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Pelosi Urges Permanent US Middle Class Tax Cuts 5/27/2012 The Democrat Party Leader in the United States House of Representatives, Nancy
Pelosi, has called on its Republican Speaker John Boehner to bring a permanent extension of the Bush individual income
tax cuts for those on middle incomes to the House floor immediately.
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GST Will Make India More Competitive, FinMin Says 5/27/2012 The introduction of an Indian goods and services tax will remove the hidden costs causing a lack of competitiveness, Finance Minister Pranab Mukherjee has said, arguing that the new tax will provide a more stable source of revenue, helping create a common market across India.
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EU Funding To Boost Caribbean EPA Implementation 5/25/2012 The Caribbean Development Bank and the European Union have agreed to fund a multi-million facility to aid members of the Caribbean Community in implementing the necessary reforms to allow them to fully benefit from the preferential trade conditions provided for in the CARIFORUM-EU Economic Partnership Agreement.
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HKMC Improves SME Financing Guarantee Scheme 5/25/2012 The Hong Kong Mortgage Corporation Limited has announced that with the
government’s support, it will introduce a new 80% loan guarantee product
under the SME Financing Guarantee Scheme, from May 31, 2012 and for a period
of nine months.
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Hong Kong-London RMB Forum Holds First Meeting 5/27/2012 The private sector-led Hong Kong-London Forum, which was established in January
this year to promote closer collaboration between Hong Kong and London in support
of the wider international use of the renminbi, held its first meeting on
May 22, 2012.
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Spain Moves Tax Goalposts For E-Gaming Firms 5/27/2012 The Spanish tax authority has required that online operators with customers in Spain pay back-taxes under two historic laws that previously were not applied to offshore online gaming.
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Germany Unites On Draft 2013 Finance Act 5/24/2012 The German cabinet has recently united on the country’s 2013 finance bill,
together with the transport tax amendment bill, modifying both the motor vehicle
tax law and the insurance tax law.
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CBI Urges Corporate Tax Powers For Northern Ireland 5/24/2012 A lower corporation tax rate would give Northern Ireland's economy a 'shot in the arm', the head of the Confederation of British Industry Northern Ireland has said, calling for power to set the rate to be devolved.
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IRS Plugs Small Businesses Tax Credits 5/25/2012 The United States Internal Revenue Service is encouraging small business
owners to check out two tax credits and a special relief programme that could
provide them with significant tax benefits during 2012.
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DIFC Promotes Advantages In US 5/24/2012 The Dubai International Financial Centre has concluded a road show to the United States, which, it is hoped, will lead to more US companies establishing a presence in the no-tax free zone.
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CEPA Boosts Hong Kong's Industries 5/24/2012 The China/Hong Kong Closer Economic Partnership Arrangement services liberalization measures have boosted the development of Hong Kong’s traditional industries, Financial Secretary John Tsang says.
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Norway Updates 2012 Budget 5/23/2012 The Norwegian finance ministry has recently published details of the country’s revised 2012 fiscal budget, in which the government emphasizes the need for fiscal constraint.
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Austria, Cyprus Sign Revised DTA 5/22/2012 Austria’s Financial State Secretary Andreas Schieder and the Cypriot Foreign
Minister Erato Kozakou-Marcoullis have recently signed the revised bilateral double
taxation agreement between Austria and Cyprus.
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IRS Further Expands Its 'Fresh Start' Initiative 5/23/2012 The United States Internal Revenue Service has announced another expansion
of its 'Fresh Start' initiative by offering more flexible terms under its
Offer in Compromise programme.
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Guernsey Finance Influential In MENA Region 5/23/2012 Guernsey Finance, the promotional agency for the island’s finance industry, has
been named as one of the 50 most influential organizations working within the
Middle Eastern and North African funds industry.
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Liechtenstein Submits AIFM Bill To Parliament 5/23/2012 During a recent sitting, the Liechtenstein government submitted to parliament
a bill providing for the transposition of the European Union’s 2011 Alternative
Investment Fund Managers Directive into national law.
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Germany's Fiscal Court President Seeks Simpler Tax Law 5/23/2012 The President of Germany’s Federal Fiscal Court Rudolf Mellinghoff has called
for a drastic simplification of the country’s highly complicated tax law.
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Lamy Highlights WTO Benefits For Ethiopia 5/22/2012 The Director General of the World Trade Organisation, Pascal Lamy has encouraged
Ethiopia to speed reforms towards accession to the global trade body, remarking
upon the benefits membership would bring for the nation's economic development.
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Few US Small Businesses Claim Health Insurance Tax Credit 5/23/2012 The United States Government Accountability Office has released a study showing
that very few small businesses are taking advantage of the Small Employer Health
Insurance Tax Credit, which was included in President Barack Obama’s health
care legislation.
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GOP Pressurizes Democrats Over 'Fiscal Cliff' 5/22/2012 In a letter to the United States Senate Majority Leader, Harry Reid, 41 Republican Senators, led by Ranking Member of the Finance Committee
Orrin Hatch, and Republican Leader Mitch McConnell have
urged him to take immediate action to stop the largest tax increase in history,
set to take place on January 1, 2013.
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Hungarian Lawmakers Adopt New Telecoms Tax 5/21/2012 Provoking outrage among telecommunications companies, the Hungarian parliament
has recently backed government plans to impose a new telecommunications tax of
HUF2 per minute of connect time and per message from August 1.
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US Imposes Anti-Dumping Duties On Chinese Solar Cells 5/22/2012 Despite concerns that its decision may raise prices and harm the United States
alternative energy sector, the Department of Commerce has announced
a preliminary determination to impose antidumping duties on imports of crystalline
silicon photovoltaic cells, whether or not assembled into solar cells, from China.
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Belgium Warned Of Further Austerity Ahead 5/18/2012 Belgium’s Federal Planning Bureau, providing economic analyses and forecasts
for the government, has recently announced that if Belgium is to limit its public
deficit to 2.15% of gross domestic product in 2013 and to re-establish
a balanced budget in 2015, in line with its targets, new measures totalling
around EUR11bn (USD14bn) will be necessary, of which EUR3bn from next year.
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Monti Defends Italian Tax Collectors 5/18/2012 In his remarks during a meeting with the management of the Italian Revenue Agency
and Equitalia (which collects the country’s taxes), the Italian Prime Minister
Mario Monti emphasized that it had to be recognized that the payment of their
taxes was everybody’s duty, before it could be possible to reduce the overall
tax burden.
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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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Dubai Economy Expected To Exceed Forecasts 5/21/2012 Dubai's Economic Council believes that the Emirate will achieve economic growth above the estimates of international institutions, with strong performance anticipated in many of its key sectors in 2012.
|
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Congress Studies IRS's Treatment Of Charities 5/21/2012 The Oversight Subcommittee of the House of Representatives Ways and Means
Committee has held a hearing on current issues related to United States tax-exempt
organizations, including the compliance initiatives of the Internal Revenue Service related, in particular, to recent efforts for tax-exempt organizations to
design and implement good governance standards.
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Hong Kong Revises Bank Market Entry Criteria 5/17/2012 Amendments to the Banking Ordinance, which seek to update market entry criteria
for Hong Kong's banking sector, will be submitted to the Legislative Council on
May 23 and, subject to its negative vetting, will take effect on July 12, 2012.
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Boehner Warns Of Looming 'Fiscal Cliff' 5/18/2012 With the prospect of a further stand-off between the Democrat and Republican parties
later this year over the United States government statutory debt limit, House
of Representatives Speaker John Boehner has returned to his mantra
of spending cuts with no tax increases.
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Peru, Korea Cement Economic Ties 5/17/2012 Peru's President Ollanta Humala recently met with his Korean counterpart, Lee
Myung-bak, in the South Korean capital, Seoul, to sign a double tax agreement,
and agree further areas for cooperation following the conclusion of a free trade
agreement in 2011.
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EU Hails ETS Aviation Compliance Rate 5/18/2012 The European Commission has claimed early success with the extension of the European Union's Emissions Trading Scheme to flights in and out of Europe, reporting compliance with currently non-mandatory emissions-reporting requirements by more than 99% of operational airlines.
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Cayman Touts Insurance Industry Offering In America 5/17/2012 A delegation from the Cayman Islands insurance industry attended the 50th Annual
Risk and Insurance Management Society conference held last month, to promote the
jurisdiction's position as a growing domicile for captive insurance companies.
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US Senate Mulls Tax Reform For Tribes And Territories 5/18/2012 At a recent Senate hearing on the effect of possible tax reforms on Native Americans
and the United States territories - Puerto Rico, the US Virgin Islands, Guam,
American Samoa and the Northern Mariana Islands - Finance Committee Chairman Max Baucus pointed to the anomalies and complexities existing
in their current tax treatment.
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House Passes State Tax Simplification Bill 5/18/2012 The United States House of Representatives has passed, on a bipartisan basis with
a voice vote, a bill which would simplify tax reporting requirements for those
workers who are employed in multiple state jurisdictions.
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Vietnam's SMEs Get VAT Boost 5/16/2012 Vietnam’s Ministry of Finance has announced an extension to value added
tax payment deadlines, so as to provide financial assistance, in particular,
to small and medium-sized enterprises.
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BC Unveils New Sales Tax Law 5/16/2012 Kevin Falcon, the Finance Minister of the Canadian province of British Columbia, has introduced legislation to meet government's commitment to return to the Provincial Sales Tax on April 1, 2013.
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ECJ Urged To Confirm Passenger Delay Compensation 5/17/2012 An Advocate General has proposed to the European Court of Justice that
it should confirm that a passenger whose flight is delayed by three hours or more
may seek flat-rate compensation from the airline.
|
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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 Abolishes Corporate Capital Duty 5/15/2012 The Registrar of Companies, Ada L L Chung, has announced that the capital duty
currently levied on Hong Kong companies will be abolished from June 1, 2012.
|
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BVI To Enhance Companies Legislation 5/16/2012 The British Virgin Islands government has completed the first phase of implementing
amendments to the Business Companies Act, set to enter into force later this year.
|
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Guernsey Announces Aircraft Registry Plans 5/15/2012 The Guernsey government has announced that it has agreed with a private sector
partner to launch an aircraft registry from the island.
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MEPs Agree Deal On Mobile Roaming Price Caps 5/14/2012 Data roaming and phone calls abroad for European Union consumers should be
much cheaper from July 1 this year, due to an agreement with the European Council
which has been endorsed by the European Parliament.
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UK Government Blasted Over IR35 Proposals 5/14/2012 HMRC has missed a great opportunity to bring clarity, transparency and fairness in dealing with the intermediaries legislation commonly referred to as IR35, according to members of the freelance community who were invited on to the Treasury forum to discus the issue.
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Democrats Introduce In-Sourcing Bill Into US Congress 5/15/2012 Democrats in the Senate and House of Representatives have introduced into the
United States Congress the main tax measure out of President Barack Obama’s
recently-announced “To Do List”, to provide a tax credit for companies
over the cost of moving operations back to the country.
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Canada Highlights Improved Online Tax Services 5/14/2012 Gail Shea, Canada's Minister of National Revenue, has highlighted the Harper government’s efforts to reduce the tax administrative and compliance burden for businesses in Canada through the provision of online tax filing facilities.
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UK E-Seller Amnesty Deadline Looms 5/14/2012 HM Revenue and Customs has warned people trading on the internet and who may have tax irregularities that they now have just one month to take part in the e-sellers tax amnesty and avail of lower penalty rates.
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SA Will Not Impose Australian-Style Mining Tax 5/14/2012 At a press briefing, Mineral Resources Minister Susan Shabangu has confirmed that South Africa will not follow Australia in implementing a ‘mining super tax’.
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China Plugs Its Tax Help For SMEs 5/14/2012 China’s Minister of Finance Xie Xuren, at a seminar, has emphasized the
support that should be given by pro-active fiscal policies to the development
of small and medium-sized enterprises in the country.
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Spain Told To Recover Film Industry State Aid 5/14/2012 The European Commission has concluded following an investigation that the subsidization
of Ciudad de la Luz film studio complex by the Valencia Regional Government in Spain contravened
European law, as a grant worth EUR265m (USD343m) was not provided on market conditions.
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Hong Kong Concerned At Operation Of US Volcker Rule 5/14/2012 Following is a question in the Legislative Council, the Secretary for Financial
Services and the Treasury, Professor K C Chan, confirmed that Hong Kong shares
the concerns raised by other financial markets, such as Canada, France, Germany,
Japan and the United Kingdom, over the extra-territorial reach and the implementation
of the United States’ Volcker Rule restrictions.
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Russian Beer Tax Hikes Slash Industry Profitability 5/11/2012 Beer manufacturer Carlsberg has reported that its pre-tax profits for its Russian
business has all but evaporated during the first few months of this year, on the
back of steep alcohol tax hikes introduced at the start of 2012.
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South Korea To Cut Property CGT 5/14/2012 The South Korean government has disclosed that it will try to boost the local
housing market by relaxing restrictions on property transactions and cutting property
transfer tax rates.
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China, Colombia Initiate Free Trade Talks 5/11/2012 Colombian President Juan Manuel Santos has welcomed the conclusion of a total
of nine cooperation agreements with China during a recent official visit to Beijing, where
it was agreed that the two countries would commence discussions on the feasibility
of a bilateral free trade agreement.
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Qatar DTA Will Boost Investment In Bermuda, Says Cox 5/11/2012 Bermuda's Premier, and Minister for Finance, Paula Cox, has stressed that the signing of a Double
Tax Agreement with Qatar will significantly strengthen the territory's ability to act as
a western hub for the Islamic financial services industry.
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Putin Backs Ratification Of WTO Commitments This Year 5/14/2012 Russia's new President, Vladimir Putin has dismissed calls to delay the nation's
accession to the World Trade Organisation.
|
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Hungary To Abolish Bank Tax 5/11/2012 The Hungarian government has announced plans to halve the country’s bank
tax in 2013, before subsequently abolishing the levy in 2014.
|
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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 Expands RTI Pilot 5/11/2012 HM Revenue and Customs has announced the addition of a further 310 employer schemes to its Real Time Information pilot, which launched last month.
|
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Malaysia, India Sign Revised DTA 5/10/2012 On May 9, 2012, in Kuala Lumpur, Vijay Gokhale, the High Commissioner of India
to Malaysia, and Wan Abdul Aziz Wan Abdullah, Secretary General of Treasury in
the Malaysian Ministry of Finance signed a revised double taxation agreement between their two countries.
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Parliamentary Committee Approves Philippines 'Sin Tax' Reform 5/11/2012 The Ways and Means Committee of the Philippines House of Representatives
has approved an amended version of the bill to reform the existing ‘sin
taxes’ on alcohol and cigarette products.
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Hearing Focusses On US Consumer Internet Privacy 5/10/2012 The Federal Trade Commission and the Department of Commerce have used their
testimonies before a hearing of the United States Senate Committee on Commerce,
Science and Transportation to describe the Administration’s efforts to protect
consumer privacy over the internet.
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Obama Presents Tax 'To Do List' To Congress 5/10/2012 President Barack Obama has used remarks at the State University of New York in
Albany to present a ‘To Do List’ of tax measures that, in his opinion,
the United States Congress should pass to increase employment and economic growth.
|
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Financial Crisis Hits Jersey Finance Industry Profits 5/10/2012 The Jersey government's latest statistical report shows a significant decline in the profitability and size of the nation's financial services industry since the start of the financial crisis, putting pressure on Jersey tax receipts. Recent figures for 2011, however, show modest signs of improvements.
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Australian Budget Scraps Planned Business Tax Cuts 5/10/2012 A planned cut to business tax rates will not go ahead in Australia, as the government seeks to redirect projected mining tax revenue to help families and small businesses in the face of ongoing disputes with opposition parties.
|
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EU Fails To Unite On Basel III 5/10/2012 Despite a marathon round of intense negotiations in Brussels, led by the Danish
Presidency of the European Union, EU Economic and Financial
Affairs Council ministers failed to agree a common approach on the
issue of more stringent capital standards.
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IoM Concludes 30th Tax Sharing Pact, With Qatar 5/10/2012 The Isle of Man government has announced the signing of a comprehensive double
tax agreement with Qatar, only the fifth agreement of its type to be negotiated
by the Isle of Man, but the 30th agreement to include tax information exchange
provisions.
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Juncker Insists Fiscal Compact Not Up For Renegotiation 5/9/2012 Luxembourg’s Prime Minister and Eurogroup President Jean-Claude Juncker
has firmly ruled out the idea of completely renegotiating the fiscal compact,
agreed by twenty-five of the twenty-seven European Union member states back
in March, and aimed at strengthening budgetary discipline, following the election
of François Hollande as the new French President.
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US Lawmakers Question GSA 'Kickback' Policy 5/9/2012 The House of Representatives Ways and Means Subcommittee on Oversight Chairman,
Charles Boustany, has sent a letter to 15 departments and two agencies
across the United States government seeking information about the potential ‘abuse’
of the energy efficient commercial buildings deduction.
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Vale Suffers Setback In Brazilian Tax Fight 5/9/2012 The world's second largest mining company Vale SA, has announced that Brazil's
highest judicial authority, the Superior Court of Justice, has stripped the company
of an injunction it previously received which 'suspended the effects of the unfavourable
rulings related to the taxation of its foreign subsidiaries' earnings'.
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India To Defer GAAR Implementation 5/9/2012 India’s Finance Ministry is to push back the implementation of its controversial general anti-avoidance rule for a year and will amend some of its key provisions.
|
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Gibraltar Promotes E-Gaming Specialism In US 5/9/2012 The Gibraltar government has sought to improve relations and expand on business
opportunities with United States regulators, operators and businesses, with a delegation led by the Rock's
Minister with responsibility for gambling, Gilbert Licudi, to the GiGse Totally
Gaming conference in San Francisco.
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Offshore Merger And Acquisition Activity Rises 5/9/2012 A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
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EU, US Agree Common List Of 'Trusted Traders' 5/9/2012 The United States and the European Union have agreed to recognize one another's list of 'certified trusted traders', exposing these companies to faster, and less burdensome customs clearance procedures, to cut costs and introduce a more stable environment for cross-Atlantic trade.
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Australian Businesses To Benefit From Loss Carry Back Scheme 5/7/2012 Australia’s government is to introduce a new business tax relief with a ‘loss carry-back' initiative, designed to give businesses greater access to their legitimate tax deductions when making losses.
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WIPO, EPO Agree To Support Patent Cooperation Treaty 5/8/2012 With the aim of further developing the international patent system within the
framework of the Patent Cooperation Treaty, the European Patent Office and the World Intellectual Property Organization have agreed on a comprehensive
three-year technical co-operation scheme.
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European Court Rules Software Functionality Not Copyright Protected 5/8/2012 In SAS Institute Inc. v. World Programming Ltd, the Court of Justice of the European
Union has made an important ruling in that computer functions, programming
languages, and data file formats could not qualify for copyright protection, and
that only actual software code was eligible for copyright protection.
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France Begins Examination Of Hollande's Election Tax Package 5/8/2012 Following the upcoming legislative elections in June, French lawmakers are to
convene during an extraordinary session in July to examine a bill containing the
fiscal pledges outlined by President-elect François Hollande during his
election campaign, expected to increase the fiscal burden on households in France
to the tune of around EUR14bn (USD18.26bn).
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China Introduces CorporateTax Breaks For IT 5/7/2012 To encourage innovation in information technology and industrial technical
upgrading, China’s State Administration of Taxation
has announced preferential corporate income taxes for producers of software and
integrated circuits.
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WTO Members Ready To Revisit Doha Agenda 5/8/2012 World Trade Organisation member states have informally agreed to return to the negotiating table to progress the Doha Agenda at a pace that recognises the present crisis-time challenges for nations globally.
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IoM Will Not Follow UK's Lead On Taxing Business Jets 5/7/2012 The Isle of Man's Treasury Minister, Eddie Teare has confirmed that, despite the
territory maintaining many similar elements to the United Kingdom tax regime,
the island will not follow suit with the UK government's decision to begin taxing
small business aircraft under the Air Passenger Duty regime.
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Indonesia Imposes Export Tax, Restrictions On Mineral Ore Exports 5/7/2012 The Indonesian government is to place a tax on the export of certain raw minerals, as
well as banning their export by mining companies that have not agreed plans for
local processing in the country.
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IoM Welcomes CBI Endorsement 5/4/2012 The Isle of Man's Treasury Minister, Eddie Teare has welcomed further recognition
of the role being played by competitive tax jurisdictions in supporting economic
growth, in particular in the United Kingdom.
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Hollande, Sarkozy Go Head-To-Head On Tax 5/7/2012 During a long, bitter televised debate, aimed at attracting wavering voters ahead
of Sarkozy's defeat on May 6, and punctuated by attack and counter attack, outgoing French President
Nicolas Sarkozy and new Socialist President François
Hollande went head-to-head on key election battleground issues including taxation
in France and the crisis in Europe.
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IRS Reviews Tax-Exempt Status Revocations 5/7/2012 Following a request from the United States Internal Revenue Service, the Treasury
Inspector General for Tax Administration reviewed its Exempt Organizations
function’s implementation of the provisions of the Pension Protection Act
of 2006 related to the automatic revocation of an organization’s tax-exempt
status.
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Irish Tax Debt Falls, Shadow Economy Targeted 5/4/2012 The latest annual report of the Irish tax authority, the Revenue Commissioners, shows 'solid performance in challenging circumstances', with enforcement efforts yielding an increase in tax receipts and a reduction in outstanding tax debt.
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Hong Kong Readies Corporate Disclosure Regime 5/7/2012 Hong Kong’s Securities and Futures Commission and Hong Kong
Exchanges and Clearing Limited have both welcomed the enactment of the
Securities and Futures (Amendment) Ordinance 2012, which,
in particular, establishes a statutory disclosure regime for listed companies.
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Trinidad And Tobago Joins Nations Under Caribbean Court 5/4/2012 In a move that strengthens Caribbean legal cooperation, Trinidad and Tobago has
agreed to adopt the Caribbean Court of Justice as the nation's final court of
appeal, replacing its colonial link to the Judicial Committee of the UK's Privy
Council.
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Nissan Infiniti Locates Global HQ In Hong Kong 5/4/2012 Invest Hong Kong has used its recent assistance to Infiniti, Nissan
Motor’s luxury car brand, while basing its global headquarters in the city, to highlight
Hong Kong's favoured position as a preferred location for overseas multinationals.
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Tax Guidance Issued For Foreign Ships Visiting Australia 5/4/2012 The Australian Taxation Office has recently issued guidance on the tax requirements
that must be met by foreign-based ship owners and charterers carrying passengers,
livestock, mail or goods shipped in Australia.
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NZ Parliament Passes International Tax Amendments 5/4/2012 The Taxation (International Investment and Remedial Matters) Bill, introduced
in October 2010 to reform taxation on the gains of New Zealand residents from their investments in overseas entities, has passed its final stages in Parliament.
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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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New Zealand, Canada Sign DTA 5/3/2012 On May 3, New Zealand’s Revenue Minister, Peter Dunne, and the Canadian
Minister of International Trade, Ed Fast, signed an updated double tax agreement to replace their countries’ 1980 bilateral treaty.
|
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France Publishes 2011 Patent Applicant Rankings 5/4/2012 The French national institute for industrial property has recently published
details of the 2011 rankings for the country’s top patent applicants,
based on the number of patents published last year.
|
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Report Shows Incentives For US Companies To Drop Health Cover 5/4/2012 In a new report prepared for the House of Representatives Ways and Means Committee,
data from United States Fortune 100 companies show that they could save significant
amounts under the new health care law by simply terminating health insurance for
their workers and putting those employees into taxpayer-funded health care exchanges.
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IRD Issues 2m Individual Tax Returns In Hong Kong 5/3/2012 As Hong Kong’s Inland Revenue Department begins sending
out 2.16m tax returns, the Commissioner of Inland Revenue, Chu Yam-yuen, reminded
individual taxpayers to file their tax returns by June 2, while sole proprietors
of unincorporated businesses have until August 2.
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IRS Accepting Applications For Taxpayer Clinic Grants 5/4/2012 After the recent disclosure that applications could be made for the Tax Counselling
for the Elderly and Volunteer Income Tax Assistance grant programmes, the United
States Internal Revenue Service has now also announced the opening of the
2013 Low Income Taxpayer Clinic grant application process.
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Hong Kong Will Not Change Depreciation Rules 5/3/2012 In reply to a question in the Legislative Council, Hong Kong’s Secretary
for Commerce and Economic Development, Gregory So, said that the government could
not permit Hong Kong enterprises with import processing subsidiaries in Mainland
China to submit claims for depreciation for machinery used there.
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HKMA Reviews Its Progress In 2011 5/3/2012 In addition to its actions to strengthen further the risk management of banks
through its supervisory actions and countercyclical measures on property mortgages,
the Hong Kong Monetary Authority pointed, in its 2011 Annual Report, to
its support to the further expansion of renminbi market activities in Hong Kong.
|
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Canada, Serbia Sign DTA 5/2/2012 Canada and Serbia have signed a convention for the avoidance of double taxation
with respect to taxes on income and capital, which will restrict the rate at
which withholding tax is applied on income between the two countries.
|
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US Issues Annual IPR Country Report 5/3/2012 The Office of the United States Trade Representative has released its annual
‘Special 301 Report’ on the perceived adequacy and effectiveness of
US trading partners’ protection and enforcement of intellectual property
rights (IPR).
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