 |
|
|
 |
|
|
|
|
New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
| |
| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
|
06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
|
08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
 |
| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
| |
|
| |
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| |
|
|
US Is Not Tax Competitive, Intel Boss Tells Lawmakers,
by Mike Godfrey, Tax-News.com, Washington 26 June 2006
|
To be competitive in the global marketplace, US tax policy needs to focus
on offering tax treatment that is comparable, if not more favourable, than that
which is offered by other nations competing for investments, according to
Craig Barrett, Chairman of Intel, the semiconductor manufacturer.
Testifying last week at a House Ways and Means Committee hearing on international
tax policy, Barrett observed that the US tax system has become uncompetitive
in comparison to the many countries which offer "very significant incentive
packages and have highly favourable tax systems," particularly in Asia.
Barrett pointed out that Malaysia provides a 10-year tax holiday, and tax depreciation
for capital building and equipment costs equal to 160% of their cost. He also
noted other countries with considerable tax advantages, including: Ireland,
with its 12.5% corporate tax rate and a 20% research tax credit; Israel, with
a capital grant of up to 20%, a 10% tax rate and a two-year tax holiday; and
China, which grants a 5-year tax holiday, followed by 50% of the normal tax
rate for 5 more years.
By comparison, the US has a 35% corporate tax rate, few investment incentives,
and relatively uneconomic and uncompetitive depreciation treatment, the Intel
chief told lawmakers.
"From just this sample of tax systems and incentives available in other
countries, you can see that the US compares relatively poorly, and effectively
an economic penalty on investment in the US is imposed," he stated.
According to Barrett, a critical issue that Intel considers when deciding where
to locate a new wafer fabrication plant is that it costs $1 billion dollars
more to build, equip, and operate a factory in the US than it does outside
the US - the largest portion of which is attributable to taxes.
Barrett explained that the billion dollars is the difference between the net
present cost over ten years of building and operating the wafer fabrication
facility in the US, estimated to be as much as $6.8 billion, compared to the
net present cost over ten years of building and operating the same facility
outside the US, estimated to be as little as $5.6 billion.
While the majority of Intel's plants are located in the United States, Barrett
told the committee that "considerable business reasons exist for locating
a number of our wafer fabrication facilities in foreign locations."
Last week, Intel officially opened its third high volume manufacturing facility
in Ireland - said to be the most modern of its type anywhere in the world. However,
in the industry in general, two-thirds of the new 300 millimeter wafer fabrication
facilities currently under construction, being equipped, or in production are
located in Asia. If all types of plants are considered, China leads with eighteen
semiconductor plants.
Barrett argued that there are several potential solutions to close the gap
in tax competitiveness between the US and the rest of the world. These include
a corporate rate reduction, an investment tax credit (ITC), full expensing of
a factory in year one (or expensing plus a write-off of an additional percentage
above and beyond the facility’s cost), or a combination of these items.
Barrett also said that a permanent extension to the Research and Development
Tax Credit, which expired last year, is "long overdue."
.
|
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
TAX-NEWS.COM
Free Tax-News Feed