The Hong Kong Inland Revenue (Amendment) Bill 2016 was gazetted 8 January 2016. "The Bill seeks to put in place a legal framework for Hong Kong to implement the new international standard for automatic exchange of financial account information in tax matters (AEOI) as promulgated by the Organisation for Economic Co-operation and Development (OECD)", a Government spokesman said in a press release.

Key points include:

• Subject to the passage of local legislation, AEOI would be implemented on a reciprocal basis with appropriate partners who could meet relevant standards on protection of privacy and confidentiality of information exchanged and ensuring proper use of the data exchanged.

• Once the AEOI agreement is in place, financial institutions have to put in place the prescribed due diligence procedures in order to identify and collect information of the relevant financial accounts in 2017.

• The first information exchanges would take place by the end of 2018.

• The Inland Revenue Department (IRD) will exchange information with the tax authorities of AEOI partner jurisdictions on an annual basis.

According to the press release, Hong Kong intends to conduct AEOI only with their partners with whom they have signed comprehensive avoidance of double taxation agreements (CDTAs) or tax information exchange agreements (TIEAs), on a bilateral basis.

On January 20, 2016, Singapore deposited with the Organization for Economic Cooperation and Development (OECD) its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters, reports Lowtax.net.

With this development, Singapore became the 93rd jurisdiction to join the pact, touted by the OECD as the world's leading instrument for boosting transparency and combating offshore tax evasion.

The Convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations, and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers' rights.

Ratifying the Convention will expand Singapore's network of partners for the exchange of information on request by 34 jurisdictions. This is part of a series of changes that Singapore has made in recent years to combat cross-border tax evasion, following Singapore's adoption of the internationally agreed standard for exchange of information on request in 2009, Singapore's Ministry of Finance said.

Minister for Finance, Heng Swee Keat, said: "Ratifying the Convention reflects Singapore's commitment to effective exchange of information based on international standards, but the standards can only work if all financial centres, such as Switzerland, Luxembourg, Singapore, and Hong Kong, move together. We will continue to work with our international partners to achieve this and prevent regulatory arbitrage."

The Convention was developed jointly by the OECD and the Council of Europe in 1988. It was amended in 2010 to respond to a call by the Group of Twenty (G-20) nations that it be aligned to the new international standard on the automatic exchange of information and that it be opened up to all countries.

The Convention is now seen as the instrument for swift implementation of the new Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD. It will also be critical for the automatic exchange of country-by-country reports, proposed in the OECD's base erosion and profit shifting project.

• Preparation of accounts, financial records, financial statements and tax returns.
• Registered Agent Service, Directors and provision of physical office space.
• Maintenance of legal documents and corporate records.
• Compliance with local and international laws in the jurisdictions where operations.
• Continuous customer in relation to methods of notification and information for each case or proceeding having us link.
• Virtual Office Service

Opening bank account

We assist our clients in opening bank accounts for individuals and companies. We closely follow the opening process for all necessary documentation is processed with maximum efficiency. Our independent banking advisers can also help you choose the most suitable and in the most appropriate place according to their individual needs bank.

The service includes opening bank accounts:

• Assistance with the application for bank account in the most prestigious financial centers.
• Deposit accounts with various interest rates
• Current accounts
• Brokerage accounts (stock brockerage accounts)
• Credit and debit cards

Asset and fund management

• Authorized signatory
• All managed funds are subject to our risk controls.

Como empresa socialmente responsable, Mossack Fonseca recientemente tuvo el placer de inaugurar en sus instalaciones el Cuarto de Lactancia para beneficio de las madres de la empresa,preocupándose por la salud de los bebés y colaborando para que el lazo afectivo entre madre e hijo se mantenga a pesar de las responsabilidades laborales.

Mossack Fonseca mantiene una alianza con la compañía Pigeon, la cual trabajó de la mano para desarrollar este hermoso proyecto propiciándole algunos insumos necesarios que provee la marca.

La empresa cuenta con una fuerza laboral femenina del 69%, es por ello que se preocupa por el bienestar de sus colaboradoras a través de la creación de espacios adecuados para fomentar la lactancia materna dentro de la empresa.

Con esta iniciativa, Mossack Fonseca se une al grupo de empresas que promueven la lactancia materna dentro de su organización. Lee este artículo aquí.

El primer Blogger Influencer Week se llevará a cabo del 27 de Febrero al 5 de Marzo del 2016 a través de diversos eventos a celebrarse en la República de Panamá.

La División de Propiedad Intelectual de Mossack Fonseca (MIPS) participará del primer Blogger Influencer Week como empresa líder que promueve la importancia del registro de contenido de los blogs y la protección de los derechos de autor.

Los organizadores de este evento buscan principalmente desarrollar oportunidades que realcen a Panamá como una plataforma turística y de negocios, a través del impulso y talento de la comunidad de nacional e internacional con los bloggers e influenciadores más reconocidos y respetados del mundo.

“La ciudad de Panamá una vez más será protagonista de un evento lleno de innovación y vanguardia con el primer Blogger Influencer Week. Como empresa líder de nuestro sector, apoyamos este tipo de iniciativas, con el propósito de comunicar y compartir con a todos los participantes la importancia de registrar y proteger los derecho de autor”, comenta la Lic. Raquel Araúz, Coordinadora de la División de Propiedad Intelectual de Mossack Fonseca.

Agrega la licenciada Araúz que MIPS ha ampliado su oferta de servicios para asegurar la protección completa de las marcas, patentes y derechos de autor de nuestros clientes, evitando tanto la falsificación e imitación de sus productos y servicios a nivel nacional e internacional y generando dinámicas de protección de derecho de autor en nuestra comunidad de talentos

El primer Blogger Influencer Week se llevará a cabo del 27 de Febrero al 5 de Marzo del 2016 a través de diversos eventos a celebrarse en la República de Panamá. Para mayor información sobre MIPS, síga a MIPS en Twitter usando el hashtag:#CuidaTusIdeas.

Sobre Mossack Fonseca

Mossack Fonseca es una empresa líder global en servicios integrales de carácter legal, fiduciario y contable, que cuenta con asesores legales especializados que cubren todas las áreas de práctica y dominan los asuntos relacionados con naves, migración, contratos y propiedad intelectual, así como derecho mercantil en general.

La empresa cuenta con oficinas todos los continentes y tiene más de 500 colaboradores alrededor del mundo; ofrece un servicio de excelencia, con más de 35 años de experiencia en servicios integrales de carácter legal, brindando asesoramiento personalizado y una experiencia de clase mundial con servicios exclusivos en línea, con disponibilidad las 24 horas del día.

While a local news organization has misinterpreted technical information regarding the Panama Maritime Authority (AMP), the AMP reports that 2015 has actually been a solid year for the Panama Ship Registry―despite headwinds from a slowing global economy. An AMP press release revealed the following:

• As per Lloyd’s Register of Ships, the Panama Ship Registry ranks # 1 in the world with over 8,100 registered vessels that comprise 218 million gross registered tons (GRT), representing 18% of the world’s merchant fleet.

• In the first 11 months of 2015, there was a net growth of over 350 vessels (flagging’s minus deletions), which represents an increase of 136 vessels (62%) when compared with the same period in 2014.

• During the period of January to November 2015, 422 newly constructed ships were registered in the Panama Ship Registry compared to 413 during the same period in 2014. This increase represents, in terms of GRT, almost a million tons (700,000 tons).

• The AMP estimates that the Panamanian fleet will add almost 600 newly constructed vessels over the next five years (2016-2020).

Who is Mossack Fonseca?

The AMP press release went on to indicate that they are guided by business strategies based on four pillars: (i) security and prevention; (ii) sustainability; (iii) registration; and (iv) business. They stressed that their business strategies are based on carefully considered, scientific analyses of all relevant aspects of the shipping industry.

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The First Blogger Influencer Week Will Take Place from 27th February to 5th March 2016

PANAMA CITY, PANAMA--(Marketwired - December 01, 2015) - The Intellectual Property Division of the Mossack Fonseca Group will take part in the first Blogger Influencer Week as a leading company promoting the importance of a blog's content registration and copyright protection.

The organizers mainly seek to develop opportunities to enhance Panama as a tourist and business platform by promoting the talent of the most recognized, respected, and influential national and international bloggers.

"Panama City will once again play a leading role in an avant-garde event that is full of innovation with the first Blogger Influencer Week. As a leading company in our industry, we support these kinds of initiatives for the purpose of communicating and sharing the importance of copyright registration and protection," stated the head of the Mossack Fonseca Intellectual Property Division, Ms. Raquel Araúz.

Ms. Araúz added that they have expanded their suite of services, aka Multiple Intellectual Property Services (MIPS), to guarantee the complete protection of trademarks, patents, and copyrights-thereby avoiding the counterfeiting and imitation of their clients' products and services, both nationally and internationally.

The first Blogger Influencer Week will take place from 27th February to 5th March 2016 with various events to be held in the Republic of Panama. For more information regarding MIPS, please follow @mossfonmips in twitter using hashtag #CuidaTusIdeas.

CONTACT INFORMATION

Lexa de Wittgreen

Marketing Communications Manager

MOSSACK FONSECA & CO. (PANAMA)

Mossfon Building

54th E. Street, Panama

Tel. +507 205 5888 ext 377

At the 8th meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, held in Barbados on 29-30 October 2015, Panama was officially accepted into Phase 2 of the information exchange peer review process.

The Global Forum peer reviews occur in two Phases: Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework.

Panama’s Foreign Ministry noted that the country’s implementation standards for the exchange of tax information upon request will be assessed, with particular attention to those jurisdictions with which Panama has agreements that allow the exchange of information.

Panama’s Deputy Foreign Minister Luis Miguel Hincapie said "This step reflects the commitment of Panama in this area and the significant progress in updating our legal framework. In a short time we have adapted to the standards of fiscal transparency while at all times defending national interests”. He went on to say that President Juan Carlos Varela, in his recent speech at the General Assembly of the United Nations, announced that Panama, like its major trading partners, is committed to the automatic bilateral exchange of tax information, but with some conditions. The President said the exchanges will have to take into account national circumstances, the international geopolitical environment, and the right of each country to take the necessary measures to ensure that the automatic exchange of information is not misused to impair the competitiveness of some countries for the benefit of others. President Varela proposed that the issues be incorporated into the regular agenda of the United Nations to ensure that they are discussed by the countries on equal terms.

There are now 96 jurisdictions which are committed to making the first exchanges of information in 2017 or 2018. Panama has committed to commence automatic exchanges in 2018.

Mossack Fonseca’s commitment to social responsibility continues with the recent inauguration of a lactation room located on its premises designed for the benefit of the many mothers working for the company.

Panama, Republic of Panama – January 18, 2016 /PressCable/ —

A socially responsible corporation that understands how essential it is to assist staff members in achieving a healthy balance between their personal and professional responsibilities, Mossack Fonseca recently inaugurated a lactation room on its premises for the benefit of the company’s mothers. Always keeping in mind the babies’ health and helping maintain the emotional bond between mother and baby in spite of work responsibilities, the addition of an office lactation room is a critical step that reinforces the manner in which the company values the well-being of its staff members and their families.

Through an alliance with Pigeon Global, Mossack Fonseca was supplied with the products needed to make this beautiful project an overwhelming success. Mothers now have a pleasant area with special furniture, a refrigerator, a microwave steam sterilizer and an assortment of Pigeon products designed to assist with this highly beneficial activity. Benefiting both mother and child, the addition of the lactation room is yet another example of how the company works diligently to ensure its clients, shareholders and team members are all accorded the respect they so richly deserve.

Founded in 1977, the company’s mission and core values have long guided the manner in which Mossack Fonseca operates with regard to its clients, its employees and its shareholders. In addition to its commitment to outstanding customer service and its focus on excellence, Mossack Fonseca has created a corporate culture and philosophy built on the tenets of commitment, discipline, responsibility, honesty, loyalty and innovation. The consistent adherence to these core values has driven the company to always consider how its actions will serve others and to pursue the course of action most likely to yield the greatest possible benefit.

It is also worth noting that the company’s longstanding professional partnerships with companies like Pigeon Global play an important role in Mossack Fonseca’s ability to be so successful in the implementation of socially responsible projects such as the recent lactation room addition. Whether it is providing comprehensive legal, trust and accounting services to clients or developing programs for the benefit of employees, Mossack Fonseca has demonstrated its keen understanding of the importance of building relationships based on the qualities outlined in its mission and core values.

About the Firm: The Mossack Fonseca Group is a firm that provides exceptional legal, trust and investment consultancy to clients across the globe. Founded in 1977, the firm offers comprehensive services across every continent, specializing in international business structures, commercial law, wealth management and trust services.

For more information about us, please visit http://www.mossfon.com

Contact Info:
Name: Mossack Fonseca
Organization: Mossack Fonseca
Address: 54th Street, Marbella, Panama, Republic of Panama
Phone: (507) 205.5888

On December 21, 2015, the French Minister of Finance and Public Accounts announced that they had removed BVI from their list of non-cooperative jurisdictions. The French minister indicated that BVI had been very cooperative with France and positively responded to almost all recommended changes.

BVI Premier and Minister for Finance, Dr the Honourable D. Orlando Smith, OBE said, “The Government of the Virgin Islands is pleased with this positive step from France which demonstrates our commitment to exchange of information and also demonstrates our compliance with the international standards”.

The announcement comes after the progress made in BVI was also recognised by the Global Forum on Tax Transparency and Exchange of Information for Tax Purposes in August 2015 which upgraded the Territory’s non-compliant rating to ‘largely compliant’.

Mossack Fonseca & Co.

Established in 1977, the Mossack Fonseca Group is a leading global company which provides comprehensive legal, trust and accounting services.