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Income Tax May Be On Bermuda Election Agenda, by Robert Lee, Tax-News.com, London
For several years the Progressive Labour Party has included the possibility of income tax on its agenda but backbencher Delaey Robinson said 'bogey man tactics' turned the general public opinion off the idea and the PLP decided not to raise the issue in its first term. [ FULL STORY ]
UK's Pre-Budget Statement Prefigures Tax Increases, by Jason Gorringe, Tax-News.com, London
Chancellor Gordon Brown shocked the City by predicting that this year's forecast £5bn surplus would turn into a £2.5bn deficit. Tax revenues are expected to fall £6bn short of the Budget forecast mainly because of falling share prices and the drying up of merger and acquisition activity. [ FULL STORY ]
Germany Being Forced To Back Down On 'Eco-Taxes', by Ulrika Lomas, Tax-News.com, Brussels
On Wednesday, Finance Minister Hans Eichel held a private meeting with Mario Monti (pictured) at a restaurant in Brussels at which he appears to have offered to impose a two-year limit on the current arrangements. [ FULL STORY ]
Japanese Finance Minister Speaks Out On Tax Reform Delays, by Mary Swire, Tax-News.com, Hong Kong
Masajuro Shiokawa said on Monday that although the reforms will not be introduced from the start of 2002 as originally promised, he hopes to have a bill ready for parliament at the earliest opportunity, and has his eye on the end of the next fiscal year as a possible start date. [ FULL STORY ]
US And Caymans Sign Tax Information Exchange Agreement, by Mike Godfrey, Tax-News.com, Washington
The Cayman Islands will share tax information to help the US government trace financial criminals and overcome the secrecy surrounding the accounts of financial institutions in the Cayman Islands to allow it to launch audits for tax evasion and money-laundering. [ FULL STORY ]
US Study Reveals Multinationals Avoided Paying Billions In Taxes, by Mike Godfrey, Tax-News.com, New York
The study released by Senator Byron Dorgan (D - ND) estimated that in 2000, the total tax loss from inaccurate transfer pricing in international trade came to about $45 billion compared to $42.7 billion in 1999 and $35.7 billion in 1998. [ FULL STORY ]
Bush Spearheads Controversial AMT Repeal Plan, by Leroy Baker, Tax-News.com, New York
Speaking to the National Association of Manufacturers, the President explained: 'We've got to make sure our tax relief encourages investment, encourages the flow of capital. Corporate America doesn't have to get penalized during times of declining earnings.' [ FULL STORY ]
New US Tax Law Benefits Savers, by Mike Godfrey, Tax-News.com, New York
Few Americans are aware of the multiplicity of savings improvements included in the Economic Growth and Tax Relief Reconciliation Act of 2001. [ FULL STORY ]
US Republicans Propose Payroll Tax Holiday, by Mike Godfrey, Tax-News.com, Washington
'That's something we would certainly be willing to consider,' said the Democrat Majority Leader, Tom Daschle, of the payroll tax proposal, 'but again, not at the expense of giving up all our commitment to homeland security.' [ FULL STORY ]
Hungarian Business Sector Praises Corporate Tax Regime, Slams Income Taxes, by Ulrika Lomas, Tax-News.com, Brussels
Emery Jakab, Hungarian Managing Director for the international consulting firm Arthur Anderson pointed to the fact that the 40% highest rate of income tax kicks in at 'outrageously low' pay levels as a possible factor discouraging multinational companies from locating in Hungary. [ FULL STORY ]
Chinese Government To Abolish Preferential Tax Treatment, by Mary Swire, Tax-News.com, Hong Kong
Currently, state taxes for imported goods are higher than for China-made products. However, from next year all state-preferential policies for promoting exports and imports will be abolished, with the exception of VAT and tax rebates for export. [ FULL STORY ]
Polish Coalition Disunited Over Tax Changes, by Ulrika Lomas, Tax-News.com, Brussels
But Sejm Deputy Speaker Janusz Wojciechowski announced on Wednesday that the PPP will not agree to a planned rise in VAT the government sees as vital to reining in a ballooning budget deficit. [ FULL STORY ]
Hong Kong Inland Revenue Renews Pressure On Tax Evaders, by Mary Swire, Tax-News.com, Hong Kong
The renewed pressure from the Inland Revenue Department on evaders will last around six years during which time one in three taxpayers are likely to be investigated and more than a quarter of IRD staff will be allocated to the inquiries. [ FULL STORY ]
Hong Kong Taxpayers Plead For More Time, by Mary Swire, Tax-News.com, Hong Kong
According to the Inland Revenue Department, around 12,700 applications for deferral of salary, profit, and property taxes were made between April and October, up from just 9,900 in the same period last year. [ FULL STORY ]
Hong Kong May Move On Expatriate Tax Evasion, by Mary Swire, Tax-News.com, Hong Kong
According to reports, the Hong Kong taxation authorities may soon begin collecting salary tax every month as opposed to in lump sums at the end of each financial year. [ FULL STORY ]
Bookmakers Offer Irish Punters A Way To Escape Betting Tax, by Amanda Banks, Tax-News.com, London
Paddy Power and Ladbrokes have installed direct phone lines and Internet link-ups in their premises to betting services in the UK where punters can bet tax-free. 'We did not have a choice in this, we did it to protect our business,' said Paddy Power chief Stewart Kenny. [ FULL STORY ]
Indonesia Confident About Plans To Double Tax Revenue, by Mary Swire, Tax-News.com, Hong Kong
Tax evasion has been rife in Indonesia: last year at least half of the country's government officials did not pay tax and of the 20 million or so people that should be paying tax only 1.3 million were registered of whom less than half were dutiful tax payers. [ FULL STORY ]
Canadian Economist Recommends Higher GST, by Mike Godfrey, Tax-News.com, Washington
Speaking on Wednesday, Don Drummond, Chief Economist for TD Bank, said that the debates surrounding a possible link-up between the loon and the dollar, or the adoption of the latter as the continental currency, are a waste of time. [ FULL STORY ]
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The TaxWire Special Feature
Exclusive to LowtaxOnline NewsWire subscribers

The LowtaxOnline NewsWire Special Report

Compiled by Ulrika Lomas in Brussels

The Tax-News Guide To Tax Shelters Worldwide
III: Film Finance

G: FRANCE

Click here for this week's
Special Feature

Over a series of issues, the LowtaxOnline NewsWire is presenting a guide to effective tax shelters in the world's main economies. The series began with forestry, covering six of the most interesting countries. This was followed by an analysis of tax-efficient venture capital regimes in a number of countries. Now we're turning to film finance, which is extremely interesting for higher-rate taxpayers in certain countries.

A Guide To Tax Shelters:

Film Finance - France

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Special Feature


Next week will have a comparison of the seven countries covered from the perspective of nationals and non-nationals in each case. Which country will give you the best tax shelter?
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Saint Lucia Welcomes First International Bank, by Carla Johnson, Investors Offshore.com
The addition of Bank Crozier International to the island's financial services sector, which has been in operation for nine months, marks a significant step in St Lucia's progress towards becoming a well-established and respected international business centre. [ FULL STORY ]
Hedge Funds Searching For New Instruments To Trade, Carla Johnson, Investors Offshore.com, London
When Nasdaq Liffe launches Single-Stock Futures (SSF) next year, it seems likely that capital management and other hedge fund promoters will use them as a basis for hedge funds. [ FULL STORY ]
Bankers Less Keen On Mass Affluent Clients, by Carla Johnson, Investors Offshore, London
A recent study by the accounting firm PricewaterhouseCoopers said that one of the biggest problems wealth managers will face in coming years is client retention since very few of these customers appear content to stay with their current adviser. [ FULL STORY ]
Bahamas Mutual Fund Sector Expanding, by Carla Johnson, Investors Offshore.com
'The legislature has taken steps to ensure credibility and there is a more concentrated effort to promote the Bahamas in all areas of financial services,' said Andrew Dipkin from the Bahamas Association of Mutual Fund Administrators. [ FULL STORY ]
New Australian League Table For Hedge Funds, by Mary Swire, Tax-News.com, Hong Kong
Testifying to growing Australian interest in hedge funds, funds management services company InvestorInfo has launched Australia's first hedge fund performance tables. [ FULL STORY ]
Charles Schwab Survey Finds Retail Investor Clients Confident, by Carla Johnson, Investors Offshore.com
Charles R. Schwab, Chairman and Co-CEO, said: 'Despite the market downturn of the past 18 months, and the unprecedented terrorist attacks against our country, 84 per cent of our clients remain comfortable with their investment approach.' [ FULL STORY ]
Last Yugoslav Bank In Cyprus Folds, by Philip Morton, Investors Offshore.com
The closure of the Cypriot branch of Astra Banka last week marked the end of a slightly murky chapter in the island's banking history, according to a report in eKathimerini.com. [ FULL STORY ]
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Internet Research Group Says Prepare For Online Taxes Despite Ban Extension, by Mike Godfrey, Tax-News.com, Washinton
The Gartner Research Group has warned online businesses not to become complacent following the extension of the moratorium on online sales taxes, suggesting that the ban is at best temporary, and that online business models should be reassessed with this in mind. [ FULL STORY ]
US States Pursue Interstate Agreements On Net Sales Tax, by Leroy Baker, Tax-News.com, Washington
The Streamlined Sales Tax Project group believes that providing the laws are simple and consistent across the states, Congress will eventually agree to collecting sales taxes across state lines. [ FULL STORY ]
UK Government Report Promotes Electronic Tax Filing, by Robert Lee, Tax-News.com, London
The Carter report recommended that companies with less than 50 employees should be given a £250 incentive next year and smaller amounts each year for the next four years if they submit their end-of-year details to the Inland Revenue electronically. [ FULL STORY ]
Isle Of Man To Change Online Gaming Laws, by Amanda Banks, Tax-News.com, London
The Financial Supervision Commission, on behalf of the Island's banks, expressed concerns at a recent meeting of the Council of Ministers following their complaints that the three international casino operators who were awarded licenses in September are enjoying preferential treatment. [ FULL STORY ]
Dubai E-Commerce Laws To Pass Before Year-End, by Amanda Banks, Tax-News.com, London
'When passed, the laws will cover a lot of areas. We believe these should be coming out before the year-end,' said Ahmed bin Byat, chief executive of DIC. [ FULL STORY ]
IRS Issues Guidance On Deductible R & E Costs, by Mike Godfrey, Tax-News.com, New York
In the latest issue of ecommercetax.com, Professor David Hardesty explores the subject of the tax treatment of research costs, based on guidance recently issued by the IRS to its field agents. [ FULL STORY ]
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