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Daily news and background data on tax and legal developments
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Swiss Bank To Halt Offshore Services To US, by Ulrika Lomas, Tax-News.com, Brussels
Last updated 19 hours ago | Sunday, July 20, 2008
UBS announced during a recent congressional hearing on offshore tax evasion that they will be shutting down all offshore private banking accounts held by US residents. [
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ECJ Rules On Italian VAT Amnesty, by Ulrika Lomas, Tax-News.com, Brussels
Last updated 19 hours ago | Sunday, July 20, 2008
The European Court of Justice ruled on Thursday that an Italian tax amnesty relating to VAT payments is unlawful.
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States Of Guernsey To Sign Nordic Tax Agreements, by Jason Gorringe, Tax-News.com, London
Last updated 19 hours ago | Sunday, July 20, 2008
In an announcement on Friday, the States of Guernsey confirmed that it is to sign a package of tax agreements with seven Nordic countries later this year.
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Seychelles Updates Mutual Funds Legislation, by Lorys Charalambous, for Tax-News.com, Cyprus
Friday, July 18, 2008
Seeking to build on the success of the financial services industry, Seychelles’ Mutual Fund Act has been redrafted to plug gaps in the previous legislation and allow local financial service providers to tap into the multi-trillion dollar mutual funds industry, the Central Bank of Seychelles has announced.
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Report Finds 'Robust' Hong Kong Banking Sector, by Mary Swire, Tax-News.com, Hong Kong
Friday, July 18, 2008
An independent report on banking stability in Hong Kong, published by the Monetary Authority on Thursday, has found the territory's banking system to be in a 'robust' condition.
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Indonesia To Scrap Exit Tax,
by Mary Swire, Tax-News.com, Hong Kong
Friday, July 18, 2008
The Indonesian government plans to begin dismantling an exit tax on residents leaving the country in January 2009, it has emerged.
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Continued Market Volatility Forecast For HK,
by Mary Swire, for LawAndTax-News.com, Hong Kong
Friday, July 18, 2008
Continued volatility is expected for the Hong Kong stock market due to the unresolved sub-prime problem and high oil prices, according to the Securities and Futures Commission's latest market review.
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Kazahkstan And Luxembourg To Sign Double Tax Treaty,
by Tatiana Smolenskaya, Tax-News.com, Moscow
Friday, July 18, 2008
The governments of Kazakhstan and Luxembourg will soon sign an agreement for the avoidance of double taxation, it emerged from Luxembourg Prime Minster Jean-Claude Juncker's recent visit to the central Asian nation.
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Senate Panel Announces Cayman Islands Hearing,
by Mike Godfrey, Tax-News.com, Washington
Friday, July 18, 2008
Investigators from the US Government Accountability Office (GAO) will report to the Senate Finance Committee the findings of their investigation of a Cayman Islands building listed as the address of thousands of companies, and their evaluation of US tax compliance implications.
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Vietnam's Tax Department To Improve Tax Procedures For SMEs,
by Mary Swire, Tax-News.com, Hong Kong
Friday, July 18, 2008
A joint effort to ease tax procedures for small and medium sized enterprises in Vietnam has been announced this week by the country's General Taxation Department and the International Financial Corporation (IFC).
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IoM Amends Cable And Wireless's Telecoms Licence,
by Jason Gorringe, Tax-News.com, London
Friday, July 18, 2008
The Communications Commission has agreed to amend the licence for Cable and Wireless Isle of Man Limited to enable it to offer a full range of retail services, including fixed line services.
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Cowen Welcomes Citi's Irish Investment,
by Jason Gorringe, Tax-News.com, London
Friday, July 18, 2008
Irish Prime Minister Brian Cowen announced last Thursday that Citi, one of the world’s largest financial services companies, is to base its EUR35mn investment in a next generation eBanking platform at its Dublin operation for Research and Development.
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Cyprus' President Receives Members Of British Parliament,
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, July 18, 2008
The President of the Republic of Cyprus, Mr Demetris Christofias, received on Thursday at the Presidential Palace members of the Foreign Affairs Committee of the British Parliament.
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Senate Subcommittee Publishes Report Examining Offshore Centres,
by Mike Godfrey, Tax-News.com, Washington
Friday, July 18, 2008
Swiss bank UBS has come under fire this week by a Senate subcommittee, which alleges that it assisted US clients in shirking their tax liabilities.
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Labuan Targets 50,000 Companies By 2012,
by Mary Swire, Tax-News.com, Hong Kong
Friday, July 18, 2008
The Labuan Offshore Financial Services Authority (Lofsa) is aiming to have 50,000 companies registered in the financial centre by the year 2012, Malaysia's Deputy Finance Minister Datuk Ahmad Husni Hanadzlah, announced recently.
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IMF Executive Board Concludes 2008 Article IV Consultation With Mauritius,
by Mary Swire, for LawAndTax-News.com, Hong Kong
Friday, July 18, 2008
On 2 July, 2008, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Mauritius.
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AIMA Welcomes UK Treasury's Offshore Funds Draft Regulations,
by Robin Pilgrim, LawAndTax-News.com, London
Thursday, July 17, 2008
The Alternative Investment Management Association (AIMA), the global representative association for the hedge fund industry, has broadly welcomed HM Treasury’s partial draft regulations on offshore funds in the association’s formal response to the Treasury’s consultation paper.
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Thompson Announces 2008 Barbados Budget,
by Amanda Banks, Tax-News.com, London
Thursday, July 17, 2008
Barbados Prime Minister, David Thompson announced in his recent 2008 budget speech that the international business services sector would continue to be a major source of foreign exchange earnings, and he pledged to put in place tax and legal reforms to attract more regional and international companies to establish in the country.
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Australia And New Zealand To Ease Double Taxation On Investment,
by Mary Swire, Tax-News.com, Hong Kong
Thursday, July 17, 2008
The Australian and New Zealand governments are open to the idea of moving toward mutual recognition of imputation and franking credits between firms that invest in each other’s country, Australian Treasurer Wayne Swan (pictured) and New Zealand Finance Minister Michael Cullen announced on Thursday.
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Luxembourg Stock Exchange Publishes Half-Year Report,
By Ulrika Lomas, for LawAndTax-News.com, Brussels
Thursday, July 17, 2008
Luxembourg's Stock Exchange has this week published it's half-year report for 2008, which details the trading activity for the past six months.
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ESRI Comments On Implications Of Carbon Tax,
by Jason Gorringe, Tax-News.com, London
Thursday, July 17, 2008
Ireland's Economic and Social Research Institute (ESRI) recently published a working paper, entitled 'The Distributional Implications of a Carbon Tax in Ireland'.
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IRS Urged To Correct Weaknesses In Unpaid Tax Collection,
by Leroy Baker, Tax-News.com, New York
Thursday, July 17, 2008
The US Internal Revenue Service (IRS) is under pressure from the Senate to move faster to eliminate 'material weaknesses' in its efforts to collect billions of dollars in unpaid tax debts.
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Regional Accounting Standard Setters Meet In Singapore,
by Mary Swire, Tax-News.com, Hong Kong
Thursday, July 17, 2008
Accounting standard experts from across South East Asia gathered in Singapore earlier this week to participate in the 6th International Accounting Standards Board (IASB) Regional Standard-Setters Meeting (IASB-RSSM).
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Population Office Issues New Combined Policy Statement For Businesses,
by Carla Johnson, Investors Offshore.com, London
Thursday, July 17, 2008
The Ministers for Economic Development and Housing in Jersey have released a revised Policy Statement covering both the Regulation of Undertakings Law and the Housing Law in relation to “j” category employees administered by the Population Office.
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UK Opinion Supports The Need For Professionally Qualified Accountants,
by Amanda Banks, for LawAndTax-News.com, London
Thursday, July 17, 2008
A recent petition posted on the Government’s Number 10 website by a Fellow of the Association of Chartered Certified Accountants (ACCA) - Alan Shooter - has resulted in over 4,000 signatures.
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Carey Olsen Advises On Landmark Property Sale,
by Robin Pilgrim, LawAndTax-News.com, London
Thursday, July 17, 2008
Channel Island law firm Carey Olsen has acted on the sale of SandpiperCI’s pub estate, drinks and tobacco distribution and micro brewery businesses to LGV Capital (Legal and General Ventures), it was announced this week.
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Gibraltar Government Signs Contract For New Air Terminal,
by Robert Lee, Tax-News.com, London
Thursday, July 17, 2008
The Gibraltar government has signed a contract for the construction of the territory's new air terminal, and related facilities in Gibraltar.
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IRS Ready To Unveil Strengthened QI Scheme,
by Glen Shapiro, LawAndTax-News.com, New York
Thursday, July 17, 2008
The US Internal Revenue Service is set to beef up the Qualified Intermediary (QI) program as part of a new crackdown on tax evaders using foreign bank accounts.
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STEP Welcomes IMF Move On Offshore Financial Centres,
by Philip Morton, Investors Offshore.com
Thursday, July 17, 2008
The Society of Trust and Estate Practitioners (STEP) has welcomed the IMF's decision to end discriminatory stigmatization of offshore financial centres (OFCs) and other financial centres by integrating its assessments of OFCs and other centres under the Financial Sector Assessment Program (FSAP).
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Germany Set To Increase Taxes For Wealthy,
By Ulrika Lomas, for LawAndTax-News.com, Brussels
Thursday, July 17, 2008
German Finance Minister Peer Steinbrueck has spoken out this week regarding his intentions to increase the rates of income tax for the wealthy in a bid to recoup revenue that will be lost as a result of a recent ruling by the Constitutional Court.
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