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Celebrating 25
Years of Success!
ICS TRUST would like to thank you You have been an essential part of our business. |
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Impact on Supply Chain in the War
Against Terrorism
In the war against terrorism, the U.S. Customs
introduced the Customs-Trade Partnership Against Terrorism (C-TPAT) on 25th March 2005, is
a joint government-business partnership to build cooperative relationships
with the aim to improve overall supply chain and border
security.
C-TPAT is a voluntary program for U.S.
importers to participate in establishing acceptable security practices in
all phases of their operations. Under this program, U.S. importers are
required to provide information on their trade partners, including
manufacturers, suppliers, freight forwarders and buyers, to comply with
security standards. In complying with the C-TPAT requirements, companies
are certified by the U.S. Customs as C-TPAT members. In return, the U.S.
government has promised its C-TPAT members less stringent administration,
such as quicker border crossings and fewer
shipment inspections on their goods.
Although the U.S. Customs and Border Protection (CBP) has stated that all information provided remains confidential, there are concerns that supply chain information of importers, manufacturers, or freight forwarders could be identified by competitors and as a result, some of the ：middlemen； may be eliminated from the supply chain. In the long run, in the war against terrorism, it is expected that large retail chains will require their suppliers to hold a C-TPAT certificate. Hence, suppliers may have no option, but to comply with the requirements of their retail customers and that of C-TPAT.
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TRADE HONG KONG
Hong
Kong Ranks the World・s Freest Economy for the 12th
Straight Year
According to the Index of Economic Freedom, published annually by the Heritage Foundation, a Washington DC-based free market think tank, Hong Kong remains the world's freest economy for the 12th straight year. Read more... Hong
Kong Remains 2nd Largest Foreign Direct Investment
Recipient in Asia
According to the World Investment Report 2005 released by the United Nations Conference on Trade & Development, Hong Kong remains near the top of the list of preferred destinations for foreign investors, second only to China. Hong Kong・s rule of law, free flow of information, and low tax regime have been attributed as the major attractions for foreign companies. Read more... Hong
Kong Opens Its Biggest Exhibition Centre at the Airport
Hong Kong Attains Preferential
Treatment For Service Suppliers in China Under
CEPA CHINA
China Leads in Investment Potential for the 3rd Straight Year According to the World Union of VIP Enterprises (WUVE) in Beijing, China is the place with the highest investment potential in the world for the third year running. With its fast-growing economy and WTO membership, China has proved to be one of the most favourable destinations for foreign investment. In 2005, China attracted more than USD 60 billion of foreign investment. Read more...China
Introduces OTC Transactions to Improve Exchange Rate Transmission
Mechanism Hedge Funds To Make Deeper Inroads into China Financial Market From 1st January 2006, enterprises are allowed to trade financial derivatives as China develops its capital markets. Despite the Chinese government・s past reluctance to embrace these loosely regulated investment vehicles, it is expected that the creation of a new derivatives exchange could result in hedge funds making deeper inroads into China. Read more...NORTH AMERICA / EUROPE
U.S. and Thailand Continue Talks Towards Free Trade Agreement The U.S. and Thailand have made progress towards a bilateral Free Trade Agreement (FTA) after six rounds of negotiations. The FTA will liberalize the Thai services sector and abolish tariffs on goods and services between the two countries. Read more...
EU
To Decide Whether To Impose Anti-Dumping Duties on Chinese
Footwear
The European Commission・s denial towards the market-economy status to thirteen Chinese footwear manufacturers again stirred up trade tensions between the E.U. and China. The Commission is expected to announce whether to impose anti-dumping duties on Chinese footwear in April 2006. Read more... |
TAX HONG
KONG
Hong Kong To Abolish Offshore Fund Profit Tax CHINA
Economic
Boom Has Driven China To Higher Than Expected Tax
Collection
In
2005, China・s tax revenue exceeded US$ 380 billion for the first
time. With similar economic growth expectation in 2006, China・s tax
revenue is anticipated to climb 17.5% to US$450 billion.
China
is set to introduce tax reforms in the coming years to modernise and
streamline the tax system. Read more...
China・s SAT To Crackdown On Tax Evasion NORTH AMERICA /
EUROPE
EU
Suggests Home State Taxation Scheme to Benefit
SMEs
The European Commission has proposed the ：Home State Taxation； scheme to ease the compliance cost and company tax difficulties SMEs are facing when doing business across borders. Under the scheme, SMEs of the EU member states would be able to compute their company tax profits in accordance with the tax rules of the home state of the parent company or head office. Read more...Spain
Proposes Tax Reforms
The Spanish Economy Minister proposes to simplify and cut its rates of taxation, including corporate tax, bringing Spain more into line with the EU average. The Spanish government is hoping to unify the various rates of capital gains taxes and implement a cut in the corporate tax rate to 30%. Read more...
OFFSHORE Isle
of Man To Introduce Tax Reform
Acting within its commitments under the EU Code of Conduct for Business Taxation, the Isle of Man government will launch tax reform proposals, designed to remove harmful elements of the jurisdiction・s corporate tax system. A new Bill will be introduced to repeal the tax legislation relating to International Business Companies, Non-resident Company Duty, Exempt Companies, Exempt Insurance Companies and Exempt Managed Banks. Read more...BVI Is Charged For Holding Out Tax Agreement With
Australia |
Clement Tam (Mr.)
Senior
Accountant
Joined 17th January
2006
Clement is an Australian CPA with 6 years solid
accounting experience in Australia. Graduating from Macquarie
University in Sydney, Clement holds degrees in Accounting and Economics.
Clement worked for a fashion manufacturer, a retailer and an international
freight forwarding company in Australia with experience in producing and
analysing full sets of financial statements and supervising the
accounts department.
Melinda Anievas
(Ms.)
Assistant Accountant
Joined 18th January
2006
Melinda rejoins our Commercial Services Team handling accounting tasks for clients. With 18 years accounting experience in the Philippines and Hong Kong, Melinda has all-round experience from various business fields including auditing, insurance and finance credit, engineering and construction, trading, and investment. Melinda was educated in the Philippines holding a bachelor degree in Accounting.
Since 1980, ICS TRUST has been the market leader in helping entrepreneurs and successful, privately-owned businesses establish and grow their operations in Asia.
For more than 25 years, Hong Kong-based ICS TRUST has been the gateway to China and Asia for businesses from around the world. We understand that our clients want to capitalize on the lucrative opportunities in the China marketplace, but the process is complex and often confusing. With ICS TRUST's team of corporate, legal, financial, accounting, banking and trading experts working together, we are able to provide customized, strategic business counsel to you in order to minimize the risk and maximize the success of your investment in Asia.
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Services Provided by ICS
TRUST | ||
| Corporate
Services Integrated Financial Solutions China Structuring Services Asian Trade & Commercial Solutions High Net Worth Client Services |
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China Business
Advice & Structuring
Establishing Business in Asia Direct Import Program |
For more information, please contact our Marketing Manager, Daniel Booth.
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ICS TRUST
(ASIA) LIMITED | ||
| 8th Floor,
Henley Building 5 Queen's Road, Central Hong Kong |
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Tel: (852)
2854-4544
Fax: (852) 2543-5555 or 2543-4080 Email: mailto:ics@icstrust.com Web: http://www.icstrust.com |
Disclaimer: These notes, although considered to contain correct information, are for general information only and should not be considered as legal or tax advice. No responsibility is assumed by ICS Trust (Asia) Limited or its affiliates for any person acting on the information contained herein.
(c) Copyright 2006, ICS Trust (Asia) Limited