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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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House Considers Bill To Increase States' Revenue-Raising Powers,
by Mike Godfrey, Tax-News.com, Washington 13 May 2009
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A bill has been introduced in the House of Representatives to assist State governments
in the collection of delinquent income taxes.
The State Tax Administration Assistance Act of 2009, introduced by Rep. John
Lewis, Chairman of the Ways and Means Oversight Subcommittee, would remove the
‘same-state’ requirement from a federal program and allow state
governments to collect unpaid state income taxes from non-residents.
Currently, States can offset federal income tax refunds for delinquent state
income taxes only if a taxpayer resides in the State seeking the offset.
Forty States and the District of Columbia participate in the refund offset
program. In fiscal year 2008, States collected more than USD380m in delinquent
state income tax debt through the scheme. A total in excess of USD5bn was deducted
from income tax refunds and used instead to pay other federal agency non-tax
debt, State income tax debt, and overdue child support payments in calendar
year 2008.
“The Committee has been asked over and over again to expand the federal
refund offset program in a variety of ways,” said Lewis.
However, the Georgia Democrat cautioned that any expansion of the program “must
be balanced against taxpayer privacy concerns, administrative burdens, and the
effect on voluntary taxpayer compliance.”
Lewis introduced the bill in response to a Government Accountability Office
(GAO) report which highlights the estimated loss of revenue due to the residency
requirement.
“Due in part to the current economic downturn and the financial problems
of state and local governments, interest has grown in potential expansion of
the refund offset program as a means to collect additional kinds of State or
local debts,” the GAO said.
A report published in January by the Tax Foundation concluded that forty-five
States are facing budget shortfalls of varying degrees, totaling approximately
USD132bn through fiscal year 2010.
Many State governments are expected to support their budgets with additional
increases in taxation and spending cuts over the coming months, as the recession
cuts deep into tax revenues from State and local taxes.
The overall amount of taxes collected by the 50 States continued to fall during
the fourth quarter of 2008, with State and local sales taxes — one of
the largest components of State and local budgets — suffering the worst
decline in half a century, according to a report published by the Rockefeller
Institute of Government report on April 14.
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