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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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| 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 |
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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 |
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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! |
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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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Further Delay In Foreign Profits Legislation Deals Blow To Business Certainty,
by Robert Lee, Tax-News.com, London 24 July 2008
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The UK Government's announcement of progress on the taxation of foreign profits on Tuesday evening shows promising signs of sensible legislation being developed on the taxation of passive offshore business income, but that policy is unlikely to be implemented before 2010 at the earliest, according to leading business and financial adviser Grant Thornton.
The proposals, communicated yesterday in a letter to the CBI with accompanying
technical note, have moved a long way since the Discussion Document of June
2007 and it appears representations from business have been listened to, Grant
Thornton stated. For example, hard-line proposals on the taxation of Controlled
Foreign Companies have been dropped while the Treasury has moved closer to the
possibility of a dividend exemption.
In its 2007 Budget, the government put forward proposals for eliminating the
foreign dividend tax in order to reduce the administrative burden for international businesses,
while at the same time putting in place tough measures on the permitted overseas
activities of such firms, in order to prevent them from using the dividend exemption
to avoid paying tax in the UK altogether.
However, the UK Treasury made moves on Monday which appeared to indicate that
it has stood down its proposals to change the way that the foreign profits of
UK-based multinationals are taxed.
Heather Self, an international tax partner at Grant Thornton, is pleased that
representations from business have been taken into account in the latest Government
announcement and that there is further consultation to be had before the final
package is put forward, but says the constant delays have created a complex
and uncertain environment for businesses to operate in.
"Overall, the Treasury announcement is a sensible response to a constructive
period of consultation, but it is disappointing that progress has been so slow
and that we are unlikely to get more detail before the Autumn. The continuing
uncertainty is damaging UK competitiveness, particularly if the UK wants to
remain a gateway to Europe for new investors from countries such as India, China
and Brazil," she commented, further stating:
"It is now unlikely that we will get any concrete policy on the taxation
of foreign profits before 2010 at the earliest and at that point we may well
be in the middle of an election."
Self says that Monday's announcement confirms that the Government wishes to
introduce an exemption for foreign dividend income received in the UK and that
this will be as wide as possible, but that it remains concerned about the risks
to tax revenue and therefore won't be implementing such a move next year.
"The dividend exemption will be warmly welcomed by business as it will
allow large corporates to repatriate what is estimated to be billions of pounds
of foreign income to the UK with limited or no UK tax. But the Treasury is worried
that it will be missing out on a large slice of tax revenue by implementing
the exemption so is wanting further consultation on measures to protect tax
revenues," she explained.
The technical document also says there will be further discussion on CFC rules
and interest deductibility.
Self added:
"On CFC rules, we are almost back to square one, with a proposal that
any changes may simply be improvements to the existing regime rather than an
entirely new set of rules. This is a sensible withdrawal, although no mention
is made of the Government's continuing difficulties with the European Courts
on the application of CFC rules within the EU."
There is also confirmation that comprehensive interest allocation rules will
not be introduced, "a welcome move," says Self, but there is a vague
threat of "additional but still limited restrictions" on interest
deductibility.
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