Trusts

Latest News for Trusts

• March 13, 2008 - Hong Kong to Update Trust Law
  

  Hong Kong’s Financial Secretary John Tsang has confirmed in his budget speech that the government will review the Trustee Ordinance, which was modelled on the English Trustee Act of 1925, and hardly changed since. The announcement follows many years of concerted lobbying by STEP Hong Kong Branch, and a detailed review of the existing Ordinance that was submitted to the Government by STEP Hong Kong and the Hong Kong Trustees’ Association 18 months ago.

• June 8, 2007 - Hong Kong Professionals Push for New Trust Law
  

  STEP Hong Kong and the Hong Kong Trustees Association have submitted a business case to the HK Government asking for reform of the Trustee Ordinance – which has not been amended since 1934. However, in a meeting with the HK Government at the end of April, the government suggested that changes to company law – which have been worked on for the past five years – may take another five years to complete; meaning trust law reform may also take five years before enactment.

• March 2, 2006 - Hong Kong Passes Trust Tax Bill
  

  Hong Kong's lawmakers have passed a new bill that amends the Inland Revenue Ordinance to exempt offshore funds from profits tax. The exemption, contained in the Revenue (Profits Tax Exemption for Offshore Funds) Bill 2005, is seen as vital for Hong Kong to reinforce its status as an international financial centre and enhance its competitiveness.

• January 23, 2006 - Offshore Trust Business Expands into Hong Kong
  

  Walbrook Group, the independent offshore fiduciary services provider, has established its first overseas operation after acquiring Deloitte’s Hong Kong trust operation. The move will bring new business opportunities both there and in wider Far East region and strengthen the group’s ability to service its international clients, according to the company.

• November 10, 2004 - Citigroup to Close Trust Bank in Japan
  

  Citigroup is closing its trust bank in Japan after closing its private banking operations. Cititrust and Banking Corporation, a trust bank subsidiary, will be wound down by mid-October 2005.

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Latest Features for Trusts

• February 14, 2010 - Australia Tightens Screws On Trusts
  

  The Australian government continues to crack down on tax structures traditionally used by wealthy families with the release of draft legislation to extend withholding tax arrangements to family trusts. Assistant treasurer Nick Sherry released the draft legislation for public comment this week. The recommendations would enable the Australian Taxation Office (ATO) to detect the non-disclosure of income earned by the trusts, and then attribute it to individuals and assess it along with their other income.

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