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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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OECD Seeks Views On Taxation Of The Wealthy,
by Ulrika Lomas, Tax-News.com, Brussels 05 November 2008
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The Organisation of Economic Cooperation
and Development (OECD) has announced that it is seeking comment from interested parties on
its study into tax compliance issues surrounding high-net-worth individuals
across the world.
The consultation is based on an OECD discussion paper which explores concepts of "cooperative
compliance" and the creation of a framework to encourage high-net-worth
individuals (HNWIs) and their advisors to volunteer relevant information.
This project follows on from a 2008 OECD report entitled “Study into
the Role of Tax Intermediaries” commissioned by the OECD’s Forum
on Tax Administration (FTA) at its meeting in Seoul in September 2006 and discussed
at the FTA’s Cape Town meeting in January 2008.
While this study focussed on large corporate taxpayers, the OECD noted in its
findings that the concept of an “enhanced relationship” with tax
administrations may also have application to HNWIs and to banks, in particular
investment banks.
In March 2008 the OECD set up a focus group to carry out the follow-up study
on HNWIs. The focus group consists of the following 14 countries: Australia,
Canada, Ireland, Italy, France, Germany, Japan, Mexico, the Netherlands, New
Zealand, Norway, South Africa, United Kingdom and the United States.
Separate work is being carried out in relation to banks.
The OECD observes in its discussion paper that taxpayers at the top of the
wealth or income scale "make a significant economic contribution to society and
account for a large part of total income tax, thus there is much revenue at
stake for national tax administrations when dealing with HNWIs. In Germany,
for example, the top 0.1% of taxpayers pay about 8% of total income tax and
the top 5% of taxpayers pay about 40%. In the United States the same top 5% pay
60% of total income tax.
"Whilst it is recognised that HNWIs are not a homogenous group, they are
likely to be linked by the scale and complexity of their business, personal
and tax arrangements (domestic and/or international), access to more sophisticated
tax products, offshore opportunities and by more varied sources of income giving
more possibilities for planning," the discussion paper states.
The OECD insists however, that the scope of the paper is focussed on "improving
compliance relationships within the existing legal framework." However,
it does not rule out pursuing "other strategies" where there is a
risk of tax avoidance or evasion, such as mandatory disclosure rules, promoter
penalties and additional reporting requirements.
The OECD said that comments can be submitted anonymously to the consultation
between now and December 31, 2008. The organisation then plans to hold a public
discussion on the issue at its headquarters in Paris in February 2009.
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