The email landed at a tough time for David Chong, the colourful founder and chairman of Portcullis TrustNet, one of Asia's biggest wealth advisory companies.
By threatening to publish offshore companies and trusts held by his clients, it hit a raw nerve at a company whose customers rely on its discretion. But it also came as the wealth management industry faces a wave of global scrutiny from regulators trying to weed out tax dodgers.
The email from a group of investigative journalists said it wanted to expose how the rich compound the world's economic problems by using offshore tax loopholes to minimise tax payments.
The message struck at the heart of a global debate over the moral divide between savvy tax planning and exploitation of loopholes that critics say mean governments miss out on corporate and individual tax revenues.
Singapore, like other wealth management centres, is in the regulatory spotlight and Chong said the reporters unfairly singled out Portcullis as one of the villains. Full story...
Related posts:
By threatening to publish offshore companies and trusts held by his clients, it hit a raw nerve at a company whose customers rely on its discretion. But it also came as the wealth management industry faces a wave of global scrutiny from regulators trying to weed out tax dodgers.
The email from a group of investigative journalists said it wanted to expose how the rich compound the world's economic problems by using offshore tax loopholes to minimise tax payments.
The message struck at the heart of a global debate over the moral divide between savvy tax planning and exploitation of loopholes that critics say mean governments miss out on corporate and individual tax revenues.
Singapore, like other wealth management centres, is in the regulatory spotlight and Chong said the reporters unfairly singled out Portcullis as one of the villains. Full story...
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- Singapore beating Switzerland at its own game - taxes.
- Bankers fleeing Europe crisis head to Singapore...
- Singapore's low taxes attracting top Geneva traders...
- Singapore replacing Switzerland as global financial haven?
- Billionaires flee havens as trillions are pursued offshore...
- Germany to negotiate deal with Singapore against tax evasion...
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