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Eurogroup Committed To Fiscal Consolidation 5/16/2012 Following the latest Eurogroup meeting in Brussels, Luxembourg’s Prime Minister
and Eurogroup President Jean-Claude Juncker confirmed that the Eurogroup’s
consolidation strategy, in accordance with provisions contained in the Stability
and Growth Pact, ‘remains appropriate’ and will therefore continue
to form the cornerstone of its strategy to correct fiscal and economic imbalances
to overcome the crisis and to return to sustainable growth.
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Austria, Switzerland Unite 'In Principle' On Tax Deal 4/16/2012 Austria’s Finance Minister Maria Fekter has announced that an agreement
in principle has now been reached on the tax treaty between Austria and Switzerland.
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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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EUR800bn 'Firewall' Set In Place For Euro Zone 4/5/2012 During the recent meeting of European finance ministers in Copenhagen, euro
zone finance ministers agreed to a total capacity of around EUR800bn (USD1tn)
for the euro rescue mechanism, according to the German finance ministry.
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EU Divided Over FTT 3/15/2012 Despite months of ongoing discussions, Europe remains divided and seemingly
no further forward on the controversial issue of a financial transactions tax.
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Portugal's Economic Programme 'On Track' 3/7/2012 Following its third quarterly review of Portugal’s economic programme,
the European Commission, the European Central Bank, and the International
Monetary Fund underscored that while the programme is indeed on track,
many challenges remain.
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Irish Austerity Hits Wealthiest Hardest 3/2/2012 While Ireland's recent indirect tax hikes and welfare cuts have hit those on lower incomes hardest, in the longer term higher earners have borne the brunt of change, the Economic and Social Research Institute has said.
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EU 'Core' Presses For FTT 2/9/2012 French Finance Minister François Baroin has announced that nine European
countries have recently addressed a joint letter to the Danish Presidency of the
European Union calling for work to be accelerated on European plans for a
tax on financial transactions.
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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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EU Praises Portuguese Fiscal Policy 12/26/2011 The European Commission has delivered a report on progress made by the Portuguese
government in its efforts to bring the nation's fiscal house into order.
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Portugal Gives Green Light To 2012 Austerity Budget 12/1/2011 Amid protests, and despite fears of plunging the debt-ridden country yet further
into the mire of recession, Portugal’s parliament has adopted the
centre-right coalition government’s severe austerity budget, providing for
a number of tax rises as well as for sharp cuts in public sector wages.
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Portugal Extends 2012 Austerity Measures 10/18/2011 Portugal’s Prime Minister Pedro Passos Coelho has recently unveiled details
of the centre-right government’s budget proposals for 2012, containing
additional fiscal measures and planned expenditure cuts to ensure that the country
meets its deficit reduction targets this year, as agreed under the terms of
its international bailout deal.
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Portuguese Austerity Wins IMF Backing 9/14/2011 The International Monetary Fund has welcomed Portuguese authorities' efforts to consolidate
the nation's budget in the first review of the country's progress under a three-year financial assistance package.
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Portugal Announces New Austerity Measures 9/5/2011 Finance Minister Vitor Gaspar has announced further tax measures to assauge concerns that Portugal will be unable to achieve the ambitious fiscal consolidation plans previously laid out by the government.
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Switzerland Agrees Two Revised DTAs 8/30/2011 The Swiss Federal Council has announced that it has initialled two agreements amending the double tax avoidance treaties with Colombia and Portugal.
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Is The EU Heading For Fiscal Convergence? 8/16/2011 With member states fundamentally rethinking the functioning of the European Union, one thing seems certain to emerge from the Eurozone crisis: that proponents of a fiscal union (that countries' budget policies should largely be governed by the EU) have gained significant ground on those that would advocate the continuation of fiscal sovereignty.
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Irish Rating Downgraded To Junk Status 7/14/2011 Ireland has been hit with its worst ever debt rating, joining the beleaguered Portuguese and Greek economies in its classification as 'junk'.
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Portugal Plans Windfall Tax On Income 7/8/2011 During his first appearance in parliament since his election on June 5, Portugal’s
Prime Minister Pedro Passos Coelho announced plans to impose a one-off windfall
tax on income in Portugal at the end of the year.
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Portugal Expands Tax Treaty Remit 6/24/2011 Portugal is to add to its collection of tax treaties still further, with the announcement that negotiations have been concluded with two key countries, and that a new tax information exchange agreement has been signed.
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Portugal Begins New DTA Negotiations 6/21/2011 The Portuguese government is seeking to expand its tax treaty network, beginning negotiations with three new countries over the last month: Peru, Gabon and Senegal.
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Portugal Reprimanded For Overdue Customs Duties 6/20/2011 The European Commission has recently requested that Portugal recover overdue
customs duties payments.
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Portugal, Mozambique Ink Tax Agreement 6/1/2011 Portugal and Mozambique have recently signed a bilateral tax agreement, designed
to strengthen cooperation between the respective tax administrations.
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Portugal's Austerity Plan Agreed 5/6/2011 Portugal’s EUR78bn bailout agreement, concluded recently with representatives
of the European Union and the International Monetary Fund, contains
a raft of austerity measures, designed to increase tax revenues and to reduce
spending.
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Portugal Secures Bailout Deal 5/5/2011 Portugal’s caretaker Prime Minister Jose Socrates has unveiled details of
the EUR78bn bailout agreement concluded recently with representatives of the European
Union and the International Monetary Fund.
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Ireland And Germany Clash Over Corporate Tax 4/13/2011 Ireland's government remains entrenched on the country's corporate tax rate, despite continuing fears that European finance ministers could insist upon a tax hike in return for lowered interest rates on the bailout loans keeping its economy afloat.
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Hong Kong, Portugal Sign DTA 3/23/2011 Hong Kong’s Secretary for Financial Services and the Treasury, Professor KC Chan (pictured),
and Portuguese Consul-General, Manuel Carvalho, signed a double taxation agreement between their two jurisdictions in Hong Kong on March 22.
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Portugal's Budget Deficit Narrows 2/23/2011 Austerity-gripped Portugal sees its central government budget deficit substantially decreased, aided, in part, by increased tax revenues.
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EC Investigates Code Share Agreements 2/17/2011 The European Commission has opened two own-initiative investigations, to verify
whether code-share agreements - a particular form of cooperation on ticket sales - are in breach
of European Union rules on anti-competitive agreements, under Article 101 of the Treaty on
the Functioning of the European Union.
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Luxembourg Approves Multiple Tax Treaties 2/8/2011 During a recent meeting, Luxembourg’s governing council adopted the bill
providing for the approval of bilateral tax agreements with Barbados and Panama,
as well as for the approval of amendments to multiple existing bilateral tax
treaties.
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Ecofin Discusses Euro Crisis And Taxes 1/24/2011 Unveiling details of the latest European Union Economic and Financial Affairs
Council meeting, Luxembourg’s Prime Minister and Eurogroup President
Jean-Claude Juncker underlined the fact that the crisis that exists is not a euro
crisis but rather a sovereign debt crisis in some euro zone member states.
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VAT Hiked Across Europe 1/5/2011 Consumers across Europe are facing increased prices as a result of a fresh wave
of Value-Added Tax increases introduced in the new year, in the UK, Switzerland
and five other countries.
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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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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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Portugal Approves 2011 Austerity Budget 12/1/2010 Following months of political wrangling and indeed uncertainty, Portugal has
definitively adopted its 2011 austerity package, designed to cut the budget
deficit and to boost growth, and containing a number of fiscal measures and
cuts in spending.
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Ireland Teetering On The Brink 11/15/2010 Ireland has admitted that its finances are in crisis, as investors question
the country's ability to go it alone in tackling its deficit without European support.
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Portugal Eyes DTA With Angola 11/11/2010 The Portuguese Secretary of State for Fiscal Affairs, Sergio Vasquez has announced
that discussions with authorities in Angola have begun towards the negotiation
of a convention for the avoidance of double taxation with respect to taxes on
income.
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Portugal's Austerity Budget Approved 11/8/2010 Portugal's parliament has approved an austerity budget plan designed to cut the government's budget deficit and send a signal to the international markets about the country's ability to service its debt.
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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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BVI Signs TIEA With Portugal 10/8/2010 On October 6, the British Virgin Islands announced that it had signed a Tax Information Exchange Agreement, with Portugal, co-signed by Sergio Vasques, the Portuguese Secretary of State for Tax Affairs and the Ministry of Finance.
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Bangladesh, Portugal To Negotiate DTA 10/7/2010 Portugal and Bangladesh have agreed that they will negotiate a bilateral double
taxation agreement.
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Portugal To Increase VAT 10/1/2010 The Portuguese government has announced a further rise in the rate of value-added tax as part of an austerity package designed to narrow its budget deficit, which stands at almost 10% of the value of the economy.
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Luxembourg, Portugal Sign Revised DTA 9/14/2010 During a recent visit to Portugal, Luxembourg’s Foreign Minister Jean Asselborn
and his Portuguese counterpart Luis Amado signed a protocol amending the existing
double taxation agreement in place between the two countries.
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Panama Expands Tax Agreement Network 9/8/2010 Panamanian Vice President and Foreign Minister Juan Carlos Varela has flown to Europe to sign double taxation treaties with Portugal, Italy, Spain, France, and Luxembourg.
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Colombia, Portugal Sign DTA 9/6/2010 A double taxation agreement signed between Colombia and Portugal adds to those already concluded by Colombia with Spain, Switzerland, Chile, Canada, Mexico and South Korea.
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Uruguay Stays On OECD Grey List 8/24/2010 Uruguay has reached agreement with India on an information exchange agreement, but for the present will stay on the grey list of the Organisation for Economic Co-operation and Development, since seven of its 12 agreements, including the one with India, still await signature.
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Dubai, Portugal Sign Regulatory Agreement 8/11/2010 The Dubai Financial Services Authority has announced the recent conclusion
of a cooperation agreement with the Portuguese banking supervisor, Banco de Portugal.
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Portugal, St Kitts And Nevis Sign TIEA 8/6/2010 The Portuguese government has announced the signing of a Tax Information Exchange
Agreement with the Caribbean territory of Saint Kitts and Nevis.
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Portugal, Guernsey Sign TIEA 7/16/2010 The Guernsey government has noted the recent signing of a Tax Information Exchange
Agreement with Portugal, concluded in London.
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Portugal Signs TIEAs With Jersey, IoM 7/14/2010 Jersey and the Isle of Man signed tax information exchange agreements with Portugal
on July 9, further demonstrating the territories’ commitment to implementing
best standards in transparency and tax information exchange.
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Panama To Sign DTA With Luxembourg 7/6/2010 The Panamanian government has finalized negotiations in Luxembourg ahead of the signing of a treaty to avoid double taxation between the two countries, announced deputy economy minister, Frank De Lima, who led the negotiating team for Panama.
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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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Member States Break EU Tax Laws 6/7/2010 The European Commission has referred Austria, Germany and Portugal to the
European Court of Justice over alleged discriminatory tax provisions, due to their
failure to comply with its reasoned opinions.
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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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Cayman Islands And Portugal Sign TIEA 5/20/2010 Cayman Island Premier, McKeeva Bush, and Sergio Vasques, the Portuguese Secretary
of State of Tax Affairs, signed an agreement for the exchange of tax information
in a ceremony on May 13.
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Portugal Announces Fresh Tax Hikes 5/18/2010 Hot on the heels of Spain, Portugal has unveiled a second wave of austerity measures
in a bid to further reduce its budget deficit, including plans to introduce new
tax rises and to cut top public sector workers’ pay.
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Portugal Adopts Austerity Measures 5/11/2010 The Portuguese parliament has approved two tax measures contained in the government’s
budgetary consolidation plan, including a proposal to levy a 20% tax on stock market
capital gains as well as plans to introduce a new tax bracket for the country’s
highest income earners.
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Bermuda Signs TIEA With Portugal 5/11/2010 The Bermudan government has announced the signing of its 21st Tax Information Exchange
Agreement, with Portugal.
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OECD 'Tax Wedge' Falls 5/11/2010 The Organisation for Economic Cooperation and Development has published its annual report on 'Taxing Wages 2008-2009,' an overview of the share of tax and social security charges in the total cost of employment.
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Fewer European Patents Filed In 2009 4/28/2010 The number of European patent applications filed last year fell for the first time in 20 years, according to data released by the European Patent Office.
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Industry Denounces ANSP Fee Rise 4/22/2010 Despite the industry's call for all air navigation service providers in Eurocontrol
to freeze or reduce rates in 2010, no fewer than 19 states have proposed increases
over 2009 levels, according to recent statistics released by IATA.
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Uruguay Expands Tax Treaty Network 3/30/2010 Uruguay and Finland have signed an agreement to avoid double taxation with respect to taxes on income and on capital. As with all agreements signed recently, Uruguay adopted the international standards and technical recommendations from the Organization for Economic Cooperation and Development.
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EC Questions States' VAT Laws 3/23/2010 The European Commission has decided to refer a case concerning the value-added tax flat rate scheme for farmers in Portugal, and another case regarding the refund of VAT credits in Hungary, to the Court of Justice. At the same time, the Commission has formally requested that France modify its legislation regarding the exemption of certain boat-related supplies.
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Portugal To Hike Top Tax Rate 3/22/2010 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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OECD Praises Portugal's Fiscal Plan 3/11/2010 The Organization for Economic Cooperation and Development has welcomed
Portugal’s fiscal consolidation plan, emphasizing that it will serve to
support growth.
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European Betting Companies Look To EC For Moves Towards A Single Market 2/15/2010 European Internal Market Commissioner Michel Barnier's recent commitment to address the situation of gaming and betting at EU level has been welcomed by the betting industry, despite increasing evidence that European countries are going their own ways.
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