Bahrain rejects expat remittance tax
Bahrain’s government has voted against a proposal to tax expat remittances, after it was deemed unconstitutional by the jurisdiction’s financial and economic affairs committee.
Bahrain’s government has voted against a proposal to tax expat remittances, after it was deemed unconstitutional by the jurisdiction’s financial and economic affairs committee.
After a bruising appearance at Australia’s Royal Commission, AMP has been served with two class action proceedings, while the firm’s interim chief executive offers a mea culpa and shareholders reject pay proposals.
The Australian Government has unveiled plans to ban exit fees and cap administration and investment fees to protect super accounts with low balances from excessive erosion.
Clients of collapsed Beaufort Securities could lose up to 40% of the value of their holdings to cover liquidation costs, bringing into question the whole system of regulatory and legal protection of investors in the UK, according to campaign group ShareSoc.
Financial institutions and advisers will be hit with higher levies after the Australian Government announced additional funding for two regulatory bodies to support their work with the ongoing Royal Commission.
UK pensioners who are still working could have to pay National Insurance (NI) contributions to help fund their care in later life, according to plans being considered by the government.
Confidence in the security of assets held in Jersey and Guernsey trusts has been restored following a recent ruling in the Privy Council, says Nick Robison, partner at law firm Babbé, which was involved in the case.
The CFA Institute has opened an office in Abu Dhabi, a move the organisation says will help it advance the standards, education and professionalism of financial advisers based in the UAE.
The UK has imposed public company registers on its overseas territories to create transparency and prevent “financial skulduggery”, but an international tax expert says, if people want privacy, they will just move to jurisdictions that still offers it.
The Monetary Authority of Singapore (Mas) has banned a former Credit Suisse banker for deliberately concealing the identity of the true beneficial owners of three bank accounts.
As the Financial Conduct Authority (FCA) finalises its policy paper on defined benefit (DB) pension transfers, experts hope it will bring some certainty to an industry that has been in a constant state of flux since 2015.
It has been revealed that crown dependency representatives flew to London to meet with UK Government officials in a last ditch effort to have an amendment withdrawn that would have imposed public ownership registers on the jurisdictions.