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Tax Rates Inch Up In EU27 5/25/2012 In its 2012 edition of the publication 'Taxation trends in the European
Union', Eurostat, the statistical office of the European Union, highlights
the observed increase in value-added tax rates, corporate tax rates and top personal
income tax rates in 2012, among the twenty-seven European Union member states.
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Canada-EU Trade Talks Entering Final Straight 4/26/2012 An ambitious Canada-European Union trade agreement will benefit businesses and workers, ministers from Canada and Denmark said after they met to discuss the ongoing negotiations.
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World Economic Forum Issues Global ICT Report 4/6/2012 The World Economic Forum, in collaboration with INSEAD, has issued the Global
Information Technology Report for 2012, which is said to be the most comprehensive
assessment of the preparedness of global economies to leverage the networked economy.
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Ireland Receives Danish Bailout Loan 4/4/2012 Ireland has received EUR100m via its loan agreement with Denmark, funding welcomed by the Finance Minster who said that the bailout is helping the country rebuild its economy.
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Liechtenstein's Nordic TIEAs Enter Into Force 3/30/2012 The Liechtenstein government has recently announced that the bilateral tax information
exchange agreements (TIEAs) concluded with Norway, Finland, Iceland, Greenland
and the Faroe Islands are due to enter into force shortly, following ratification
of the treaties by the relevant contracting parties.
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FTT Will Hit UK Revenues Even With Opt Out 2/8/2012 David Cameron's refusal to sign a new European Union deal will not shield the UK from the impact of a financial transaction tax, Ernst and Young has said.
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Singapore Tops 'Doing Business' Index 2/3/2012 The World Bank report, ‘Doing Business 2012’, the ninth in an annual
series, ranks 183 economies on their ease of doing business, and reports a general
improvement in the global business regulatory environment.
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Danish Presidency's Fiscal Priorities Don't Include FTT 1/27/2012 Denmark’s Economic and Interior Affairs Minister Margrethe Vestager
recently explained to the European Economic and Monetary Affairs Committee that
the key priorities for the Danish Presidency of the European Union Council of
Ministers are increasing surveillance of budgetary policies, and the economic
and fiscal surveillance of eurozone member states facing serious financial instability.
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Luxembourg Discusses Tax With Danish Presidency 1/19/2012 Luxembourg’s Finance Minister Luc Frieden has recently conducted a working
visit to Copenhagen for bilateral discussions with Denmark’s Economic
Affairs Minister Margrethe Vestager and with the country’s Finance Minister
Bjarne Corydon, with the talks focussing in particular on taxation and on financial
regulation.
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EU Tax Burdens Stabilize 1/17/2012 Following three years of decline, European Union nations' tax-to-GDP ratios remained broadly level in 2010, the latest year for which detailed tax revenue statistics are available for all member states, as governments begin to consolidate their fiscal positions. In the euro area the downward trend in tax revenues continued, but decelerated in 2010, with a slight drop to 40.2% of GDP.
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Italy Backs EU Financial Transactions Tax 1/16/2012 Italy, under the new leadership of Prime Minister Mario Monti, has voiced support for the introduction of taxes on European financial transactions.
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The Seychelles Adds Guernsey TIEA 1/3/2012 The Seychelles has noted the signing of a Tax Information Exchange Agreement with
Guernsey as a significant step in boosting bilateral relations between the two
territories.
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Switzerland Reports Slight Tax Burden Rise In 2010 12/2/2011 Switzerland’s federal administration recently announced a slight increase
in the Swiss tax burden in 2010 against the previous year.
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Mexico Has OECD's Lowest Tax Burden 11/30/2011 The Organization for Economic Cooperation and Development has published its annual report on the tax burdens in place in 2010 among its members, which shows that Mexico had the lowest tax-to-GDP ratio at 18.7%.
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'Scrap APD', UK Airline Bosses Say 11/22/2011 The negative impact of air passenger duty on the UK economy outweighs any benefit from the revenue raised, four leading airline chiefs have said, calling on the government to axe the levy.
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UK Could Introduce 'Fat Tax' 10/6/2011 A 'fat tax' is something the UK government will look at as it considers ways to tackle the country's problem with obesity, according to Prime Minister David Cameron.
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Denmark's 'Fat Tax' Kick-Starts Health Drive 10/4/2011 Aiming to increase the average life expectancy of Danes and to limit the unhealthy
intake of fatty foods, the Danish government has imposed a ‘fat tax’
on foods high in saturated fat.
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EU Court Rejects Appeal Against Danish Maritime Tax Scheme 9/30/2011 The European General Court has rejected an appeal by Danish maritime union
3F regarding a tax exemption scheme accorded to non-European Union resident
seafarers.
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Danish Gambling Law Receives EU Green Light 9/23/2011 After an in-depth investigation, the European Commission has concluded that a
law liberalizing gambling in Denmark and at the same time creating lower taxes
for online casinos than for land-based ones is in line with EU state aid rules.
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Switzerland Tops WEF Competitiveness Index 9/9/2011 Switzerland tops the overall rankings in the Global Competitiveness Report for 2011-2012,
released on September 7 by the World Economic Forum.
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Eurostat Notes Rising Consumption Tax 7/7/2011 According to a recent study conducted by Eurostat, the statistical office of the
European Union, the global financial and economic crisis has changed the
fiscal shape of Europe.
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Latin American States Expand Treaty Networks 7/5/2011 Panama and Costa Rica have expanded their tax treaty networks, with the former signing a new double tax agreement, and the latter inking seven tax information exchange agreements.
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Barbados Initials Nordic Treaties 7/4/2011 Barbados has initialled tax information exchange agreements with three Nordic territories, initialled a tax treaty with Iceland, and added protocols to three existing tax treaties.
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USPTO Develops Projects With Korean, Nordic, Israel Patent Offices 6/24/2011 The United States Patent and Trademark Office has announced three new
and expanded pilot projects with the Nordic Patent Institute, the Israel
Patent Office and the Korean Intellectual Property Office, respectively,
to allow applicants to obtain corresponding patents faster and more efficiently
in each country.
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Denmark Secures Tax Breaks For Household Services 6/1/2011 During a recent conference in Copenhagen, Denmark’s Prime Minister Lars
Lokke Rasmussen unveiled key details of the government’s proposed economic
growth plan and 2020 budget reform plan, containing targeted fiscal initiatives
designed to guarantee stable revenues for the country and to boost job creation.
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Tax Burdens On The Increase, Says OECD 5/13/2011 Average tax burdens rose in 22 of the Organization for Economic Co-operation and Development's 34 member countries in 2010, with France, Belgium, Germany and Italy among the highest-taxed countries.
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Macau, Nordic Countries Sign TIEA 5/5/2011 Macau, which is, along with Hong Kong, one of the two special administrative regions
of the People's Republic of China, and the Nordic countries of Denmark, Finland,
Norway, Sweden, Iceland, and the autonomous territories the Faroe Islands and
Greenland, have signed a tax information exchange agreement.
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Switzerland Seeks To Amend DTAs 4/11/2011 The Swiss Federal Council has recently requested authorization from the National
Council and the Council of States to amend certain double taxation agreements, already approved by parliament, to ensure that they are in line with
internationally applicable standards on administrative assistance in tax matters.
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European Council Adopts Fiscal Package 4/4/2011 The European Council has recently adopted a comprehensive package of measures,
designed to respond to the crisis, preserve financial stability and boost growth,
while at the same time strengthening economic governance and competitiveness
of both the euro area and the European Union.
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MEPs Adopt EU Single Work Permit 3/28/2011 Non-European Union workers are set to enjoy the same rights regarding working
conditions as EU nationals, under the proposed ‘single permit’ law
directive that has been adopted by the European Parliament.
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DFSA Censures Bank 3/28/2011 The Dubai Financial Services Authority has censured Saxo Bank Dubai Limited for its failure to comply with the DFSA’s Rules regarding the on-boarding of clients.
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Russian Beer Duties Hit Carlsberg Profits 3/9/2011 The Carlsberg Group saw an adjusted net profit growth of more than 20%, in spite of what it calls 'challenging Russian market dynamics' caused by substantial increases on beer duty in the country.
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Lamy Urges On Doha Participants 2/7/2011 The World Trade Organization’s Director General, Pascal Lamy, as chairperson
of the Trade Negotiations Committee, urged WTO ambassadors on February 2 to
engage in bilateral and small group discussions on resolving key obstacles to
a near-global multilateral free trade agreement, through the Doha Round.
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OECD Publishes Critiques Of Territories' Tax Assistance Frameworks 1/31/2011 The Global Forum on Transparency and Exchange of Information for Tax purposes,
hosted by the OECD, has released ten reports which evaluate jurisdictions’
commitment to tax transparency, and examine whether information is made available
and accessible to foreign tax authorities.
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EU Launches Multi-Year Review Of Cross-Border Taxation 12/23/2010 The European Commission has published a Consultation, which marks the commencement of a comprehensive multi-year review of the major cross-border issues faced by EU citizens, and proposes solutions for them.
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China, EU Discuss Untapped Trade Flow Potential 12/22/2010 The EU and China held the second, and final day of their third High Level Economic
and Trade Dialogue on December 21, at what was the first meeting between the two parties
since the entry into force of the Lisbon Treaty.
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Liechtenstein Concludes Multiple TIEAs 12/17/2010 Liechtenstein’s government has recently approved tax agreements in accordance
with the Organization for Economic Cooperation and Development’s model convention with the Nordic States: Norway, Sweden,
Finland, Denmark, Iceland, the Faroe Islands, and Greenland.
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'Cooperation' Agreed On EU Patent 12/17/2010 Following the inability last month to agree on pan-European patent legislation
between European Union member states, the European Commission will present
a proposal opening the way for some countries to proceed on the basis of 'enhanced
cooperation'.
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OECD Notes Fall In Global Tax Burden 12/15/2010 The Organization for Economic Cooperation and Development has noted a decline
in revenues during 2009 among its member countries, in cash terms, which it
said was driven by declining economic activity, and tax cuts introduced
to cushion countries’ economies from the downturn.
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Singapore Announces DTA Protocols 12/10/2010 The Inland Revenue Authority of Singapore has announced that the protocols to
the existing double taxation agreements between Singapore and France, Denmark
and the United Kingdom will enter into force next month.
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Swiss, Denmark DTA Amendments In Force 12/3/2010 The Swiss Federal Administration has announced that the protocol amending the
double taxation agreement between Switzerland and Denmark has now entered
into force.
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UK Leads EU Tax Rate Hikes 10/12/2010 New research from KPMG has shown that workers in the United Kingdom are suffering more than most as a result of post-crisis tax policy, with the UK’s
personal income tax rates now the fourth most punitive in Europe, up from thirteenth
a year prior.
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Marshall Islands Signs Nordic TIEAs 10/4/2010 The Nordic Council, comprising of Sweden, Denmark, Norway, Finland, Iceland,
as well as the autonomous territories of Greenland and the Faroe Islands,
has entered into an agreement with the Marshall Islands for the exchange of tax
information to facilitate in the prevention of fiscal evasion.
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Belize Signs TIEAs With Nordic Countries 9/22/2010 Belize has signed tax information exchange agreements with seven Nordic countries, which will allow for the sharing of tax-related information in accordance with the standards established by the Organization for Economic Cooperation and Development.
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Switzerland Tops Competitiveness League 9/13/2010 Switzerland has claimed top spot in The Global Competitiveness Report 2010-2011,
as released by the World Economic Forum on September 9. In the rankings, the United
States has fallen two places to fourth position, overtaken by Sweden (2nd) and
Singapore (3rd), after already ceding the top place to Switzerland last year.
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Austria, Israel Sign Tax Treaty 7/29/2010 Austria and Israel have initialed a revised tax treaty for the avoidance of double taxation between the two countries.
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Asia Gains In Digital Economy Rankings 7/13/2010 The Economist Intelligence Unit has released its Digital Economy
Rankings for 2010, which find that, despite Europe maintaining top position in
terms of Internet infrastructure and adoption, recent investment has dramatically
improved the Asia-Pacific region's e-readiness.
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DFSA Signs MoU With Danish Regulator 7/13/2010 The Dubai Financial Services Authority has announced the signing of a Memorandum
of Understanding with Finanstilsynet, the Danish Financial
Supervisory Authority.
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Brazil Reviews Preferential Tax Regimes 7/1/2010 The Brazilian tax authority has introduced an appeals procedure in respect of its black and gray listing of preferential tax regimes, which are subject to special tax requirements.
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Gurria Calls For New Fiscal Balance 6/30/2010 Addressing the Group of 20 Business Summit, Angel Gurria, Secretary-General of the Organisation for Economic Co-operation and Development, spoke on the difficulty of balancing fiscal consolidation with the support of a job-rich recovery.
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EC To Extend Common System Of VAT 6/30/2010 The European Commission has issued details of a proposed Council Directive governing the common system of value-added tax applicable across the European Union.
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EC To Begin Excessive Deficit Procedures With Three States 6/22/2010 The European Commission on June 15 decided on the existence of excessive
deficits in Cyprus, Denmark and Finland and recommended deadlines for their
correction to the Council. These steps, taken under Article 126(5-7) of the
Treaty, represent a follow-up to the reports under Article 126(3) that the
Commission presented on May 12.
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Danish E-gaming Liberalization Meets Opposition 6/16/2010 Danish casinos and gaming operators have lodged a complaint with the European Commission concerning the discrepancy between the rates of taxation on online gambling compared with their land-based businesses. This threatens the progress of the newly passed gaming laws.
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OECD And Council Of Europe Strengthen Tax Cooperation 6/1/2010 The Organisation for Economic Cooperation and Development and the Council of Europe have developed a Protocol amending the multilateral Convention on Mutual Administrative Assistance in Tax Matters to bring it in line with the international standard on exchange of information for tax purposes.
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Danish Court Rejects Golfer's Monaco Residency 5/21/2010 The Copenhagen City Court has ruled against professional golfer Søren
Hansen in a ruling that negated his argument that he has been tax resident in
Monaco since 1999, finding that he owned assets, and maintained physical presence, in the country.
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OECD: Three More Caribbean Islands Make The Grade 5/21/2010 Dominica, Grenada and Saint Lucia have been moved into the category of jurisdictions considered to have substantially implemented the standard on transparency and exchange of information, having now all signed at least 12 exchange of information agreements conforming to the standard.
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Denmark Ramps Up Transfer Pricing Audits 4/13/2010 Tax audits of multinational companies' accounts in Denmark have yielded an extra DKK15.3bn (USD2.8bn) tax revenue from 32 companies in 2009 - twice as much as in 2008.
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Multilateral Tax Cooperation Boosted 4/8/2010 The Organisation for Economic Co-operation and Development and the Council of Europe have agreed on an update to an international treaty that aims to help governments enforce their tax laws, as part of the worldwide drive to combat cross-border tax evasion.
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OECD Promotes Multilateral TIEAs 3/31/2010 The Organisation for Economic Co-operation and Development has developed a new approach to negotiating tax information exchange agreements involving multilateral negotiations, in order to assist developing countries with resource constraints.
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Nordic Countries Conclude More TIEAs 3/25/2010 The Nordic Council, comprising of the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden, has recently announced the signing of tax information
exchange agreements with St Vincent and the Grenadines and St Kitts and Nevis.
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EC Outlaws Exit Taxes 3/24/2010 The European Commission has sent reasoned opinions to Belgium, Denmark and the Netherlands, requesting that they change their exit tax rules on companies that transfer their seat or assets to other member states.
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OECD Reviews Tax Transparency 3/23/2010 18 countries participating in the Global Forum on Transparency and Exchange of Information have been included in the first phase of a peer review process.
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Swiss Lawmakers Approve TIEAs 3/23/2010 Switzerland’s upper house of parliament has approved five tax information
exchange agreements, with the US, the UK, Denmark, France and Mexico.
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Financial Crisis Hits Trademark Filings 3/19/2010 International trademark filings under the World Intellectual
Property Organization's Madrid System for the International
Registration of Marks dropped by 16% in 2009 as a result of the
global economic downturn, though increases were observed among some
major users of the system, WIPO has announced.
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Bahamas Achieves White-Listing 3/12/2010 The Bahamas has achieved a place on the Organization for Economic Cooperation and Development's ‘white list’ following
the signing of Tax Information Exchange Agreements with the seven Nordic economies of
Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden, on
March 10.
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