Chinese Edition           July, 2017 | www.zetland.biz/ Dear Friend of Zetland, WELCOME BACK MARCIN! Zetland is pleased to welcome back Marcin Galas as managing director of Zetland Corporate Services Limited and Group General Manager. Marcin will be based in Hong Kong. Marcin has previously worked for Zetland in Belize and Hong Kong before a spell in Singapore with trust company ATC. Marcin is of Polish origin although he was brought up and educated in South Africa holding bachelor’s and law degrees from the University of Witwatersrand. Marcin is also a full member of STEP – the Society of Trust and Estate Practitioners. In other news from Hong Kong – the local fiduciary services industry is about to be regulated under an amendment to the Anti-Money Laundering Ordinance which is currently working its way through Hong Kong’s legislature. The new rules are expected to be effective by the end of 2017. Zetland Corporate Services, Zetland Trust and possibly other companies in the group will require to be licensed and to meet the record keeping and due diligence requirements as laid down in the law. Zetland welcomes the move which will mean that all of our key fiduciary operations in Belize, Singapore and Hong Kong will now be conducted on a regulated basis. Yours sincerely, James C Sutherland Chairman Zetland Fiduciary Group Zetland Fiduciary Group Sponsored China Offshore Shenzhen Summit 2017 China Offshore Summit 2017 has been one of the Asia’s largest financial and wealth management summit since the inception of the China Offshore Summit series in 2010. It is held twice a year in Shenzhen and Shanghai respectively... [More...] Tokyo to Promote National Strategic Special Zone to Foreign Enterprises in 2017 Foreign financial enterprises are expected to play important roles including the following: - To provide stable asset formation for the Japanese resident (citizens of Tokyo) [More...] Labuan International Business and Financial Centre (Labuan IBFC) Over the last 25 years, Labuan IBFC has developed and strengthened its position as a leading business and financial centre in Asia Pacific, striking the ideal balance between client confidentiality and compliance with international best standards and practices... [More...] Belize IBC’s with Special License An International Business Company (IBC) is a proven corporate vehicle suitable for a wide range of international trading, investment and commercial activities. It is also the most popular type of offshore corporation commonly formed for asset protection, offshore banking... [More...] For Sale – Ligpo Island, Batangas, Philippines Situated in Batangas Province in the south of Luzon Island approximately 75Km from Manila Ligpo Island uniquely sits in a protected marine area with an abundance of sea life and corals. [More...] Zetland Tax Advisors News Profits Tax on Treatment of Electronic Commerce Hong Kong adopts territorial source concept for taxation and only profits sourced from Hong Kong are taxable under Profits Tax. As the Inland Revenue Ordinance (“IRO”) has no specific provisions on taxation of Electronic Commerce (“E-Commence”) in Hong Kong, the Hong Kong Inland Revenue Department (“IRD”) has issued Departmental Interpretation and Practice Notes No. 39 (“DIPN 39”), a form of document issued by the IRD for information and guidance on certain tax practice and has no legal binding force, for Profits Tax on Treatment of E-Commence back in July 2001. [More...] International Estate And Asset Protection Planning The now common perception that there is no privacy may be valid for internet communications, but not necessarily for estate planning. Most Countries and financial institutions in Europe, Asia and South America have signed reciprocal agreements requiring disclosure of beneficial ownership of financial accounts. [More...] Permanent Establishment in Israel In recent rulings and circulars, the Israeli Tax Authority ("ITA") expanded the doctrine of Permanent Establishment in Israel. This tendency is explained by the motivation of the ITA not only that foreign companies operating in Israel will be subject to taxation in Israel for income attributed to the Permanent Establishment but also that New Residents under the Ten Year Tax Holiday will be taxable in Israel for income paid to them from such Permanent Establishment, as it does not constitute a foreign source income. [More...] © 2017 Zetland Fiduciary Group Limited, All rights reserved.