News
Why a wealth tax in South Africa won’t work
In April, a committee set up to review South Africa’s tax system unveiled plans to introduce a new wealth tax as the country struggles to deal with extreme income inequality and a dwindling tax base. Here we look at the reasons it’s unlikely to work.
China’s regulator zeroes in on fund performance fees
The China Securities Regulatory Commission (CSRC) has proposed new rules that require an asset management firm to inject at least RMB 10m (£1.16m, €1.33, $1.5m) into mutual funds that levy a performance fee.
Best Practice | news 7 Jun 17
Tax evasion crackdown will see wealth managers lose $13bn
Wealth managers around the world will lose around $13bn (£10bn, €11.5bn) of annual revenue due to a global crackdown on tax dodging as clients are set pull out $1.1trn out over the next few years, a new report suggests.
Retirement | news 7 Jun 17
Rops list sees Aussie rebound but Channel Islands wane further
After missing its Monday deadline, HM Revenue & Customs released an updated recognised overseas pension scheme (Rops) list on Wednesday that saw Australian scheme numbers rise, while Guernsey and Jersey continued their declines.
Tax & Regulation | news 7 Jun 17
Over 1m UK taxpayers could face ‘stealth tax’ rises by 2019
More than one million UK taxpayers, who earn between £100,000 and £123,000, could face paying an effective tax of 60% if the current tax system remains unchanged, according to international accountancy firm RSM.