HB 7214 proposes to remove the tax exemptions and tax preferences given to certain entities, such as local water districts, offshore banking units
, regional headquarters (ROHQs), nonresident cinematographic film owners and lessors of vessels and aircraft, among others.
First, employees of regional headquarters, regional operating headquarters, offshore banking units
and petroleum contractors that are enjoying the preferential tax rate under the previous Tax Code are now subject to the graduated income-tax rate based on a Bureau of Internal Revenue (BIR) advisory.
All employees or RHQs and ROHQs of multinational companies, offshore banking units
, and petroleum service contractors and subcontractors enjoying preferential tax treatment prior to 2018 are now subject to regular income tax rates," he said.
1592 or the proposed Tax Reform for Acceleration and Inclusion (TRAIN), the 15% preferential tax rate for employees of ROHQ, as well as those of offshore banking units
and petroleum service contractors, are repealed.
India has licensed seven offshore banking units
(OBUs) to operate in Special Economic Zones (SEZs), which were established to promote export-oriented commercial businesses.
The lending of offshore banking units
(OBUs) operating in Taiwan reached a record high of USD81.
More than 100 offshore banking units
and representative offices are located in Bahrain, besides numerous American firms.
72 billion) was generated by offshore banking units
(OBUs) and NT$18.
The Central Bank has been authorised since August 1997 to issue licences for offshore banking units
In August, Taiwan relaxed its regulations to allow major local banks to operate direct cross-strait transactions that are channeled through offshore banking units
Bahrain now hosts a unique mix of diverse financial institutions, including 48 offshore banking units
(OBUs), 32 investment banks, 20 of which specialise in Islamic Banking, 19 onshore commercial banks, 12 of which are foreign-owned, 40 representative offices of international banks, 17 money changers and six money brokers, nine investment advisory and other financial services, including insurance providers, and two specialised banks.