Japan’s government has changed its tax code in a bid to encourage foreign capital to be invested in the nation’s economy. Ministers have reformed the tax rules relating to offshore asset managers and hedge funds by dropping their obligation to be classified as having a ‘permanent establishment’ in the country. Effectively, this means that the firms are currently being taxed twice, both domestically and in Japan, for investing in the economy – a requirement which has now been swept away. The move has been designed primarily to stimulate growth at a time in which the nation is facing a declining population and the ongoing effects of the credit crunch. A spokesman at Japan’s Financial Services Agency said: “We must admit that Tokyo’s presence in international finance has been in decline for some years.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.