United States President Barack Obama has announced his proposed budget for the next fiscal year beginning on October 1, which, with over USD1.5bn in net new revenue from taxes on the wealthy and more spending on job creation and education, will provide his platform for re-election. However, it will also set up another protracted fight with Congressional Republicans adamant that any deficit reduction package should not contain one dime in tax increases.
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As is to be expected, with the Eurozone crisis far from resolved,
Greece teetering on the brink of bankruptcy, and the US once again
facing a federal deficit in excess of a trillion dollars, fiscal developments
in the European Union and the US have tended to dominate the tax headlines
in recent weeks.
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Facing record deficits and unsustainable levels of debt, governments
have spotted an opportunity to raise some easy cash from multinational
companies through more frequent scrutiny of transfer pricing practices,
and this has become the top tax issue facing business groups trading
across national borders.
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In the autumn of 2000 the Maltese government passed legislation enabling
online betting centres to be set up in the country, and this legislation,
coupled with provisions from the Income Tax Act written specifically
for international companies, made Malta an attractive location for
casino and sportsbook operations. Malta became the first EU member
state to regulate internet gaming in May 2004 with its Remote Gaming
Regulations under the Lotteries and Other Games Act 2001.
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Malta, like Cyprus, has been obliged to dismantle its old 'offshore'
companies regime as a trade-off for joining the European Union. EU
membership has, however, brought about certain benefits for Maltese
companies trading across borders, and, coupled with investment-friendly
government policies and some interesting tax planning opportunities,
Malta remains one of the most favourable places in the EU in which
to locate an international holding company.
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The Cypriot shipping industry has experienced strong growth since
the creation of the shipping registry in 1963 and several ingredients
have combined to make Cyprus one of the most important locations for
a variety of maritime-related activities, including a benign tax regime,
modern financial and legal infrastructure, low operating costs and
geographical location at the junction of three continents.
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In recent weeks, efforts to stimulate the US economy have centred
on two major pieces of tax legislation introduced into the United
States Congress, both having the avowed intention of boosting job
creation; but there is considerable doubt whether the proposals will
achieve their sponsors' desired outcomes.
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News on the personal taxation front in recent weeks has been dominated
by reports of new taxes or increased income tax on the wealthy and
high income earners as governments intensify their efforts to rein
in budget deficits.
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Cyprus is no longer an offshore jurisdiction in the strict sense
of the word, but its tax regime, coupled with its location at the
cross roads of Eastern Europe, the Middle East, North Africa and Asia,
an extensive network of double-tax treaties, its membership of the
European Union and its sophisticated European business environment
and stable economy mean that the island is an ideal place to locate
holding, trading and intermediary companies.
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In this feature, we look back at significant developments in the
area of real estate taxation around the world over the past three
months, during which time a number of governments have proposed new
or increased taxes on property as part of deficit-closing measures.
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Top rates of tax are on the rise across Europe as governments look
to those with the broadest shoulders to bear the increasingly heavy
burden of government debt which is weighing down several European
Union member states.
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Yoshihiko Noda has become Japan's sixth Prime Minister in six years
since Junichiro's Koizumi's five-year spell as PM ended in 2006, a
revolving door of leaders indicative of the political elite's failure
to get to grips with the country's deep-seated fiscal problems which
have piled up following two decades of economic stagnation.
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'Advantage Canada: Building a Strong Economy for Canadians', was
the name of the long-term economic plan announced by Finance Minister
Jim Flaherty in November 2006 which targeted the elimination of Canada's
total government net debt within a generation while reducing taxes
across the board. While the financial crisis may have knocked the
government off course somewhat, much progress has still been made
towards the latter objective.
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With Congress having brokered a last minute deal to raise the debt
limit, work can begin in earnest on reforming the United States' dysfunctional
tax system when lawmakers return from the Congressional recess.
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A landmark tax deal designed to resolve long-standing antagonisms
between Germany and Switzerland was reached earlier this month, and
similar agreements between the Swiss and other nations are expected
to follow, although this is unlikely to be the end game in the on-going
campaign by the high tax nations to end banking secrecy.
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The debt crisis in the eurozone, which seems to worsen by the day,
has prompted a fresh wave of austerity measures across the European
Union in recent days as governments seek new revenues to replenish
rapidly-emptying national treasuries, resulting in proposals for new
or higher taxes in several member states.
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