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NZ Accountants Call For Simpler Small Business Tax 5/18/2012 New Zealand’s tax system has become overly complex, the country’s Institute of Chartered Accountants has said, calling for simplification of the rules for small businesses and setting out proposals for reform.
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Australia To Clarify GAAR 5/16/2012 Australian Assistant Treasurer David Bradbury has announced the formation of an expert roundtable to assist with the implementation of the government's clarifications of the definition of 'tax benefit' under Australia's general anti-avoidance rule.
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Hong Kong Still Sees Problems On Mainland Services 5/11/2012 Secretary for Commerce and Economic Development, Gregory So, has replied to a
question in the Legislative Council regarding the tax and procedural difficulties
being experienced by the Hong Kong services sector in developing business in Mainland
China.
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HMRC Increases Use Of Asset Seizure Powers 5/7/2012 The UK tax authority, HM Revenue and Customs is increasingly using its powers
to seize businesses assets in order to recover unpaid value-added tax bills, new statistics
show.
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EU Parliament Backs Mandatory CCCTB 4/26/2012 The European Parliament has voted in favour of making mandatory the implementation of a Common Consolidated Corporate Tax Base among European Union member states despite sustained opposition from some nations.
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Gibraltar Accepted Into International Audit Forum 4/6/2012 The Gibraltar Financial Services Commission has announced that it has been accepted to join the International
Forum of Independent Audit Regulators.
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IoM To Simplify Company Residency Regime 4/5/2012 The Isle of Man government has launched a consultation on a proposed legislative
change that would simplify the income tax position for companies with dual residence.
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Singapore Introduces Added Tranche Of GST Compliance Initiative 4/4/2012 The Inland Revenue Authority of Singapore is providing a second SGD5m tranche of co-funding of the fees incurred by businesses registered for goods
and services tax and undertaking the Assisted Compliance Assurance Programme.
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IoM Reminds Companies Of Tax Return Deadline 4/3/2012 The Isle of Man government has warned companies of the late return penalties
they face if they fail to meet the imminent corporate tax return deadline.
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FSB Looks For More Robust External Audits For Banks 3/21/2012 The Financial Stability Board, as part of its work to develop and promote
the implementation of global regulatory and supervisory financial sector policies,
has re-emphasized the importance of work to improve the role that external audits
play in providing information to prudential regulators of financial institutions.
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Australia Consults On Tax Hedging Rules 3/16/2012 Australia is to amend its tax hedging rules in an effort to provide further certainty and reduce compliance costs for affected taxpayers.
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Ernst And Young Returns To The BVI 3/19/2012 Ernst and Young, one of the 'big four' accounting firms, has announced its decision
to re-establish an office in the British Virgin Islands after a multi-year absence, attracted by the territory's strong financial services legislation and regulatory regime.
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Irish Revenue Issues Corporate Tax Filing Reminder 3/15/2012 The Irish Revenue has issued compliance reminder letters to those who have failed to file their corporate tax returns.
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Australia Consults On Investment Manager Reform 3/13/2012 The Australian government has released draft legislation implementing the first stage of its new Investment Manager Regime.
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US Lawmakers Mull Small Business Tax Reforms 3/13/2012 The House of Representatives Committee on Ways and Means has held a hearing to
examine how the United States tax code affects closely-held businesses, and how and under which sets of rules
such firms should be taxed within any future tax reform.
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UK Panel Recommends Small Business Tax Reforms 3/8/2012 Practical changes to the UK's tax system will help ease the burdens imposed on small businesses, the Office of Tax Simplification has said.
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UK Financial Reporting Body To Revise Auditing Rules 3/7/2012 The Auditing Practices Board of the UK Financial Reporting Council has proposed revisions to the International Standards on Auditing, which were issued as part of the
'Clarity Project', to ensure that they can be introduced throughout both UK and Ireland for entities undertaking auditing activities.
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FRC Proposes 2015 Delivery Of Accounting Standards 3/6/2012 The UK Financial Reporting Council, setting out its priorities and funding for 2012/13,
has said set a 2015 deadline for the entry into force of a new UK accounting framework,
UK Generally Accepted Accounting Principles.
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HK Firms Face Chinese Barriers Despite CEPA 3/2/2012 Following questions in Hong Kong’s Legislative Council, the Secretary for
Commerce and Economic Development, Gregory So, has given an assurance that the
government will continue to monitor the operation of market liberalization measures
under the Mainland and Hong Kong Closer Economic Partnership Arrangement.
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Australia Announces Overhaul Of Audit System 3/1/2012 The Australian government has introduced legislation designed to enhance audit quality and strengthen regulatory oversight.
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Hiring Trends Show Mixed Fortunes For Cyprus 2/24/2012 Figures from a Cyprus recruitment agency indicate that while the banking and finance sectors enjoyed mixed fortunes last year, hiring overall was up 11% last year.
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FAF Updates US Accounting Standards Compendium 2/23/2012 The Financial Accounting Foundation has announced the publication of the updated
print edition of the Financial Accounting Standard Board's Accounting Standards
Codification, the single reference source for US Generally-Accepted Accounting
Principles.
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US Industry Warns Against Lease Accounting Proposals 2/23/2012 A coalition of several leading non-profit and commercial organizations, including
the US Chamber of Commerce, has released a report warning against the introduction of the International Accounting Standard and the Financial Accounting Standard
Boards' proposed lease accounting standard, noting the significant detrimental impact it would have on the United States' economy.
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US Accounting Standards Subject To Review 2/22/2012 United States accounting standards governing financial reporting for business combinations,
'operating segments', and deposit and investment disclosures will be
the next subjects of post-implementation reviews conducted by the Financial Accounting
Foundation, the agency has announced.
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OECD Urges Norway To Rethink Capital Taxes 2/20/2012 The Organisation for Economic Cooperation and Development, in a recent report
on Norway's fiscal policy, has recommended a comprehensive review of the Norwegian tax regime with respect to capital taxation and its wealth tax.
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Trade Barriers Hindering African Growth 2/10/2012 As African leaders pursue negotiations towards a continental free trade area by
2017, a new report released by the World Bank has noted that African nations are
losing out on billions of dollars in potential trade earnings every year because of restrictive barriers to regional trade.
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UK Extracts Record Tax Revenues From Big Business 2/7/2012 Contradicting the belief that the UK tax authority, HM Revenue and Customs, has 'gone soft' on big business, recent figures show that record revenues were raised from enquiries into large companies last year.
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ASB Maps Out Future Of UK Financial Reporting 2/3/2012 The UK Accounting Standards Board of the Financial Reporting Council has published financial reporting exposure drafts 46 to 48 setting
out revised proposals for the future of financial reporting in the UK and Republic
of Ireland.
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UK Consults On Company Law Red Tape 2/1/2012 The latest phase of the UK's Red Tape Challenge sees the government asking companies for their views on how to tackle unnecessary bureaucracy in company and commercial law.
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Banks Need Bespoke Accounting Rules, BoE Says 1/25/2012 Andrew Haldane, the Executive Director for Financial Stability at the Bank of
England, has called for a rethink of reporting requirements for the banking industry,
due to inconsistencies in how banking assets are quantified when the market value is unknown.
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UK Pension Schemes Divided On Accounting Rules 1/19/2012 UK pension schemes are divided over whether their pension liabilities should form part of their annual accounts and be subject to audit, according to a new KPMG survey.
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Uncertain Tax Positions Rule Gets Thumbs Up 1/13/2012 A 2006 accounting standards interpretation intended to increase relevance and comparability in reporting information about income tax uncertainties generally achieves that purpose, although some stakeholders believe the standard could be improved.
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Tax Disputes Service Launched For UK SMEs 1/10/2012 The UK's small and medium-sized businesses will benefit from the introduction of a new dispute resolution service, with the launch of a pilot scheme underway.
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GAAP Accounting Change Positive For Banking Investors 1/5/2012 Fitch credit ratings agency has said a new accounting rule change, requiring
banks to book losses on loans sooner, will have a gradual positive affect on US
bank income statements with the effect of insulating investors from risk.
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UK FRC Proposes Changes To Income Tax Reporting 12/30/2011 The Accounting Standards Board (ASB) of the Financial Reporting Council and
the European Financial Reporting Advisory Group (EFRAG) have published a consultation
paper seeking input on how financial reporting of corporate income tax could be enhanced.
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Oman Urged To Develop Non-Oil Revenue Streams 12/28/2011 The International Monetary Fund in its recent report on Oman has warned
against the government's dependence on oil revenues to sustain its high spending, despite positive fiscal performance
presently.
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FASB Defers Income Reclassification Reporting Requirements 12/28/2011 The United States accounting standards setter, the Financial Accounting Standards Board has announced an update that will defer the specific requirements on the separate presentation of items which have been reclassified from accumulated other comprehensive income to net income. A previous update proposed to make mandatory the separate reporting of the respective components of net income and comprehensive income in relation to these items.
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FASB, IASB Set Disclosure Requirements On Offsetting 12/23/2011 The International Accounting Standards Board and the Financial Accounting
Standards Board on December 16, 2011, issued common disclosure requirements
that are intended to help investors and other financial statement users to better
assess the effect or potential effect of offsetting arrangements on a company’s
financial position.
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Canadian Corporate Tax Filing Rules Amended 12/19/2011 Canada's corporate partnership tax deferral rules are to be amended to extend the time available to companies to file an alignment election.
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USD1bn Claimed In UK Film Tax Relief 12/19/2011 HM Revenue and Customs has released a summary of film tax credit take-up, showing that claims worth GBP645m (USD1bn) have been made since the scheme was introduced.
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Foundation Warns Against Lease Accounting Proposals 12/15/2011 The Equipment Leasing and Finance Foundation has warned against proposed amendments
to financial reporting requirements for leasing transactions, which it says
could cost the US economy USD10bn in lost GDP and 60,000 less jobs by 2016.
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Accounting Failures 'Exacerbated Banking Crisis' 12/6/2011 A new report, assessing the causes of the global financial crisis, claims that shortcomings in the accounting standards issued by the International Accounting
Standards Board were a contributing factor to the instability experienced in the UK and Irish banking sectors,
and subsequent taxpayer-funded bailouts.
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Antigua And Barbuda Addresses OECD Concerns 11/30/2011 The government of Antigua and Barbuda is due to undertake amendments to the island's legal framework
for tax information exchange to address deficiencies highlighted in the latest
phase-one assessment from Organization of Economic Cooperation and Development
members.
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Boards Consult On Revenue Recognition Standard 11/18/2011 The International Accounting Standards Board and the Financial Accounting Standards
Board have released for public comment a revised draft standard to improve and
converge the financial reporting requirements of International Financial Reporting
Standards and US accounting standards for revenue (and some related costs) from contracts with customers.
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FAF Sets Out Convergence Agenda 11/17/2011 The Financial Accounting Foundation, which oversees the United States accounting
standards setter the Financial Accounting Standards Board, has generally backed
the Securities and Exchange Commission's proposed approach to converging United
States Generally-Accepted Accounting Principles standards with International Financial
Reporting Standards.
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UK Urged To Ease Reporting Burden 11/15/2011 Cutting out unnecessary 'clutter' in annual reports would help many UK businesses struggling under burdensome regulation, without devaluing the reports themselves, according to a new survey.
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EU To Modify Transparency Directive 10/28/2011 The European Commission is proposing to modify notification requirements
for acquirers when they reach a certain stake in a listed company, reduce burdensome
reporting obligations for all listed companies, and simplify accounting rules
for small- and medium-sized enterprises, to produce further cost savings
for businesses.
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FASB Consults On Investment Property Reporting Rules 10/26/2011 The US accounting standards setter, the Financial Accounting Standards Board
has issued a proposed Accounting Standard Update intended to develop accounting guidance for investment
property entities.
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US Accountants Back IFRS Opt-In 10/24/2011 A majority of certified public accountants support optional adoption of
the International Financial Reporting Standards by listed United States
companies, according to a recent survey by the American Institute of Certified
Public Accountants.
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AICPA Pushes For Private Company Standard Setter 10/21/2011 The American Institute of Certified Public Accountants on October 18, 2011 approved
an ultimatum to the Financial Accounting Foundation, which warns that either the
Foundation must adopt recommendations for the establishment of an independent accounting
standards setter for private companies - without the power
of veto being granted to the Financial Accounting Standards Board - or AICPA will
consider other options to achieve the objective independently.
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UK Consults On Corporate Governance Rules 10/20/2011 The UK’s Financial Reporting Council is to be refocused and streamlined under new proposals, designed to ensure the body is in a strong position to promote the highest standards of corporate reporting, governance and auditing.
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UK Non-Doms Urged To Plan Their Tax Affairs 10/19/2011 Non-domiciled individuals should seek advice on the UK tax system, as tax planning opportunities may remain available to them, a leading firm of chartered accountants has said.
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Canada Tops Forbes Business Rankings 10/12/2011 Canada is the 'best country for business', according to a new Forbes report, with its improved tax standing accounting for its high ranking. On the other hand, the high tax burden faced by US citizens means that country has slipped down to tenth position.
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FAF Rejects 'Little GAAP' For US Private Companies 10/7/2011 A new body, with the authority to identify standards that require modification
and to vote on specific proposed exceptions or modifications to United States
Generally Accepted Accounting Principles for private companies, is the
centrepiece of a plan released for public comment by the Financial Accounting
Foundation.
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Huge Variations Seen In Global Corporate Tax Rates 10/3/2011 The tax burden faced by businesses varies greatly from country to country, with a wide tax gap between ‘low tax’ emerging economies and the majority of ‘high tax’ developed nations, according to new research.
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Brazilian Tax Burden On The Increase 10/3/2011 Brazil's tax authority reported this month that tax revenues increased some 8.1%
year-on-year in August 2011, fuelled by strong economic growth, and the expansion in scope of the nation's financial transaction tax.
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Global Forum Affirms Liechtenstein's Fiscal Commitments 9/19/2011 In a recently published report, summarising the legal and regulatory framework
for transparency and exchange of information for tax purposes in Liechtenstein,
the OECD's Global Forum underlines the principality’s commitment in the area of
taxation.
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Privately-Held Companies Urge Separate US Accounting Standards 9/15/2011 The American Institute of Certified Public Accountants has requested the
United States Financial Accounting Foundation to take heed of the
many letters it has received demanding differential financial reporting standards
for private companies and a separate independent board to oversee those standards.
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China, Hong Kong Converge Audit Standards 9/7/2011 A joint declaration signed between the China Auditing Standards Board and the
Hong Kong Institute of Certified Public Accountants promises further convergence
between the Mainland's and Hong Kong's Auditing Standards.
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Greece Targets Online Tax Evaders 9/1/2011 The Greek government has announced the formation of a specialist team of 200
to tackle technology-related tax evasion, in particular involving online gambling and stock market speculation, among other activities.
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IASB Proposes Standards For Investment Entities 8/31/2011 KPMG UK has welcomed proposals issued by the International Accounting Standards Board to encourage more investment funds to switch to International Financial Reporting Standards.
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UK's Micro Businesses Set For Simplified Reporting 8/30/2011 The UK is looking to reduce the amount of red tape encountered by the smallest businesses in their reporting requirements, in a move designed to boost innovation and growth in the sector.
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New Zealand Consults On Cross-Border GST Issues 8/25/2011 A discussion document released by the New Zealand government for public consultation seeks feedback on options for addressing issues relating to goods and services tax as it applies to businesses trading with each other across borders.
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Canada To Update Foreign Affiliate Rules 8/23/2011 The Canadian government has launched a consultation on proposals to reform rules for the taxation of Canadian multinational corporations with foreign affiliates.
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US Accountants Urge Optional IFRS Adoption 8/22/2011 Paul Stahlin and Barry Melancon, the Chairman and CEO, respectively, of the American
Institute of Certified Public Accountants have, in a letter, recommended
to the Securities and Exchange Commission that United States public companies
should be allowed the option of adopting International Financial Reporting
Standards.
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FASB Revises Goodwill Test 8/15/2011 The US accounting standards setter, the Financial Accounting Standards Board,
has recently approved a revised accounting standard intended to simplify how
an entity tests goodwill for impairment.
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Canada-Brazil Forging Ahead With Economic Cooperation 8/15/2011 Economic relations between Canada and Brazil continue to improve, with Canadian Prime Minister Stephen Harper declaring Brazil a "tremendously important part" of his government's plans for trade development in the Latin American region.
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UK Offers Concessions To Riot-Hit Businesses 8/12/2011 In an effort to help those businesses affected by the recent riots, the UK's government and revenue agency have unveiled a series of support measures, including government funding of business rates and the negotiation of tax payment schedules.
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UK Consults On Mandatory Online VAT Returns 8/11/2011 The UK is pressing forward with the digitization of its tax system, with HM Revenue and Customs announcing plans to make online value-added tax filing, payment and registration mandatory in the coming year.
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National Irish Bank Loses EUR0.4bn 8/10/2011 National Irish Bank saw its operating profit and income fall in the first six months of 2011, which, combined with loan impairment charges, has led to a loss of EUR400m.
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IFRS 9 Deferred As Convergence Talks Sour 8/9/2011 The International Accounting Standards Board has announced its intention in an
exposure draft to defer the mandatory adoption of the IFRS 9 standard until January
1, 2015, following disagreement on convergence with the US standards setter, the
Financial Accounting Standards Board.
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UK Invites Comment On Small Business Tax Reforms 8/1/2011 As part of its review of small business taxation, the UK's Office of Tax Simplification has published two consultation papers, outlining potential tax reliefs for disincorporation and a simpler income tax system for the smallest companies.
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Baker Tilly Creates Auditing Arm In Guernsey 7/28/2011 Baker Tilly Channel Islands Limited - the Channel Islands division of accountancy and business
advisory firm Baker Tilly - has formed Baker Tilly CI Audit Limited, a Guernsey-registered audit and assurance company, enabling the firm to provide auditing services in Guernsey.
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IASB Consults On Direction Of IFRS 7/28/2011 The International Accounting Standards Board has announced the launch of
a public consultation to seek broad input on the strategic direction and overall
balance of its future work programme.
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UK Banking Levy Regulations Made 7/26/2011 UK legislative amendments have been published with respect to the collection
and management of the Banking Levy. The changes will enter into force on August
11, 2011, the UK tax authority, HM Revenue and Customs has said.
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Singapore Enhances International Tax Training 7/26/2011 Singapore's Minister of State for Finance and Transport, Josephine Teo, in her speech
to the annual conference of the Tax Academy of Singapore, said that, as Singapore
is home to a large number of multinational enterprises, it is vital that tax
professionals have the skills to meet the challenges of an increasingly complex
tax environment.
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Chinese Corporate Accountability Tarnishing Investment 7/25/2011 Fitch Ratings has warned in a recent report that poor corporate governance relative
to international capital market standards, as well as issues such as China's under-developed
legal system and quality of information standards, has led to lower ratings being
given to Chinese corporates.
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Insurers Braced For Regulatory Changes 7/20/2011 The working group which was established in November 2010 by the Bank for International
Settlement’s Committee on the Global Financial System, to examine how insurance
companies and pension funds are being affected by forthcoming accounting and regulatory
changes, and to investigate possible implications of changes in their investment
strategies for the financial system, has made its report.
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KPMG Warns Of IAS 19 Impact 7/12/2011 Entities with defined benefit pension obligations will find their profit and loss accounts
significantly affected by recent changes made to international accounting standards, KPMG in Australia has warned.
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Bermuda Leads Adoption Of Insurance Reporting System 7/8/2011 Bermuda's role in the development of a new computer-based insurance reporting system has been recognised in a new report, leading its regulatory authority to stress the positive impact such software can have on the industry.
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Pension Accounting Standard To Cut Corporate Profits 6/22/2011 KPMG in the UK has commented on the release by the International Accounting Standards Board of its long-awaited
revised pensions accounting standard 'IAS 19 Employee Benefits'.
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Singapore Reviews Companies Act 6/23/2011 Singapore’s Ministry of Finance and the Accounting and Corporate Regulatory
Authority have invited public feedback on the final report of the Steering
Committee that has been reviewing the Companies Act, and on a review of the regulatory
framework for foreign entities in Singapore.
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SEC Proposes Stronger Broker-Dealer Rules 6/21/2011 Building on rules adopted in December 2009 to strengthen the protection provided
to investors who turn their assets over to investment advisers, the United States
Securities and Exchange Commission has now proposed amendments to the broker-dealer
financial reporting rules.
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Geithner, Barnier Look For Regulatory Consensus 6/10/2011 Following a previous private meeting at the United States Treasury, Treasury Secretary
Timothy Geithner and the European Commissioner for Internal Market and Services,
Michel Barnier, proceeded to make separate speeches on the importance of an international
consensus on financial regulation.
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OECD Reviews Jurisdictions' Tax Transparency 6/2/2011 The Organisation for Economic Cooperation and Development has released a series of new Peer Review reports, covering the exchange of information for tax purposes, and making recommendations for improvements in this area.
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China Confirms Early Success Of ECFA With Taiwan 5/31/2011 China’s Ministry of Commerce has professed that the “early harvest
list” of import tariff reductions under the economic cooperation framework
agreement between Taiwan and China, which began on January 1 this year,
has already proved successful.
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Tax Charge Forces Sony Into Net Loss 5/26/2011 Sony, the Japanese electronics group, has had to revise its consolidated results
forecast for the fiscal year ended March 31, 2011, from that announced in February,
largely due to a write-off of deferred tax credits in Japan.
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Italian Revenue Agency Issues Tax Audit Programme 5/23/2011 Having successfully reached its objectives in 2010, the Italian Revenue Agency
has explained, in a recently-issued circular, how its programme for this year
will be targeted at achieving further gains in its actions against, and prevention
of, tax evasion.
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Trans-Tasman Accounting Convergence Work Completed 5/20/2011 The Australian Accounting Standards Board and the New Zealand Financial Reporting Standards Board have issued Australian Accounting Standards and New Zealand equivalents to International Financial Reporting Standards.
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India Gears Up For Transfer Pricing Changes 5/17/2011 Tax experts in India have called for the country’s transfer pricing system to have in-built mechanisms for smooth negotiation and conflict resolution, as radical changes are underway for the Direct Tax Code, most likely coming into effect from April 1, 2012.
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New Zealand International Tax Bill Reported Back 5/17/2011 The New Zealand government’s Finance and Expenditure Committee has reported to Parliament on the Taxation (International Investment and Remedial Matters) Bill introduced in October last year.
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Standard Setters Complete Fair Value Project 5/16/2011 The International Accounting Standards Board and the Financial Accounting
Standards Board on May 12 issued new guidance on fair value measurement
and disclosure requirements for International Financial Reporting Standards
and US Generally Accepted Accounting Principles.
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Israeli Government Publishes Financial Statements 5/12/2011 The Israeli Government’s financial statements for 2010 have just been published and for the first time units in all branches of the Government have been consolidated in the reporting process.
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Irish Tax Credits Remain Attractive 5/10/2011 Seán Sherlock, Ireland's Minister for Research and Innovation has commented
on a new survey which analyses trends in the uptake of the Irish government's
Research and Development tax credit.
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UK SMEs Eager For Accounting Switchover 4/28/2011 UK businesses strongly support the introduction of International Financial
Reporting Standards and Financial Reporting Standards for small and medium-sized
entities as a replacement for UK GAAP, believing that now is the right
time to move towards the new model of financial reporting, a new survey from
Ernst & Young shows.
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OECD Publishes Seven Country Reviews On Tax Transparency 4/28/2011 The Organisation for Economic Cooperation and Development has published two new
reports in its assessments of countries’ frameworks for facilitating the
tackling of tax evasion through tax information exchange.
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Cyprus Approves Banking Levy 4/25/2011 Cypriot lawmakers have approved legislation to introduce
a permanent levy on the country’s banks, revenues from which will be siphoned into a ‘Financial Institutions’ Support Fund.’
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South African Companies Act Signed 4/22/2011 South Africa’s President Jacob Zuma has signed the Companies Amendment Act
of 2010 into law and, together with the Companies Regulations and all other relevant
documents, it will come into effect on May 1, 2011.
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Australia Looks To Making Tax Advice Privileged 4/19/2011 The Australian federal government is exploring the merits of making tax advice privileged, similar to the way legal advice is privileged.
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UK Details VAT Changes 4/18/2011 The UK's revenue agency, HM Revenue and Customs, has outlined details of the key changes to the value-added tax system brought in by the recent Budget. They include an increase in the taxable turnover threshold, an alteration in fuel scale charges, and compulsory online registration.
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