Samruk Kazyna, Kazakhstan’s sovereign wealth fund managing major strategic state assets with the combined value of close to $100 bn, is overhauling its business strategy, including approaches to investments and to asset management.
New management mechanisms will soon be introduced in all of the Fund’s companies. As early as 2014, business processes reengineering will start in three pilot organizations – diversified transport holding Kazakhstan Temir Zholy, oil and gas company KazMunaiGaz and postal service operator KazPochta.
These measured will result in operating costs reduction of 20% by 2017, and Samruk Kazyna’s economic value added will generate more than $11.2 bn for Kazakhstan’s economy.
To view the Multimedia News Release, go to http://www.multivu.com/players/English/72762559-samruk-kazyna-transformation-forum/
In the 2011/2012 vacation season, Riu Hotels & Resorts will open four new hotels in Mexico, Caribbean and Costa Rica and overhaul four more. Riu Hotels & Resorts is one of Apple Vacations’ most popular hotel chains. In 2011, 10 Riu Hotels in Mexico, the Caribbean and Costa Rica were awarded the Golden Apple Award for exceptional service, quality and value, as rated by Apple Vacations’ customers.
“Apple Vacations has had a long and successful partnership with Riu Hotels,” said Sandy Babin, Apple Vacations’ Vice President of Marketing. “Since 1998, Apple Vacationers have enjoyed Riu Resorts, referred their friends and returned time and again to experience Riu’s exceptional service and consistency.”
To view Multimedia News Release, go to http://www.multivu.com/players/English/55585-apple-vacations-riu-hotels-and-resorts
The Retail Industry Leaders Association (RILA), the trade association for America’s most recognized and innovative retail brands, discussed the need for a much-needed overhaul to America’s current tax code. Despite supporting 42 million American jobs and being a top economic driver, America’s retailers pay one of the highest effective tax rates in the nation. RILA and the retail community are urging Congress to pass tax reform that lowers rates for businesses and American families.
To view the multimedia release go to:
https://www.multivu.com/players/English/8211151-rila-tax-reform-benefits-retailers-consumers/
QROPS - Qualifying Recognised Overseas Pension Schemes were introduced in 2006 as part of a major overhaul of Britain\'s pension framework, aimed at simplifying pension transfers to another country. New legislation was passed by the UK tax authority, HM Revenue and Customs (HMRC), in order to comply with an EU directive that pensions be free to move across Europe\'s borders. This ruling means that individuals, wishing to retire to countries such as France, Spain and Portugal can effectively take their UK pension funds with them: http://www.axis-finance.com/what-are-qrops.php
Who can apply for a QROPS?
A QROPS is specifically designed to allow anyone, not intending to retire in the UK, to transfer existing and frozen UK pension plans into a more appropriate retirement vehicle.
Individuals who are, or have been members of a UK registered pension fund and are currently living outside of the UK, or intending to leave the UK on a permanent basis, can consider transferring their retirement fund into a QROPS: http://www.axis-finance.com/qrops-living-in-France
Transfers to QROPS
The UK Government allows transfers to QROPS to be made free of UK tax. Their aim is to simplify the affairs of individuals leaving the UK on a permanent basis and to encourage them to continue saving in order to provide an income when they retire. There is no official limit to the amount of funds that may be transferred to a QROPS: http://www.axis-finance.com/qrops-France-pension-transfers
QROPS - HMRC Rules
What makes a scheme a QROPS?
In order to transfer your UK pension into a QROPS, it is necessary for the overseas pension scheme to be accepted by HMRC. The criteria outlined by HMRC for an overseas scheme to qualify as a QROPS include:
- The pension scheme must be established outside of the UK
- It must be recognised for tax purposes in the country where it is located
- It must be regulated in the country in which it is established
Age that benefits can be taken from a QROPS
The QROPS regime mirrors that of a regulated pension scheme in the UK. Benefits, including lump sum payments, from the transferred funds may not be distributed earlier than the normal retirement age of 55, if an individual has been a non-UK resident for less than five complete tax years: http://www.axis-finance.com/qrops-living-in-France-HMRC-Rules
QROPS Reporting requirements
HMRC should be notified if a payment is made within the first five tax years of a member becoming non-UK tax resident. Any benefits paid before five complete tax years of non-UK residency and not in accordance with UK Pension rules will be deemed an unauthorised payment.
The scheme manager does not have to notify HMRC if the payment is made 10 or more years after the day of the transfer that created the QROPS fund for the \'relevant member\', provided that the person is non UK resident for the duration of this period. This 10 year \'bracket\' for reporting payments took effect as of 6 April 2012.
QROPS List
When transferring your UK pension to a scheme overseas, it is important to check that the scheme meets the conditions to be a qualifying recognised overseas pension scheme (QROPS). Not all transfers to overseas or offshore schemes are QROPS transfers; it is therefore essential to verify that the scheme receiving your UK benefits is on the QROPS list published by HMRC, otherwise a transfer will be treated as a transfer to a non-qualifying overseas scheme and substantial penalties may be applied by HMRC at the time of transfer: http://www.axis-finance.com/qrops-list-living-in-France
How do I know if it is a legitimate QROPS scheme?
QROPS approved plans that agree to have their details published are listed on the HMRC website. A UK Pension administrator will confirm a QROPS listing before agreeing to a transfer. If not listed, the administrator will contact HMRC
Meineke Car Care Centers, part of the Driven Brands family of automotive companies, today announced the launch of its brand repositioning based on a radical new attitude about customer service and advertising with a campaign featuring SoulPancake’s viral sensation Robby Novak, “Kid President,” as the Meineke “Kid Mechanic.” The new positioning, “Drive A Little Smarter,” is supported by television, outdoor and digital executions designed to take the mystery out of simple car care by presenting it in a fun and understandable way.
To view Multimedia News Release, go to http://www.multivu.com/mnr/63077-meineke-car-care-centers-national-brand-overhaul-drive-a-little-smarter
