Tax – Global Investment Law Watch

Three Things to Know About Cboe’s ETF Share Class Filing

Apr 23 2024

By: Stacy L. Fuller, Kevin R. Gustafson, Christine Mikhael and Crystal Liu

On 15 April 2024, Cboe BZX Exchange, Inc. (Cboe) filed an application pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC), to amend its exchange-traded funds (ETFs) listing standards to permit ETF share classes issued by open-end investment companies that offer mutual fund share classes pursuant to any exemptive relief to be granted by the SEC.

Singapore Tax: Implications of Section 10L on Investment Funds

Mar 14 2024

By: Edward Bennett, Roberta Chang, Anita Zhou and Ke Jia Lim

Historically, Singapore has not taxed capital gains. However, since 1 January 2024, under the newly enacted Section 10L of the Income Tax Act 1947 of Singapore, gains received in Singapore from the sale or disposal of any foreign asset (e.g. shares issued by a company incorporated outside Singapore) by an entity within a multinational group will be treated as taxable income if the entity does not have adequate economic substance in Singapore. Section 10L is designed to address international tax avoidance risks and align the key areas of Singapore’s tax regime with international norms and the European Union’s Code of Conduct Group’s foreign source income exemption (FSIE) guidance.

Australia: Quality of Advice (QAR) Recommendations Partly Addressed

Nov 20 2023

By: Jim Bulling and Laura McFadzean

On 14 November 2023, the Australian Government released what is described as the first of three tranches of proposed draft legislation implementing the QAR recommendations.

While the government is still saying it intends to address the remaining recommendations of the QAR, there were no commitments given at this stage.

Singapore: Updates to Tax Incentives for Single Family Offices

Oct 20 2023

By: Edward Bennett and Ke Jia Lim

The Monetary Authority of Singapore (MAS) has recently introduced new guidelines for Single Family Offices (SFOs) applying for tax incentives under the Section 13O and Section 13U schemes. The changes aim to expand tax incentives for family offices to promote investment in environmental and social causes.

Australia: Why You Should (or Shouldn’t) Use a CCIV

May 03 2023

By Kane Barnett

Australia’s new fund vehicle, the corporate collective investment vehicle (CCIV) came in to effect on 1 July 2022. Since then adoption has been meagre to say the least.

Australia: A (new) Reason to Invest in Aussie Funds

Feb 11 2022

By: Jim Bulling and Cathy Ma

Legislation Passes Parliament

The Australian Federal Government passed the long-awaited Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 on 10 February 2022. The new regulatory and tax framework for Corporate Collective Investment Vehicles (CCIV) will commence on 1 July 2022.

This reform is a welcome step forward for the Australian funds management industry and is aimed at increasing the competitiveness and familiarity of Australian investment offerings to offshore investors.

Catagory:Tax