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Baker McKenzie hosted the 2024 Asia Pacific Wealth Management Symposium for wealth management professionals, including wealth and estate planners, trustees and private bankers assisting high net worth families in their asset management and succession planning.
During the symposium, our wealth management professionals from across Asia came together to discuss current and future challenges and opportunities affecting family businesses and private wealth owning structures in the region. We examined significant developments such as the application of Australian anti-avoidance laws to trust distributions, Mainland Chinese tax administration practices as regards share transfers by individual shareholders, Indonesia's anti-avoidance measures, Japan's exit tax and trust taxation, Malaysia's new capital gains tax regime, updates on tax incentives for family offices in Hong Kong and Singapore, and the implementation of Taiwan's controlled foreign corporation rules. In addition, we discussed the practical implications of foreign-source income issues such as economic substance concerns in Hong Kong, Malaysia and Singapore, changes to Hong Kong's tax treatment of foreign-source disposal gains, Singapore's new Section 10L as regards gains from the sale of foreign assets, and changes to the tax treatment of offshore-source income received by Thai tax resident individuals. Lastly, we shared our insights into the continuing practical implications of key trust cases.