The Hong Kong trust industry is comprised of four main types of trust, namely corporate trusts, private trusts, pension schemes and charitable trusts.
Donald Trump’s election as the USA’s 45th president combined with continued Republican control of both the House and Senate will almost surely result in passage of a major tax cut in 2017. Although the size and design of that measure and how it shall be funded are remained uncertain, it is worthy to understand the key aspects of his tax plan, consider if they have implications for you as a taxpayer, and well-prepare for planning and compliance aspects, in order to achieve your optimal tax position.
Consider buying a property in Sydney? You would better be prepared to pay a 4% duty surcharge. This new tax rule has been put in place on 21st June, 2016 and applicable to all home purchases in New South Wales, making the state the second in Australia to impose stamp duties on foreign purchasers. In addition, there will also be a 0.75% land tax surcharge on top of the aforesaid stamp duty surcharge from 2017 onwards.
In Melbourne of Victoria, the prevailing 3% stamp duty has been increased to 7% since 1st July, 2016. Purchasers from Mainland China have made up bulk of the foreign buying population, and property prices have been doubled in Sydney and risen around 60% in Victoria since 2009. Current property taxes amounted at A$40,490 for an A$1 million property with additional 4.5% surcharge for properties priced above A$1 million.
China is taking forward the Belt and Road initiative, the national strategy for long term development. It is certain that the emerging markets along the routes are likely to become the new catalyst for the future development of Hong Kong.
Financial services will be in growing demand in emerging markets. Hong Kong is well-equipped to serve as a platform for financing and fund management for these markets. Hong Kong endeavours to facilitate the financing of infrastructure projects and provide a platform for pooling the efforts of investors, banks and the financial sector to offer comprehensive financial services for various infrastructure projects.