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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. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 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 |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 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 |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| 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. |
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US Joint Economic Committee Mulls Virtual Taxation,
by Glen Shapiro, LawAndTax-News.com, New York 23 October 2006
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Last week it was announced that the US Joint Economic Committee will begin
a study of the interactions between the virtual economies of online role-playing
games such as World of Warcraft and Second Life, and the official US economy.
In a statement, the Committee explained that:
"The past few years have seen a dramatic increase in the popularity of
online gaming and the virtual economies that accompany them. The population
of these online worlds has been estimated to exceed 10 million people worldwide.
Because of their newness, some uncertainty exists regarding taxes and intellectual
property rights."
Chairman Jim Saxton went on to add that:
“There is a concern that the IRS might step forward with regulations
that start taxing transactions that occur within virtual economies. This, I
believe, would be a mistake."
The staff of the Joint Economic Committee has therefore begun an examination
of the public policy issues related to virtual economies.
A virtual economy is defined as the universe of transactions that occur within
an online community. These transactions include the sale of goods and services
and take place entirely within virtual economies; there is no real-world or
physical exchange. However, a real-world value can often be assigned to such
transactions using exchange rates or other methods.
Based on existing law, if an individual generates cash income in US dollars
from transactions in virtual economies, the question may arise whether a tax
is due on that real-world income. However, if the transaction takes place entirely
within a virtual economy, then it seems there is no taxable event.
The Committee observed that:
"Such distinctions should be addressed and resolved in a common-sense
manner. Clearly, virtual economies represent an area where technology has outpaced
the law. The goal of the forthcoming JEC study is to help lawmakers understand
the issues involved and head off any premature attempt to impose a tax on virtual
economies."
According to reports, the currency used in Second Life, known as the Linden
dollar, is often traded on third-party exchanges and on online auction site,
eBay.
In addition, real life companies are expressing an increasing interest in selling
their wares to a virtual captive audience.
Speaking last week to the UK's Independent, David Fleck, vice-president
of Linden Labs, the company behind Second Life revealed that the company intends
to cooperate with the investigation.
"We want to be good corporate citizens, and we are being pro-active and
working with the Joint Economic Committee, not just sitting back waiting for
something to be handed down. But the Linden dollar is not a real currency, it
is not recognised by any banking system in the world and the legalities are
unclear."
He concluded:
"It has to play out, and we have to make sure we understand the implications.
It will have to be examined against regional tax laws, country by country, even
state by state."
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