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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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Flaherty Stands By Decision To Tax Income Trusts,
by Mike Godfrey, Tax-News.com, Washington 01 February 2007
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Before a special hearing of the House of Commons Standing Committee on Finance
on Tuesday, Jim Flaherty, Minister of Finance, stated that Canada’s government
intends to proceed with his controversial 'Tax Fairness Plan', despite widespread
opposition to a new tax on income trusts.
"Make no mistake, the decision that was taken on October 31 is all about
fairness—fairness in our tax system, fairness for hard-working Canadian
taxpayers and their families, fairness for seniors, for business and other levels
of government," Flaherty told MPs.
"I am not prepared to sacrifice the interests of millions of hard-working
Canadians who pay their taxes and play by the rules so that a select group of
special interests can enjoy a tax holiday," he remarked.
Under the tax plan, a 'Distribution Tax' will be applied beginning in 2007 to
distributions from publicly traded income trusts and limited partnerships set
up after the October 31 announcement. Trusts formed prior to this date will
benefit from a four-year transition period.
The Canadian government has decided to tax income trusts in an attempt to tackle
what it considers a "growing trend toward corporate tax avoidance"
caused by the vehicle's more favourable tax treatment compared with the more
conventional company structure.
However, the new tax, which was devised largely without consultation and announced
without warning, has caused consternation in Canada's business and investment
sector. Several corporations with well-advanced plans towards converting to
trust status have been forced to rethink their strategies in the wake of the
announcement, with some demanding that at the very least, the transition period be
extended to all trusts.
The tax plan has also provoked strong criticism from opposition parties including
the Liberals and Bloc Quebecois, both of which called for the parliamentary
committee hearing to examine the legislation.
According to Flaherty, the estimated federal revenue loss for 2006 due to the
special tax advantage for income trusts would be C$500 million (US$424 million)
- a burden he argued was unfairly being shifted to ordinary taxpayers and other
tax-paying corporations.
The Finance Minister said that extending the 4-year transition period for existing
trusts to 10 years would cost the federal treasury approximately C$3 billion.
It would also cost provincial treasuries, with Alberta set to lose over $2 billion
and Quebec to lose hundreds of millions, he claimed.
Flaherty noted that provincial and territorial governments unanimously supported
the Tax Fairness Plan at the December 2006 meeting of federal-provincial-territorial
finance ministers in Vancouver, given the negative impact of income trusts on
provincial revenues and their economies.
"It is regrettable that some investors suffered financial losses,"
he said.
"Although it was a very difficult decision, it was an absolutely necessary
decision for the country and for future generations of Canadians, our children
and grandchildren. At the same time, we have proposed to further reduce the
general corporate income tax rate, increase the age credit amount by $1,000
and, for the first time ever, allow Canadians to split their pension income
beginning this year," Flaherty concluded.
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