Singapore has been accelerating its tightening of various investment regimes since March after at least one of the defendants in a recent SGD3 billion (USD2.2 billion) money laundering case was involved a family office that received tax exemptions, Bloomberg reported, citing people with the knowledge of the matter. Singapore asked family offices and hedge funds to provide more information and further close down inactive business entities.
Family offices that were reportedly granted tax exemptions received new forms in May requesting more detailed information, and the forms need to be submitted by the end of June. Meanwhile, the Monetary Authority of Singapore (MAS) confirmed that it would abolish the licensing regime for hedge funds with assets of up to USD250 million by 1 August and replace it with a more stringent reporting mechanism.
Nigeria’s tax handling agency, Federal Inland Revenue Service (FIRS), filed a tax evasion case against Binance Holdings Limited earlier this year. The case, set for a Federal High Court in Abuja,
Donald Trump’s election with Republican House and Senate majorities has put the Internal Revenue Service back in the spotlight. The agency lost $20 billion in funding under the latest deal to avoid
Hoping to head off a potential trade conflict, a top European Union official stressed the importance of active engagement and fairness in trade during a four-hour meeting with Trump administration officials.
Türkiye has launched a tax compliance initiative targeting small and medium-sized enterprises (SMEs) to strengthen budget stability and curb unregistered economic activity. The move, part of a broader