Tax-news.com News Headlines

Timms Announces UK Tax Treaty Priorities, by Jason Gorringe, Tax-News.com, London Last updated 37 hours ago \| Friday, July 03, 2009
UK Treasury minister, Stephen Timms, has announced details of the UK’s treaty negotiating priorities for the year to March 31, 2010, which includes plans to progress double taxation and information exchange agreements with about 20 onshore and offshore jurisdictions. [ FULL STORY ]

Applicability Of Italian CFC Rules Extended, by Ulrika Lomas, Tax-News.com, Brussels Last updated 35 hours ago \| Friday, July 03, 2009
The official publication of the decree containing the Italian government’s latest economic package of measures has confirmed the extension of anti-avoidance CFC (controlled foreign company) rules beyond the confines of tax havens. [ FULL STORY ]

Business Welcomes US Review Of Andean Trade Preferences, by Leroy Baker, Tax-News.com, New York Last updated 37 hours ago \| Friday, July 03, 2009
Business and trade organizations representing some of the largest US multinationals have welcomed the Obama administration’s review of country eligibility for trade preferences under the Andean Trade Preference Act. [ FULL STORY ]

Gibraltar Budget Reshapes Fiscal Outlook For Corporates, by Jason Gorringe, Tax-News.com, London Last updated 31 hours ago \| Friday, July 03, 2009
Gibraltar’s Chief Minister Peter Caruana delivered his 2009/2010 budget speech on June 26, outlining plans for the reform of the jurisdiction’s tax system to apply a 10% corporate tax rate, and other incentives to allow it to compete with the world’s leading international finance centres. [ FULL STORY ]

April Deadline For GST Introduction In India Is Increasingly Unlikely,
by Mary Swire, Tax-News.com, Hong Kong Last updated 35 hours ago | Friday, July 03, 2009

Amending the Constitution to provide wider taxation powers to both the states and the Centre is proving one of a number of obstacles in implementing the Goods and Services Tax (GST). Amid rumblings in the states that the uniform tax is diametrically opposed to the federal principles of the Constitution, any amendment to the Constitution would require a two-third majority in both Houses of Parliament, with a quorum of not less than 50%. [ FULL STORY ]

UK Changes Application Of Zero-Rating To New Buildings, by Robert Lee, Tax-News.com, London Last updated 37 hours ago \| Friday, July 03, 2009
The UK tax authority, HM Revenue and Customs, has announced changes to the application of the zero-rate to new buildings used for a relevant charitable or residential use. [ FULL STORY ]

Germany's Seehofer Considers FDP Tax Policy Unrealistic, by Ulrika Lomas, Tax-News.com, Brussels Last updated 37 hours ago \| Friday, July 03, 2009
Having finally unveiled the Christian Democratic Union party’s election programme and confirmed details of the party’s tax policy, Horst Seehofer, leader of Bavarian sister party the Christian Social Union has, once again, gone on the offensive, fiercely criticising tax plans outlined by the Union’s potential Coalition partner, the Free Democratic Party. [ FULL STORY ]

If You Go Down To The Woods, You'll Get A Big Return!, by Phillip Morton, Investors Offshore.com Last updated 36 hours ago \| Friday, July 03, 2009
Investment returns from the tax-privileged UK forestry industry outperformed domestic commercial property and equities last year, producing a positive annual total return of 7.0%. [ FULL STORY ]

Swiss Federal Council Approves Revised Japanese DTA,
by Ulrika Lomas, Tax-News.com, Brussels Last updated 35 hours ago | Friday, July 03, 2009

Japan and Switzerland have agreed on a text for a revised double taxation agreement. Negotiations on revising the existing Swiss-Japanese double tax convention of 1971 have been ongoing since November 2008, and were prolonged following the Swiss Federal Council's March 13, 2009, decision, which lead to the two parties agreeing to also include a provision on administrative assistance in tax matters in accordance with Article 26 of the OECD Model Convention. [ FULL STORY ]

New Trade Dialogue Between Australia And Japan, by Mary Swire, Tax-News.com, Hong Kong Last updated 35 hours ago \| Friday, July 03, 2009
Australia's Minister for Trade Simon Crean has announced a new bilateral ministerial dialogue with Japan's Minister for Economy, Trade and Industry, Mr Toshihiro Nikai. [ FULL STORY ]

France — IMF Issues Article IV Statement, by Mike Godfrey, Tax-News.com, Washington Last updated 35 hours ago \| Friday, July 03, 2009
The IMF has issued a Mission Concluding Statement following its Article IV consultation with France. The IMF looked to a renewed focus on medium-term fiscal sustainability and was concerned that credible medium-term fiscal consolidation needed to be interwoven with an ambitious structural reform agenda. [ FULL STORY ]

Bahamas To Establish Financial Services Authority, by Amanda Banks, Tax-News.com, London Last updated 35 hours ago \| Friday, July 03, 2009
Zhibargo Laing, The Bahamas’ Minister of State at the Ministry of Finance, has confirmed that a Financial Services Authority is to be established in order to better regulate the Bahamian finance industry. [ FULL STORY ]

New Pirate Bay Owners To Distribute Legal Content, by Ulrika Lomas, LawAndTax-News.com, Brussels Last updated 33 hours ago \| Friday, July 03, 2009
Global Gaming Factory, the new owner of the Pirate Bay website, has announced that it intends to launch a new business model that will allow content providers to be compensated. [ FULL STORY ]

ICAI - Fastest Growing Accountancy Board, by Jason Gorringe, Tax-News.com, London Last updated 35 hours ago \| Friday, July 03, 2009
The Institute of Chartered Accountants in Ireland is the fastest growing professional accountancy body in the United Kingdom and Ireland according to the latest statistics from the Professional Oversight Board, an operating board of the United Kingdom’s Financial Reporting Council. [ FULL STORY ]

Insurers' Multilateral Cooperation Agreement Gains First Signatories, by Phillip Morton, Investors Offshore.com Last updated 35 hours ago \| Friday, July 03, 2009
The International Association of Insurance Supervisors on June 26 announced significant progress in strengthening cooperation amongst its members worldwide. [ FULL STORY ]

France's Lagarde Rules Out Abolition Of Tax Shield, by Ulrika Lomas, Tax-News.com, Brussels Last updated 42 hours ago \| Friday, July 03, 2009
French Minister for the Economy Christine Lagarde has firmly ruled out a proposal to abolish France’s highly controversial tax shield or “bouclier fiscal” in order to reduce public debt. [ FULL STORY ]

European Council Adopts Measures Against Tax Evasion, by Ulrika Lomas, Tax-News.com, Brussels Last updated 42 hours ago \| Friday, July 03, 2009
The European Council has adopted a directive intended to strengthen measures against the evasion of value-added tax on imports. [ FULL STORY ]

Kirk And Uribe Discuss US Colombia FTA, by Mike Godfrey, Tax-News.com, Washington Last updated 42 hours ago \| Friday, July 03, 2009
US Trade Representative Ron Kirk and Colombian President Alvaro Uribe (pictured) met in Washington on June 29 to discuss the US-Colombia FTA, which remains unratified by the US more than two-and-a-half years after it was signed. [ FULL STORY ]

Italian Economics Minister Explains The Latest Tax Incentives, by Ulrika Lomas, Tax-News.com, Brussels Thursday, July 02, 2009
The government’s latest anti-crisis package, announced last week, is part economic stimulus, part cost reductions and part increased collection from the underground economy, so explained Giulio Tremonti, Italy’s Minister of Economics and Finance, during the course of a press conference. [ FULL STORY ]

Liechtenstein Parliament Ratifies TIEA With US, by Ulrika Lomas, Tax-News.com, Brussels Thursday, July 02, 2009
Approved unanimously by Liechtenstein’s Parliament, the country’s Tax Information Exchange Agreement with the US, signed in December 2008, is due to enter into force on January 1, 2010. [ FULL STORY ]

Hungary Passes Last-Minute Tax Bill To Obtain IMF Loan, by Ulrika Lomas, Tax-News.com, Brussels Thursday, July 02, 2009
The Hungarian Parliament has approved a tax bill for 2010, part of the government’s efforts to boost the country’s competitiveness and balance its books. As a result, the International Monetary Fund (IMF) has given Hungary the green light to draw down the next tranche of the USD15.7bn loan granted last October. [ FULL STORY ]

Italian Revenue Agency Continues Campaign Against Underground Economy, by Paul Richardson, Tax-News.com, Brussels Thursday, July 02, 2009
The Director of the Italian Revenue Agency praised the successes of the additional effort made by the Agency to increase tax collections from the hitherto “underground economy”, in his evidence to the Senate’s Finance And Treasury Commission. [ FULL STORY ]

Obama Administration Completes Annual GSP Review, by Leroy Baker, Tax-News.com, New York Thursday, July 02, 2009
US Trade Representative Ron Kirk (pictured) has announced that the Generalized System of Preferences program facilitated USD31.7bn in imports of nearly 5,000 types of products from 131 developing countries in 2008. [ FULL STORY ]

Netherlands, Cayman Islands Agree To TIEA Text, by Amanda Banks, Tax-News.com, London Thursday, July 02, 2009
Technical negotiating teams from the Cayman Islands and the Netherlands have finalised the terms of an agreement and protocol for the exchange of information with respect to tax matters. [ FULL STORY ]

New Jersey Tries To Legalize Online Sportsbetting, by Leroy James, Tax-News.com, New York Thursday, July 02, 2009
New Jersey governor Jon Corzine is expected to join with New Jersey State Senator Ray Lesniak in a lawsuit claiming that the 1992 federal sports betting ban is unconstitutional and violates states' rights. [ FULL STORY ]

Jersey Responds To IOM Automatic Exchange Announcement, by Robert Lee, Tax-News.com, London Thursday, July 02, 2009
Jersey's Deputy Chief Minister Philip Ozouf has confirmed the island's continued support for the automatic exchange of information, following the Isle of Man 's announcement this week that it would move to automatic exchange from July 1, 2011. [ FULL STORY ]

EC Questions 9 Member States' Auditing And Accounting Compliance,
by Ulrika Lomas, Tax-News.com, Brussels Thursday, July 02, 2009

The European Commission has decided to refer Austria, Ireland, Italy and Spain to the European Court of Justice over non-implementation into national law of the Statutory Audit Directive. The Commission has also decided to send formal requests to Belgium, Ireland, Greece, Luxembourg, Poland and Portugal as they have failed to fully implement into their national laws the latest Directive in the field of accounting within the prescribed deadline. [ FULL STORY ]

BDO Establishes Office At DIFC, by Lorys Charalambous, Tax-News.com, Cyprus Thursday, July 02, 2009
BDO International, the fifth largest global accountancy network, on June 23 announced the opening of a new corporate finance office in the Dubai International Financial Centre (DIFC). [ FULL STORY ]

Germany's Merkel Reprimands Tax Rebels, by Ulrika Lomas, Tax-News.com, Brussels Thursday, July 02, 2009
Determined to present a united front this week, as her party, the Christian Democratic Union, finally unveils its election programme, German Chancellor Angela Merkel successfully managed to silence remaining tax rebels ahead of the ratification meeting. [ FULL STORY ]

Banks' Tax Avoidance Targeted By UK Government, by Robert Lee, Tax-News.com, London Thursday, July 02, 2009
The UK government has published a consultation document on a code of practice on tax for banks. [ FULL STORY ]