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Hong Kong The Haney Group News Article

Symantec has uncovered a cyber scam duping victims into handing over their financial information using a bogus security guidance web page. The security firm reported uncovering the phishing scam in a blog post on Wednesday. The scam targets its victims using a bogus message masquerading as a security alert from a legitimate, unnamed credit card service provider. "In March, we discovered a phishing site spoofing a popular credit card services company that asked users for confidential information, allegedly for additional security," wrote Symantec's Mathew Maniyara. The message instructed its victims to disclose sensitive banking information that could be used by the attackers to illegally access their finances. "The phishing site prompts users through a three-step procedure for activating their card and adding higher security. The first step asks users for personal and card-related information," wrote Maniyara. "The personal information includes the users' name, date of birth, residential address, phone number, and email address. The card information includes name of bank, name on card, card number, expiration date, and card verification code." Phishing scams and attacks on the financial sector are a growing problem facing the security industry. The attacks range in sophistication, with some targeting the sector with basic, opportunistic phishing messages and others util...

Hong Kong businesses may be affected as EU urges tax havens to open their books

Hong Kong businesses may be affected as EU urges tax havens to open their books In a move with implications for Hong Kong, more tax havens are to open their books under pressure from the European Union. At a meeting on May 13, EU finance ministers may reach an agreement on measures to eradicate tax evasion and tax havens, said Finnish Finance Minister Jutta Urpilainen at an international seminar on tax fraud and evasion in Helsinki on Monday, the Finland Times reported. A letter on April 24 by the Irish finance minister, Michael Noonan, and EU tax commissioner Algirdas Semeta urged the European Commission to start talks with five tax havens - Andorra, Liechtenstein, Monaco, San Marino and Switzerland - to reveal information. It proposed six other measures, including a package against value-added-tax fraud. "Our common goal should be the rapid adoption of all these measures before the end of June," said the letter. Semeta said: "The EU will be an active partner in seeking automatic exchange of information as the global standard. We will do everything necessary to secure commitments on this at the G8 Summit in June and the G20 Summit in September." China is a member of the G20. Last week the Cayman Islands said it would join a pilot scheme with the UK, France, Germany, Italy and Spain on automatic exchange of tax information. Cayman Islands Prime Minister Juliana O'Connor-Conn...

http://www.tax-news.com/news/NZTaxRevenuesOutstripForecasts__60362.html

Higher than forecast tax revenues have been welcomed by New Zealand's Finance Minister Bill English, who says the funds are helping underpin an improvement in the Government's finances.

According to the latest figures, NZD719m (USD150.3m) more than expected was generated during the first eight months of the current financial year. The total tax take now stands at NZD37.6bn. The Government attributes this in part to a higher effective tax rate being paid by those in the workforce, with source deductions NZD266m greater than forecast. Tax from other individuals was also NZD326m above target.

Revenues also compare favorably with the eight month period to February, 2012. Wage growth, higher effective tax rates, and a rise in goods and service tax receipts all helped drive performance, with revenues up NZD2.2bn year-on-year.

Controlled government spending and bigger than expected net gains from government investment funds resulted in a NZD4.3bn operating surplus for the eight months to February, 2013. The forecast was for a NZD481m deficit.

According to English, the Government will now "need to build up sufficient surpluses to provide choices around repaying debt and investing more in priority public services." The economy remains on track to return to surplus by 2014/15, he added.

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