By King & Wood Mallesons

What are the main features of Australia’s tax system?

Australia has a comprehensive tax regime with taxes imposed at both the Federal level and the State/Territory level. The Australian Taxation Office (ATO) is responsible for administering the tax laws imposed at the Federal level and each State and Territory has a different body which administers the tax laws imposed in that particular jurisdiction
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2018年12月7日,香港特别行政区政府(香港政府)颁布《2018年税务(豁免基金缴付利得税)(修订)条例草案》(《草案》),以引入针对现时适用于合资格私募基金的利得税豁免的修订。业界参与者普遍视《草案》为改革和厘清适用于在香港营办的合资格基金的税务制度,和提升香港作为国际性和地区性资产和财富管理中心的地位的重要一步。《草案》在2018年12月12日提交立法会,预料相关修订将在2019年4月施行。
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2019年1月1日新个税法将全面实施,本文将从个税修订要点、热点问题解读以及实务操作角度为您全面解析此次个税改革。从1980年实施至今,《中华人民共和国个人所得税法》已经过七次修改,其中1993年版构建了现行个税法的基本框架,此后多次修改主要是对扣除标准和税率等问题的小幅调整。此次个税改革堪称力度空前,推动了个人所得税从分类税制向综合与分类相结合的税制转变,且优化了税率结构,大幅拉大了中低档税率级距,改革红利更多地惠及中低收入人群。
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By Alex Baykitch AM, Robert Edel and Edwina Kwan.

On 24 January 2018, the senate of the Democratic Republic of Congo (DRC) unanimously passed a bill which, once enacted, will increase taxes on natural resources in the DRC and revoke contract guarantees for existing mining projects across the country.

The bill is likely to have a significant impact on international investors in the mining industry who will be immediately subject to higher royalties and a tax on “super-profits”.  Although the bill will not take effect until President Joseph Kabila signs it into law, this is expected to happen imminently unless miners and lobbyists are successful in convincing the President to suspend the adoption of the bill.
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By Tony DongDuan Tao (Daisy), Cao Linlin, Yang Yingjie  King & Wood Mallesons’ Commercial & Regulatory Group

The US Senate and House of Representatives eventually voted to clear  the Tax Cuts and Jobs Act on December 20, 2017, after several rounds of back and  forth between the Houses. Two days later, the US President Donald Trump  officially signed this Act into effective law, as the culmination of the US tax  reform that had galvanized worldwide attention. This legislation is the biggest  and most compressive overhaul of the US tax system since the Reagan  administration in 1986.
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By Vanessa Docherty King & Wood Mallesons’London office.

The Criminal Finances Act (“CFA”) 2017 comes into effect on 30 September 2017.  The CFA introduces two new offences which could affect any company with links to the UK.
What are the offences?
Failure to prevent” the facilitation of UK tax evasion, in the UK; and “failure to prevent” facilitation of foreign tax evasion overseas.
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By Bill Ye and Zhao Wenxiang King & Wood Mallesons’ Commercial & Regulatory group

The ‘Measures on the Due Diligence of Non-resident Financial Account Information in Tax Matters’ (the “CRS ”) are now in place, six months after the release of the draft for comment (the “Draft”). In response to the upcoming individual income tax reform, we have summarized the key points of the CRS Regulations.
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By Mark McFarlane and Suzanne Gibson  King & Wood Mallesons

mcfarlane_mgibson_sSecondaries transactions have grown substantially in recent years. This growth can be attributed to the host of potential commercial and strategic advantages such transactions can have for both general partners (GPs)/managers and investors, as well as a raft of regulatory pressures, including as a result of the Volcker Rule and the BASEL III reforms.

However, with these advantages come unique legal tensions as investors look to sell their fund commitments with relative freedom and GPs/managers seek to minimise their potential liabilities arising from any sale (and in some cases, reap side benefits).
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