Mandelson Backpedals On Tax, by Robert Lee, Tax-News.com, London
Last updated 12 hours ago | Friday, March 19, 2010
UK Business Secretary Peter Mandelson has attempted to distance
himself from comments he made in a debate with his opposite number in
the Conservative Party that a re-elected Labour government would have to
re-examine its loose pledge not to raise any more taxes.
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Portugal To Hike Top Tax Rate, by Ulrika Lomas, Tax-News.com, Brussels
Last updated 9 hours ago | Friday, March 19, 2010
Portuguese Prime Minister, Jose Socrates has released a crowd-pleasing package
of austerity measures with assurances that the tax burden would not be increased
until 2013, except for an imminent hike for the country’s highest taxpayers.
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Tremonti Rules Out Additional Capital Taxes, by Ulrika Lomas, Tax-News.com, Brussels
Last updated 9 hours ago | Friday, March 19, 2010
Taking advantage of a recent parliamentary debate on the economic crisis, Italy’s
Minister of the Economy, Giulio Tremonti, gave an assurance that the country’s
impending tax reforms would not include property taxes, nor would they affect
people’s savings or their homes.
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UK Investors Fear CGT Increase,
Last updated 8 hours ago | Friday, March 19, 2010
Many investors have taken action to sell their assets amid fears that the Chancellor will raise capital gains tax rates in next week’s Budget. The rumours have prompted investors to sell shares and property in anticipation that the current CGT rate of 18% will be increased by Alistair Darling.
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Amazon Protests More Sales Tax Laws,
by Leroy Baker, Tax-News.com, New York
Last updated 10 hours ago | Friday, March 19, 2010
Paul Misener, Amazon's vice president for global public policy, has submitted testimony to the Connecticut Legislature's Finance, Revenue and Bonding Committee in which he argued that its 'nexus' tax proposal would be fruitless.
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ATO Loses BHP Tax Case,
by Mary Swire, Tax-News.com, Hong Kong
Last updated 10 hours ago | Friday, March 19, 2010
The Australian Taxation Office has lost its appeal in the Federal Court,
in which it had been claimed that more than AUD2.1bn of bad debts write-offs
arising from two loans made to related companies by BHP Billiton Finance,
the BHP group’s finance company, could not be claimed as deductions against
corporate income tax.
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South Africa And Ireland Update DTA,
by Lorys Charalambous, Tax-News.com, Cyprus
Last updated 9 hours ago | Friday, March 19, 2010
In Cape Town, Ireland’s Minister of State for Overseas Development, Peter
Power, and South Africa’s Minister of Finance, Pravin Gordhan, have signed
a protocol updating the existing double taxation agreement between the two
countries.
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Switzerland, Uruguay Initial Revised DTA,
by Ulrika Lomas, Tax-News.com, Brussels
Last updated 9 hours ago | Friday, March 19, 2010
Switzerland and Uruguay on March 18 initialled a new double tax agreement that
contains provisions for the exchange of tax information in accordance with the
Organization for Economic Cooperation and Development standard.
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Fall In Polish 'Tax Wedge' Welcomed,
by Ulrika Lomas, Tax-News.com, Brussels
Last updated 10 hours ago | Friday, March 19, 2010
The International Monetary Fund has welcomed measures taken by the Polish government to mitigate the country's "exceptionally low labor participation," although the Fund warns that Poland's high 'tax wedge' could continue to act as a drag on future economic growth.
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Canada Warns Illegal Tax Professionals,
by Mike Godfrey, Tax-News.com, Washington
Last updated 11 hours ago | Friday, March 19, 2010
With 'Fraud Prevention Month' well underway in Canada, Keith Ashfield, Minister of National Revenue sent out a warning to illegal tax preparers and
promoters who try to make money at the expense of Canadian taxpayers.
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IMF Welcomes Mexican Fiscal Policy,
by Leroy Baker, Tax-News.com, New York
Last updated 10 hours ago | Friday, March 19, 2010
While the Mexican government’s fiscal position has been affected by the
global financial crisis, with the deficit projected to widen slightly to 1.5%
of gross domestic product in 2010, strong growth this year and steps taken in the 2010 budget
will allow the Mexican authorities to begin reestablishing fiscal space lost
to the crisis, according to the International Monetary Fund.
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Nigerian Bond Tax Waivers Extended,
by Lorys Charalambous, Tax-News.com, Cyprus
Last updated 10 hours ago | Friday, March 19, 2010
In order to assist the efforts being made by the Central Bank of Nigeria and Nigeria’s
Securities and Exchange Commission to develop a securities market with a broader
range of issuers, the federal government has extended the existing tax exemptions
for bonds issued on the Nigerian market.
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Senate Approves HIRE Act,
by Mike Godfrey, Tax-News.com, Washington
Last updated 19 hours ago | Friday, March 19, 2010
The United States Senate has approved legislation providing new
incentives for companies to hire unemployed workers and extending a
measure allowing taxpayers to write off up to USD250,000 in certain
capital expenditures.
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Canada Rejects Bank Tax,
by Mike Godfrey, Tax-News.com, Washington
Last updated 19 hours ago | Friday, March 19, 2010
In interviews this week, Canadian Finance Minister, Jim Flaherty has reiterated
his government’s opposition to introducing a financial services levy in
Canada, saying that it would be a tax on investment, and would work against efforts
to bring about economic recovery.
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Liechtenstein Disclosure Facility Failing,
by Ulrika Lomas, Tax-News.com, Brussels
Last updated 19 hours ago | Friday, March 19, 2010
Six months since its launch, the UK's Liechtenstein Disclosure Facility can
only have had limited success, as findings from international audit, accounting
and business services firm BDO show limited participation.
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UK’s Competitiveness Under Threat,
by Robert Lee, Tax-News.com, London
Last updated 34 hours ago | Thursday, March 18, 2010
With the UK budget announcement now less than a week away, a major
City of London law firm has warned the government that tax should
neither hinder
commercial decision-making, nor be used 'as a political football'.
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Hong Kong And Malaysia To Sign DTA,
by Mary Swire, Tax-News.com
Last updated 19 hours ago | Friday, March 19, 2010
In Kuala Lumpur, at the start of a Southeast Asian tour, Hong Kong’s Financial
Secretary, John Tsang, met the Malaysian Prime Minister, Najib Razak, and both
sides agreed to negotiate a double taxation agreement between Hong Kong and Malaysia.
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Taiwan-China ECFA On Course,
by Mary Swire, Tax-News.com, Hong Kong
Last updated 36 hours ago | Thursday, March 18, 2010
The Taiwanese government hopes to sign the proposed economic cooperation framework
agreement with China in June this year, following the exchange of ‘early
harvest’ lists of products eligible for lower tariffs.
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Increased Certainty In Australian Tax System,
by Mary Swire, Tax-News.com, Hong Kong
Last updated 33 hours ago | Thursday, March 18, 2010
The Australian government has moved to boost taxpayer certainty through the repeal
of over 100 provisions in the income tax laws that provide the Australian Taxation
Office with an unlimited period to make an amendment to a taxpayer's assessment.
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Belarus Announces Tax Holiday,
by Ulrika Lomas, Tax-News.com, Brussels
Last updated 33 hours ago | Thursday, March 18, 2010
President Alexander Lukashenko of Belarus has issued Decree No 143 'On
Certain Issues of Taxation', which introduces a number of new tax measures
including the introduction of a five-year tax holiday for individuals who are
newly tax resident in Belarus.
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Anguilla's Deficit Is 'Unsustainable',
by Phillip Morton, Investors Offshore.com
Last updated 19 hours ago | Friday, March 19, 2010
The Anguilla government has admitted 'serious measures' will need to be urgently introduced in a budget next month to prevent the country's fiscal position from deteriorating further.
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Australian Action Against 'Phoenix' Activity ,
by Mary Swire, Tax-News.com, Hong Kong
Last updated 33 hours ago | Thursday, March 18, 2010
The Australian government has announced immediate action to assist in a crackdown
on ‘phoenix’ activity by expanding and reforming the use of security
deposits by the Australian Taxation Office, and, at the same time, significantly
increasing the penalties for failing to comply with the requirement to provide
such a deposit.
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IASB Chairman Updates EU,
by Robin Pilgrim, LawAndTax-News.com, London
Last updated 33 hours ago | Thursday, March 18, 2010
Sir David Tweedie, Chairman of the International Accounting Standards Board, has addressed a meeting of the Council of the European Union (Economic and Financial Affairs) on convergence and the classification and measurement of financial instruments.
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Kazakhstan Transfer Pricing Law Passed,
by Tatiana Smolenskaya, Tax-News.com, Moscow
Last updated 33 hours ago | Thursday, March 18, 2010
The Kazakhstan parliament has passed in its second reading a bill on amendments and additions to the Law on Transfer Pricing.
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Ecofin Adopts Mutual Assistance Law,
by Ulrika Lomas, Tax-News.com, Brussels
Last updated 44 hours ago | Thursday, March 18, 2010
The European Council of Finance Ministers has adopted a Directive aimed at better clamping down on tax evasion by strengthening mutual assistance between member states in the recovery of taxes.
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Panama Cuts Corporate Tax,
by Ulrika Lomas, Tax-News.com, Brussels
Last updated 44 hours ago | Thursday, March 18, 2010
Panama’s President, Ricardo Martinelli signed on March 15 a bill
to reform Panama's Tax Code, adopting several tax measures to lower the company tax burden, ensure fiscal sustainability,
and simplify the tax system.
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Caymans Welcome Miller Recommendations,
by Phillip Morton, Investors Offshore.com
Last updated 44 hours ago | Thursday, March 18, 2010
The Cayman Islands government has welcomed the general thrust of the
conclusions of the Miller Report, particularly its main recommendation
that the introduction of direct taxation in the jurisdiction should be
avoided.
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Ireland 'Safe' From US Tax Plans,
by Jason Gorringe, Tax-News.com, London
Last updated 44 hours ago | Thursday, March 18, 2010
Irish Prime Minister, Brian Cowen has said that companies based in Ireland
can expect to face no sanctions from the United States, despite the Obama administration's plans to tighten the tax treatment of multinationals with operations in lower tax jurisdictions such as Ireland.
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Liechtenstein And HK Initial DTA,
by Ulrika Lomas, Tax-News.com, Brussels
Last updated 44 hours ago | Thursday, March 18, 2010
The Liechtenstein government has announced that negotiations for a convention
for the avoidance of double taxation and fiscal evasion with Hong Kong have been
concluded, and a text initialled.
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Bermuda Prepares For Legalized Gambling,
by Phillip Morton, Investors Offshore.com
Wednesday, March 17, 2010
The Bermuda government has released a report assessing the prospect of introducing
small scale taxed gambling in Bermuda to generate additional revenues and boost
tourism inflows.
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