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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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Liechtenstein, Sweden TIEA Enters Into Force 4/19/2012 The bilateral tax information exchange agreement between Liechtenstein
and Sweden has now entered into force, following ratification of the treaty by
the relevant contracting parties.
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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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Schäuble Eyes EU Tax On Shares 4/4/2012 Given the ongoing staunch opposition from certain countries to the idea
of a financial transactions tax in Europe, German Finance Minister Wolfgang Schäbule
has put forward an alternative proposal, starting with a tax
imposed on the stocks and shares of companies listed on the stock exchange.
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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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Sweden Urged To Amend 'Discriminatory' Pensions Taxation 3/26/2012 The European Commission has officially asked Sweden to amend its tax rules
on pension funds because they are said to discriminate against non-resident pension funds compared to domestic
pension funds when it comes to taxing dividends distributed in Sweden.
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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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International Patent Filings Set New Record In 2011 3/7/2012 Despite difficult global economic conditions, international patent filings under
the World Intellectual Property Organization-administered Patent Cooperation
Treaty set a new record in 2011 with 181,900 applications – up 10.7% on 2010 and the fastest growth since 2005.
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Pokerstars Receives Malta License 2/17/2012 PokerStars has launched Pokerstars.eu under the group’s new license granted by the Malta Lotteries and Gaming Commission, which the company says will provide players with all the benefits of a European Union-issued license.
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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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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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French FM Sketches Contours Of FTT 1/25/2012 French Finance Minister François Baroin has recently confirmed government
plans to impose a financial transactions tax on shares, securities and derivatives.
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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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Jersey Attracts Nordic Investment Fund 1/17/2012 Leading offshore law firm Mourant Ozannes has advised on the establishment
of a new private equity fund focusing on Nordic business investments, which is managed by a Jersey general partner.
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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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Sarkozy Seeks To Steer Merkel On 'Tobin' Tax 1/11/2012 Ahead of a crucial European Council meeting on January 30, and determined to gain
much needed ground in the run up to the presidential elections in France in April,
French President Nicolas Sarkozy advocated accelerating implementation of
a tax imposed on financial transactions, during his meeting with German
Chancellor Angela Merkel in Berlin on Monday.
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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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Swedes Flock To Declare Untaxed Assets 1/2/2012 The Swedish tax authority, the Skatteverket, has reported a four-fold increase
in the uptake of its tax amnesty programme with a total of 1,577 entities coming
forward during 2011, settling tax liabilities worth around a billion Swedish Kronor
(USD144m).
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France, Germany Work On Joint Tax Initiative 12/16/2011 French Finance Minister François Baroin has revealed that a Franco-German
‘contribution’ to the idea of a tax imposed on financial transactions
in Europe is due to be presented on January 23, with a view to being ‘operational’
in 2013.
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Eurozone Unites On New 'Fiscal Compact' 12/12/2011 Following the first working session of the European Council at the key summit
in Brussels, President of the European Council Herman Van Rompuy outlined the
main outcome of the talks, announcing that in the short term immediate action
to overcome the eurozone crisis was agreed, and that in the longer term the overwhelming
majority of member states united on plans for a new ‘fiscal compact’
for the eurozone.
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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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Sweden To Tighten Interest Deduction Rules 11/21/2011 The Swedish government has announced plans to set up a corporate tax committee
tasked with examining the issue of questionable, ‘aggressive’ tax
planning in the private healthcare and education sectors with respect to interest deductions.
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FTT Would 'Cripple' City of London, CBI Chief Warns 10/18/2011 If Europe is heavy handed in its future financial services regulation, the City of London will be disproportionately hit, with proposals for a financial transactions tax likely to do lasting damage, the head of the UK’s main business body has said.
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Sweden Unveils 2012 Budget 9/26/2011 The Swedish government has unveiled details of its 2012 budget, containing a raft of fiscal measures, designed to offset the effects of the crisis, to improve long-term job and growth prospects and to strengthen welfare.
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EU Divisions Entrenched On European Tobin Tax 9/20/2011 During a recent meeting of European Union finance ministers and central bank
leaders in Breslau, deep divisions crystallized on the highly controversial idea
of Europe proceeding unilaterally with the introduction of a tax levied on all
financial market transactions.
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Sweden Eyes Tax Cuts For Pensioners 9/12/2011 Provided that the country’s public finances permit, Sweden’s Alliance
government plans to lower taxes for pensioners in Sweden in either 2013 or 2014.
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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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Switzerland Submits 6 DTAs For Approval 9/5/2011 The Swiss Federal Council has submitted six double tax agreements, with South
Korea, Malta, Romania, Sweden, Singapore and Slovakia, to parliament for approval.
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Sweden Suspends Income Tax Cuts 8/18/2011 In a joint press conference Swedish Prime Minister Fredrik Reinfeldt and Finance
Minister Anders Borg have announced that planned tax cuts will be put on ice due
to the uncertainty surrounding the eurozone.
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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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US, Sweden Announce Patent Cooperation 5/31/2011 The United States Patent and Trademark Office has announced a new pilot
project for the Patent Prosecution Highway with the Swedish Patent and Registration
Office, based on Patent Cooperation Treaty work products.
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Irish Parliament Rejects CCCTB 5/19/2011 The Irish parliament has passed a motion denying the legality of European Commission proposals for a Common Consolidated Corporate Tax Base, after a debate in which the measure was slammed as an attempted assault on the country's 12.5% corporate tax rate.
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US Returns To Top Of World Competitiveness Rankings 5/20/2011 The Swiss business school, IMD, has announced the rankings from its 2011 World
Competitiveness Yearbook, which places the United States and Hong Kong as
the most competitive 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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Swedish Budget Likely To Contain Income Tax Cuts 4/27/2011 Swedish Minister for Finance Anders Borg has indicated that due to a sterling
recovery from the financial crisis there is fiscal room for tax cuts in the
forthcoming budget, potentially on personal and pension income to encourage
employment.
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Italy Tops EU Table For SME Tax Bureaucracy 2/24/2011 CIGA (the association of sole traders and small businesses) has produced statistics
showing that the size of the tax administration and payment burden on Italian
small and medium-sized enterprises has no parallel in the rest of the principal
countries in 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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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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EC Seeks Change In Pension Tax Rules 11/1/2010 The European Commission has formally requested the Czech Republic and Sweden to amend discriminatory provisions with regard to the taxation of pensions.
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Sweden Unveils 2011 Budget Bill 10/14/2010 Sweden’s government has recently unveiled details of its 2011 budget,
containing a number of tax measures designed to support economic recovery and
to promote full employment.
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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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Sweden, Switzerland Initial Revised DTA 9/16/2010 Switzerland and Sweden have initialled a revised
bilateral double taxation agreement between the two countries, extending
administrative assistance in tax matters in accordance with the Organization
for Economic Cooperation and Development’s standard.
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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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EU Divided Over Financial Tax 9/10/2010 During a recent European Council of Finance Ministers meeting held in
Brussels, deep divisions regarding the introduction of a financial transactions
tax within Europe emerged.
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Swedish Government Pledges Tax Cuts 8/31/2010 As part of its election manifesto, the Swedish government has announced tax cut
and spending measures worth SEK32.7bn (USD4.4bn).
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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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ECJ Rules On Swedish E-Gaming Advertising Ban 7/12/2010 The European Court of Justice has issued a preliminary ruling, addressing questions relating to the compliance of Swedish gaming legislation with the EU Treaty.
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Banks Warn Hungary Over Financial Tax 7/12/2010 It has recently emerged that large international banks have addressed a letter
to the International Monetary Fund and to the Hungarian government protesting
against Hungary’s plans to introduce a substantial tax on the country’s
banks.
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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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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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US Lawmakers Unveil Piracy Watchlist 5/21/2010 China, Russia, Canada, Spain, and Mexico have been placed on the
Congressional International Anti-Piracy Caucus 2010 International
Piracy Watch List, which highlights countries where copyright piracy
has reached 'alarming levels.'
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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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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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Sweden's Opposition Unveils Shadow Budget 5/4/2010 With less than five months to go before the September elections, Sweden’s
left-wing opposition parties have unveiled key details of their joint shadow budget,
containing a raft of tax measures designed to redistribute wealth in Sweden and
to create jobs.
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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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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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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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