banker.

OCBC’s Indonesian subsidiary has no plans to migrate the funds it received from the country’s tax amnesty to its new private banking division this year, says president director of the Indonesian business, Parwati Surjaudaja. OCBC NISP, which is 85% held by Singapore’s OCBC Bank, received Rp8.5 trillion (roughly US$639 million) worth of newly-declared funds as a direct result of Indonesia’s […]

The post OCBC NISP: No plans to migrate tax amnesty assets to private bank in 2017 appeared first on Asian Private Banker.

In an effort to raise funds and encourage compliance, governments across Asia are considering or implementing tax amnesties. With Indonesia having wrapped up its amnesty programme in March – to mixed reviews – Asian Private Banker talks to Maxfield Brown, business intelligence associate at consulting firm Dezan Shira & Associates, about which other countries in the region are likely to […]

The post Focus shifts to Malaysia amid region’s tax amnesty wave, says consultancy appeared first on Asian Private Banker.

Indonesian President Joko Widodo has signed a law allowing tax authorities to access information on accounts held at financial institutions, according to a report by Reuters. The island nation’s new regulation requires banks, insurance companies and other financial institutions to report on client information – such as cash balances and financial gains from assets, as required under international standards – […]

The post Indonesia authorises tax office to access account information at financial institutions appeared first on Asian Private Banker.

Thanks to strong fundamentals and the recent completion of the country’s tax amnesty, Indonesia’s wealth management industry is poised to grow and become more sophisticated, says Tan Su Shan, DBS Bank’s group head of consumer banking and wealth management. Tan said in an interview with CNBC that she expects “more to come in terms of product innovation, in terms of enabling […]

The post DBS bullish on Indonesian wealth market, says Tan Su Shan appeared first on Asian Private Banker.

The Philippines’ banking secrecy laws, and the fact that it is not yet a signatory to the automatic exchange of information (AEOI) scheme, means the island nation “has some way to go” before it can implement an effective tax amnesty programme, says Credit Suisse economist Michael Wan. The Philippines plans to follow the lead of Indonesia, which concluded a nine-month […]

The post Philippines has much to do before it can launch a successful tax amnesty, says CS appeared first on Asian Private Banker.

The Indonesian tax amnesty, which ended on 31 March, yielded disappointing asset repatriations, says spokesperson for the country’s tax office Hestu Saksama, who adds that the data generated from the programme will be used to monitor taxpayers’ compliance. The nine-month programme, which aimed to improve tax compliance, resulted in Rp4,881 trillion worth of assets being disclosed. Although this surpassed the […]

The post More reforms needed after Indonesia’s tax amnesty yields “disappointing” repatriations: Tax office appeared first on Asian Private Banker.

Indonesia’s tax amnesty has been described as a resounding success and an abject failure in equal measure. Both views, while overcooked, hold truth. With mere hours to go (at the time of publishing) before Indonesia’s tax amnesty window shuts tight, the government seems unlikely to meet two out of three key targets, and though authorities are holding on to their […]

The post Time’s up! Ins and outs of Indonesia’s tax amnesty appeared first on Asian Private Banker.

Indonesia’s tax amnesty is set to reach a dramatic conclusion at the end of the month, with opinion split on whether the programme has been a success or failure. Run over three phases, starting in July 2016, the amnesty is intended to provide impetus to state coffers by encouraging taxpayers to declare and, should they choose, repatriate offshore assets for […]

The post Indonesia’s tax amnesty in 6 numbers appeared first on Asian Private Banker.

OCBC, the parent company of Bank of Singapore, may be making a play for the Indonesia onshore private banking market, according to media reports. The Indonesian Financial Services Authority, or OJK, is currently reviewing an application by PT Bank OCBC NISP to establish a private banking business in the country, according to Gulf Times, which cites the bank’s president director […]

The post OCBC reportedly eyeing onshore Indonesia PB market as tax amnesty nears conclusion appeared first on Asian Private Banker.

Indonesia’s tax amnesty programme, which raked in US$8 billion during its first two phases, has triggered a hiring spree among private banks that are looking to build their offshore Indonesia desks, says Sean Kang, director at McLagan, speaking to Asian Private Banker. “Bulking up Indonesia offshore desks are very much a focus across a number of private banks in the last six […]

The post Indonesia tax amnesty increasing demand for offshore Indonesia bankers, says expert appeared first on Asian Private Banker.

Indonesia is in the third phase of its tax amnesty programme after generating US$8 billion from the first two. The programme is expected to rely on hefty contributions from small and medium businesses in order to reach its US$12.4 billion target. The third and final phase will end in March 2017, which will enable participants to pay a tariff of 10% […]

The post Indonesia enters third phase of tax amnesty programme with US$8 billion collected appeared first on Asian Private Banker.

“If they don’t join the tax amnesty program, then we’ll send the e-mail,” said the director general of taxes at Indonesia’s Finance Ministry, Ken Dwijugiasteadi, who is looking to put a further squeeze on amnesty non-participants to achieve the Rp165 trillion (US$12.3 billion) tax amnesty programme target. “We have their data,” Dwijugiasteadi added, highlighting a significant 70% drop in the second stage […]

The post “We have their data”: Indonesian tax office to email amnesty non-participants appeared first on Asian Private Banker.

Franky Oesman Widjaja, chairmain of Golden Agri-Resources and heir to Indonesia’s third wealthiest individual, is the latest prominent businessman to have filed to repatriate assets under the government’s amnesty programme. Indonesia’s tax amnesty has come under scrutiny of late for attracting anaemic inflows. As of September 19, the amnesty registered Rp22.7 trillion (US$1.8 billion) in repatriated assets, but with that figure now […]

The post Indonesian tycoons succumb to tax amnesty programme appeared first on Asian Private Banker.

Time is running out for the Indonesian government if it is to meet its lofty of goal of bringing in Rp165 trillion (US$12.5 billion) in tax revenues from repatriated overseas-held assets, with the country’s finance ministry revealing that just Rp22.7 trillion (US$1.7 billion) has been repatriated since the amnesty window opened in July. Of that total, Rp14.1 trillion (US$1.1 billion) […]

The post Indonesia’s tax amnesty target a long way off appeared first on Asian Private Banker.

Although doubts remain as to whether Indonesia will be able to meet its ambitious target of Rp165 trillion (US$12.6 billion) in tax redemptions, progress is being made with 1,929 tax payers registering for the amnesty, according to media reports. These individuals have reportedly contributed Rp6.9 trillion (US$530 million) of declared assets and Rp123.2 billion (US$9.4 million) in redemptions. As of 5 September 2016, […]

The post Indonesia amnesty lures 1,929 new taxpayers appeared first on Asian Private Banker.