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South Africa Consults On Retirement Savings Incentives 5/15/2012 Following the Minister of Finance Pravin Gordhan’s announcement in his 2012
Budget in February that the South African government is looking to provide incentives
for savings and the reform of the retirement industry, the National Treasury has
now published an overview consultation paper.
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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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South Africa Loses CGT Exit Charge Appeal 5/11/2012 The South African Revenue Service has lost its Supreme Court appeal on
a case concerning the capital gains tax that it said should be applied on
a deemed disposal when a taxpayer becomes non-resident.
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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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Frieden Backs 'Inspirational' Swiss-German Tax Deal 5/2/2012 Luxembourg’s Finance Minister Luc Frieden has recently underscored that
the Swiss-German bilateral tax treaty will greatly influence and will be ‘inspiring’
for the ongoing debate within the European Union on the taxation of interest.
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Taiwan's Cabinet Tweaks Final CGT Structure 4/30/2012 Taiwan’s Finance Minister Christina Liu has confirmed the government has
agreed the final structure of the new capital gains tax, that it intends
to impose on profits made from trading in shares and bonds.
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India Reassures US On Retrospective Tax Plans 4/24/2012 India's Finance Minister Shri Pranab Mukherjee has defended plans for retrospective tax legislation, telling the US Secretary of the Treasury that the proposals merely clarify the intent of current laws.
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Vodafone Challenges Indian Tax Law 4/23/2012 The ongoing tax dispute between India and Vodafone has erupted again, with the telecoms company now serving a Notice of Dispute against the government's controversial new retrospective tax legislation.
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New UK Non-Dom Scheme Welcomed 4/18/2012 The UK's new 'non-dom' legislation provides potentially attractive relief, but investors must be aware of the complex rules, lawyers have warned.
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South Africa Consults On Long-Term Insurers' CGT 4/18/2012 With regard to the proposals announced in the South African 2012/13 Budget in
February this year, the National Treasury has released for public comment details
on how increased capital gains tax rates will be applied to long-term insurers.
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Details Provided Of Taiwan's Proposed CGT 4/17/2012 Taiwan's Finance Minister Christina Liu has announced the structure
of the new capital gains tax that the government will impose on profits made from trading in shares, bonds and derivative products, such as futures and options.
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Taiwan's CGT Unlikely To Affect Small Retail Investors 4/12/2012 Following a further meeting of the government’s tax reform committee, Taiwan’s
Minister of Finance Christina Liu has indicated that the proposal on a new capital
gains tax on stock exchange profits is likely to be presented to the Executive
Yuan shortly, but would also then need to be passed through the Legislative Yuan.
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Taiwan's CGT May Exempt Foreign Investors 4/10/2012 Following a meeting of the government’s tax reform committee, Taiwan’s
Ministry of Finance indicated that it was probable that foreign investors would
be exempt from any proposal for a new capital gains tax on stock exchange profits.
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Irish Tax Revenue On The Up 4/6/2012 Irish tax revenues were 10.2% ahead of target in March, an improvement caused by later than expected corporate tax collections and the technical reclassification of some income tax receipts.
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Proposal For CGT In Taiwan Due Next Month 4/5/2012 At a parliamentary committee meeting, Christina Liu, Taiwan’s Minister of
Finance has promised that a draft proposal for a new capital gains tax on
stock exchange profits will be submitted to the Executive Yuan within one month.
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CGT A Top Priority For Taiwan's Tax Panel 4/2/2012 Christina Liu, Taiwan’s Minister of Finance has disclosed that the government’s
tax committee has, as one of its top priorities, the proposal for a capital gains
tax on stock exchange profits.
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South Africa Issues Tax Guide For Shareholders 3/28/2012 The South African Revenue Service has issued a new tax guide for shareholders,
in which it attempts to provide general guidance for the increasing number of
South Africans who have become owners of shares.
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Number Of French Tax Exiles 'Marginal' 3/22/2012 Linked to the French finance ministry, the national union of tax officials has recently revealed that only one in one thousand individuals subject to wealth
tax actually leaves France each year.
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Thai Stock Exchange Calls For CGT Relief 3/20/2012 The President of the Stock Exchange of Thailand, Charamporn Jotikasthira,
has disclosed that he will request that the Ministry of Finance exempt investments
made through the intra-Association of Southeast Nations trading platform
from capital gains tax.
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French Exit Tax Kicks In 3/12/2012 French Budget Minister Valérie Pécresse
has recently confirmed that the government’s exit tax, adopted by parliament
in July last year, applies to the transfer of a tax residence outside of France
since March 3, 2011.
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Irish Tax Revenues Ahead Of Target 3/8/2012 Irish tax revenues rose considerably in January and February, largely due to delayed corporation tax receipts and the technical reclassification of some income tax revenue.
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UK Tax Revenues Below Expectations 2/28/2012 Growth in the UK's tax revenues was significantly lower than forecast, largely due to a fall in value added tax and weak self-assessment receipts.
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Romney Proposes Across-The-Board Tax Cuts 2/24/2012 Following President Obama’s corporate tax reform proposals, Mitt Romney,
one of the leading Republican presidential candidates, issued his own proposals
to kick-start United States economic growth by cutting tax rates, broadening
the tax base and providing for tax simplification.
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South African Budget Unveiled 2/24/2012 Despite the concerns previously expressed over prospective South African public
sector debt levels, Minister of Finance Pravin Gordhan’s 2012 Budget confounded expectations by looking for reduced fiscal deficits,
rather than increases, in the next three years, despite tax relief measures and significant increases
in government spending.
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Taiwan Forms Tax Reform Study Group 2/22/2012 Christina Liu, the new Minister of Finance, has confirmed that a task force will
be convened towards the end of next month by Taiwan’s Premier Sean Chen,
to help examine and propose tax reform policies.
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Study Highlights High US Investment Tax Rates 2/16/2012 A study on United States corporate dividend and capital gains taxation, prepared
for the Alliance for Savings and Investment by Ernst and Young, discusses
the negative impact high tax rates on capital gains and dividends have on key
economic factors, including productivity, wages and decision making by investors
and companies.
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Taiwan Looks At A Windfall Tax 2/6/2012 Christina Liu, who will be Taiwan’s Minister of Finance in the cabinet reshuffle
after the last month’s elections, has disclosed that she intends to appoint
a committee to look at the government’s tax reform options, including a
possible windfall tax.
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India Likely To Change Tax Law After Vodafone Case 2/6/2012 The Indian government is planning to include additional provisions in the forthcoming Direct Taxes Code in an attempt to avoid future court clashes with multinational companies like Vodafone.
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Pakistan Eases CGT On Shares 1/30/2012 Pakistan’s Federal Finance Minister Dr Abdul Hafeez Shaikh has announced that the government is to ease the rules on capital gains tax in the hope of boosting investment and reviving trading volumes in the local stock market.
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Romney Discloses Tax Returns 1/27/2012 Mitt Romney, one of the two leading Republican contenders for the United States
Presidency, has, following some pressure to do so, divulged his tax returns for
the past two years that, as expected, show the low effective tax rates he pays.
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UK December Tax Figures Show Improvement 1/25/2012 The UK Exchequer raked in over 7% more in tax revenues in December, 2011 compared with the same period last year, according to the latest government figures.
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Austrian Unions Eye Wealth Tax Package 1/24/2012 During the course of a recent joint conference, the Austrian Federation of Trade
Unions and the Austrian Labour Chamber underlined the need for both expenditure- and revenue-based measures to be included
in the coalition’s planned EUR10bn (USD13bn) consolidation package.
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Vodafone Wins Indian Tax Dispute 1/25/2012 India’s Supreme Court has ruled that Vodafone Group Plc is not liable for a USD2.2bn bill in back taxes and penalties after the USD11.2bn acquisition of Indian mobile phone company Hutchinson Essar in 2007.
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Hong Kong Plugs Its Private Equity Advantages 1/20/2012 In a speech at the Asia Private Equity Forum 2012 in Hong Kong, the Financial
Secretary, John C. Tsang, confirmed that private equity is an important component
of Hong Kong's asset management business, as Asia has become a magnet for venture
capital investment, largely on the back of developments in mainland China.
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Cayman Special Economic Zone Opens Up 1/4/2012 The Premier of the Cayman Islands, McKeeva Bush, in his new year's address, has
noted that the territory is to attract additional investment as a result of the
Cayman Enterprise City - the first special economic zone in the Caribbean - due
to begin admitting companies this month.
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South Korea To Ease Capital Gains Tax On Property 12/8/2011 With the South Korean property market having seen only a sluggish recovery this
year, the government has decided to remove permanently the threat of an additional
capital gains tax on owners of more than one property.
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Belgium Unites On 2012 Budget 11/30/2011 At the eleventh hour and following intensive talks, negotiators in Belgium, led by Elio Di Rupo, tasked by the King with forming a viable coalition government, have finally united on plans for the country’s 2012 budget, providing for savings of EUR11.3bn (USD15.1bn) and for a public deficit of 2.8% of gross domestic product.
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India Has No Plans To Reduce STT 11/29/2011 The Indian government has no plans to lower the securities transaction tax, according to the Minister of State for Finance S.S. Palanimanickam.
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South Africa Clarifies Takeover Debt Taxation 11/21/2011 South Africa’s Minister of Finance, Pravin Gordhan, in his introductory
remarks to parliament on the Taxation Laws Amendment Bills, 2011, clarified the
final disclosure requirements under the anti-avoidance rules within the country’s
tax code that were originally introduced to facilitate intra-group transactions.
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Mauritius Unveils 2012 Budget 11/9/2011 Mauritian Finance Minister Xavier-Luc Duval has recently unveiled details of
the government’s 2012 finance bill, designed to promote export and market
development, and to open up the country’s economy, and providing for tax
measures intended to boost growth and investment and to promote social justice.
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UK Targets Foreign Property Owners 11/3/2011 The UK government is focussing on wealthy individuals with overseas property in its ongoing crackdown on tax avoidance.
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Perry Reveals 'Cut, Balance and Grow' Plan 10/27/2011 US Presidential candidate, Rick Perry has revealed plans to reform the current tax system stating that, if elected, he will create new jobs and re-invigorate the US economy.
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Top American Earners Paying More Tax 10/27/2011 The income earned by the top 1% of United States taxpayers has declined for the
second year in a row while their average tax rate has increased, according to
a study by the Tax Foundation.
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Court Backs HMRC In Key UK Residency Case 10/20/2011 International businessman Robert Gaines-Cooper has lost his long-running dispute with HM Revenue and Customs, with the UK's highest court ruling in favour of the taxman in a contentious dispute over the interpretation and application of residency guidance.
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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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Australia Offers Flood Victims CGT Relief 10/11/2011 Owners of investment properties involved in the Australian Lockyer Valley Regional Council's land swap program will be eligible for capital gains tax relief as part of the federal government's ongoing work to assist people affected by the floods last summer.
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India Reconsiders Securities Transaction Tax Cut 10/3/2011 The Indian Finance Ministry is reportedly looking at reducing or even abolishing the securities transaction tax. This should please investors who have to pay the tax on a share transaction whether they have made any profit or not.
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Australia Consults On CGT Changes 9/27/2011 Following public consultation earlier this year on the exposure draft for a package of capital gains tax measures, the Australian government has developed a further draft of legislation to address issues raised in relation to the share and interest share facilities measure.
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France's 2011 Budget Published In Official Journal 9/23/2011 The French government’s second 2011 finance bill,
designed to reduce the public deficit, has recently been published in the country’s
official journal.
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Renewed Calls For New Zealand Earthquake Tax 9/1/2011 The New Zealand government must consider new taxes to help address the skyrocketing costs of the Canterbury earthquakes, say opposition party leaders.
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France Unveils 3% Tax On High Incomes 8/29/2011 French Prime Minister François Fillon has announced plans to introduce
an exceptional tax on top earners in France, as part of a package of fiscal measures
intended to enable the government to meet its ambitious deficit reduction targets
despite sluggish economic growth.
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German State Opposes Berlin On Tax Cuts 8/26/2011 Flouting plans by the federal coalition government in Berlin to reduce taxes in
Germany from 2013, the Christian Democratic Union party’s finance
committee in Saxony-Anhalt has called for nationwide tax rises to be introduced
to consolidate the public finances.
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Namibia Waters Down Increased Mining Tax Proposals 8/24/2011 The Namibian government has decided to rescind or reduce most of the increased
tax proposals that it had previously threatened to impose on the country’s
mining sector, with the objective of gaining more revenue from current high global
commodity prices.
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Debate On UK's Top Tax Rate Rumbles On 8/16/2011 The UK's top rate of personal income tax will not be a permanent fixture, according to the Chancellor, who has said that the country needs its taxes to be competitive.
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Italy Presents Its Anti-Crisis Budget 8/16/2011 In a rapid response to the financial markets crisis, the Italian government has, several days
before it was originally expected, produced an additional 'anti-crisis'
package to accelerate the balancing of the country’s budget.
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Italy To Bring Forward Emergency Anti-Crisis Measures 8/15/2011 The Italian government is in the process of formulating ‘anti-crisis’
measures, to be approved at a ministerial meeting planned for as early as August
16, and then presented to a recalled parliament, which will accelerate the balancing
of the country’s budget and will, hopefully, be more acceptable to the financial
markets.
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Australian Retailers Attack Low-Value Import Exemption 8/11/2011 The Productivity Commission faces a clear choice between securing Australian jobs and giving a taxpayer-subsidized handout to overseas retailers and international shipping companies. That is the view of the Australian National Retail Association following the recent release of the Commission’s draft report on the globalization of the retail industry.
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Vietnamese Parliament Passes Tax Incentives 8/11/2011 At its closing session on August 6, Vietnam’s parliament passed several
resolutions giving tax incentives, particularly to small and medium-sized enterprises and individuals on lower incomes.
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New Zealand Savings Scheme Will Not Be Taxed Under Opposition’s Proposals 8/9/2011 New Zealand KiwiSaver funds will not incur capital gains tax on their share investments under the Opposition Labour Party’s policy proposals unveiled last month, the Party has confirmed.
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Vodafone's Indian Tax Bill Hearing Starts 8/5/2011 India’s Supreme Court this week began hearing British mobile phone company Vodafone’s dispute over a huge tax bill slapped on it by the Indian tax authorities, a case which could have major ramifications for other large foreign investors in India.
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Australia To Remove Disability Trust Barriers 8/2/2011 Australian citizens with severe disability and their carers are being asked to comment on draft legislation that will remove income tax barriers to make it easier for people to contribute to a Special Disability Trust.
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South Africa Consults On Microinsurance 7/29/2011 The government has published a policy document summarising a regulatory framework
for microinsurance in South Africa, either by amending the existing long- and
short-term insurance legislation, or through a stand-alone Microinsurance Act,
together with the introduction of relevant tax provisions.
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Australia Extends Super Fund Loss Relief 7/27/2011 The Australian government has developed draft legislation to implement an extension to the temporary loss relief for superannuation funds that are currently in the process of merging, and has issued an exposure draft of the legislation and explanatory material.
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Poll Shows Support For New Zealand CGT 7/25/2011 According to a research poll the New Zealand Labour Party’s proposed introduction of a capital gains tax is supported by more people than are opposed to it.
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India To Give Investors CGT Break 7/25/2011 Rajinder Pal Singh, Secretary of the Indian Department of Industrial Policy and Promotion, has announced that the national manufacturing policy proposal to grant exemption to Small and Medium Enterprises from capital gains tax has been approved 'in principle' by the Revenue Department of the Finance Ministry.
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New Zealand Labour Party Reveals Tax Plans 7/18/2011 New Zealand opposition leader Phil Goff has revealed the Labour Party's plans for the country’s economy, including introducing a capital gains tax and an increase in the top tax rate. The plans were unsurprisingly met with scorn by the government.
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Belgium's NVA Rejects Di Rupo's Fiscal Model 7/11/2011 Provoking fierce criticism from other political parties, leader of Belgium’s
New Flemish Alliance, Bart De Wever, has refused to enter into discussions
on the detailed programme of fiscal and institutional reforms, drawn up by francophone
Socialist Elio Di Rupo, designed to redress the public finances.
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Belgium's Di Rupo Mulls Crisis Tax 7/8/2011 Tasked with forming a new coalition government, leader of Belgium’s Socialist
Party Elio Di Rupo recently unveiled details of a raft of fiscal measures and
reforms, designed to redress the public finances and to return the country’s
budget to balance by 2015.
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UK Reforms Rules To Boost SME Investment 7/8/2011 In an effort to encourage more equity financing of small and start-up businesses in the UK, the government has launched a consultation on proposals for reforms to the Enterprise Investment Scheme and Venture Capital Trusts.
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Vodafone's Indian Tax Bill May Double 7/6/2011 Leading telecoms company Vodafone has warned that the firm's back tax liability in India could double if the Indian Supreme Court rules in favour of the country's tax authorities with regard to a long-standing tax dispute.
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UK 'Mansion Tax' Idea Resurfaces 6/28/2011 The UK Liberal Democrats, the junior party in the governing coalition, are said to be planning to resurrect 'mansion tax' proposals, in the event of the top rate of personal income tax being scrapped.
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Prada's Hong Kong IPO Affected By Italian Tax Concerns 6/21/2011 The initial public offering in Hong Kong by the Italian luxury fashion goods
company, Prada, has raised less than anticipated, in part due to Italian tax concerns.
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French Assembly Adopts Collective Budget Bill 6/17/2011 The French National Assembly has voted in favour of the government’s
supplementary 2011 finance bill, providing for a reduction in the taxation of
wealth and for the abolition of the highly controversial and increasingly untenable
tax shield mechanism.
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Ireland Legislates For Civil Partnership Tax Rights 6/13/2011 Ireland is to amend its tax legislation to provide registered civil partners with the same treatment as married couples in relation to key taxes.
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Egypt Scraps Capital Gains Tax Proposals 6/13/2011 The Egyptian government has announced that it will completely abandon plans
for a new capital gains tax days after
Finance Minister Samir Radwan retreated on the issue of imposing a 10% tax on stock exchange transactions.
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Egypt Backtracks On Capital Gains Tax 6/9/2011 Egyptian Finance Minister Samir Radwan has buckled under pressure from traders
and u-turned on aspects of his government's proposed 10% capital gains tax on stock market profits,
mergers and acquisitions, and asset revaluations, announced recently in the 2011/12 budget.
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Australia Clarifies Trust Taxation 6/7/2011 Australia's Assistant Treasurer, Bill Shorten on June 2 introduced legislation
that will ensure that capital gains and franked distributions can continue to
be 'streamed' through trusts.
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Irish Tax Receipts Up, But Corporate Receipts Plunge 6/3/2011 In spite of weaker than expected figures, Ireland's tax revenues increased year-on-year, bolstered in large part by additional tax measures brought into effect at the beginning of the year.
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Shorten Defends Australia's Tax, Merger Polices 6/2/2011 Australian Assistant Treasurer Bill Shorten has said that the failure in April of the merger between the Australian and Singapore Stock Exchanges and tax rulings on private equity deals would not stop Australia becoming a financial services hub.
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HMRC Consults On Tax Avoidance Schemes 6/2/2011 The UK's crack down on tax avoidance continues, with three new consultations launched, designed to tackle high risk tax avoidance schemes, combat road vehicle value-added tax evasion, and amend the capital allowances system in relation to plant and machinery.
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Australia Improves Disability Trust Tax Rules 5/23/2011 The Australian Assistant Treasurer Bill Shorten has announced that the Government will introduce legislation to remove further income tax barriers that impede families from making financial contributions to a Special Disability Trust.
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Tax Help For Australian Landlords Affected By A Natural Disaster 5/17/2011 The Australian Tax Office is alerting more than 200,000 people who own a rental property that may have been affected by recent natural disasters to the expenses they may be able to claim that may reduce their taxable income.
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Indian Vodafone Tax Case Adjourned 5/16/2011 The long-running court case involving the tax liability of Vodafone’s acquisition of an Indian mobile phone company in 2007 continues, with the Authority for Advance Ruling (AAR) adjourning the case until May 24.
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New Zealand Assesses Tax Options 5/5/2011 According to Finance Minister Bill English, the New Zealand government is in agreement with the Organization for Economic Co-operation and Development that New Zealand should return to budget surplus as soon as possible, and he says that the Budget this month will take steps in that direction.
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South Korean Parliament Passes FTA With EU 5/5/2011 Despite continued opposition from the main opposition Democratic Party, the
ruling Grand National Party pushed approval of the South Korea-European
Union free trade agreement through the South Korean parliament on May
5.
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OECD Makes Tax Recommendations For NZ 5/2/2011 The Organisation for Economic Co-operation and Development has recommended that New Zealand's government implement a bold programme of fiscal consolidation, based on spending restraint and reform of the tax and pension systems. In particular, in order to address what are seen as substantial distortions in the housing market, a capital gains tax is seen as necessary.
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Andorra Undertakes First Phase Of Tax Regime Overhaul 4/29/2011 Despite political upheaval in Andorra, legislation providing for a corporate income
tax, initially on non-resident entities, at a rate of 10% came into force as of
April 1, 2011. The introduction of a Value-Added Tax regime, to be followed by
the extension of the income tax regime to resident individuals and corporations
are forthcoming but subject to political stability.
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Irish Tax Receipts Lowest Since 2003 4/28/2011 Despite net receipts surpassing Budget expectations, the Irish Revenue's annual report shows that such levels are, in fact, down on the previous year, representing the lowest recorded since 2003.
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Costa Rican Tax Reform Needed, Says IMF 4/15/2011 Concluding its mission to Costa Rica, the International Monetary Fund has said that the medium term economic outlook is broadly positive, and that tax reform is key to the securing of a higher revenue base.
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Australia To Improve Taxation Of Trust Income 4/14/2011 The Australian Assistant Treasurer Bill Shorten has released for public consultation exposure draft legislation that will increase certainty for trustees and beneficiaries of approximately 660,000 trusts in Australia.
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UK Highlights New Offshore Penalty Regime 3/30/2011 The UK is to impose a stringent new anti-avoidance regime on individuals with undeclared offshore income, with increased penalty rates designed to act as a powerful deterrent.
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Italy Increases Scrutiny Of Takeovers 3/25/2011 Italy’s Revenue Agency has disclosed that it is checking the tax implications
arising out of the sales of substantial shareholdings in Parmalat and Bulgari
to French companies, while the Italian government has approved a decree aimed
at restricting takeovers in certain strategic industrial sectors.
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CBI Wants Improved UK Tax Competitiveness 3/8/2011 The Confederation of British Industry has once again reiterated its desire that the Chancellor use his upcoming Budget to focus on areas that do most to boost economic growth and job creation, and argued that the government must address specific areas of taxation causing concern for businesses.
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Tax Simplification Proposals Made To UK Treasury 3/7/2011 The Office of Tax Simplification has concluded its review into 155 tax reliefs and published its report, putting its final recommendations to the Chancellor.
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EU Targets UK Anti-Avoidance Laws 2/23/2011 Unexpected infringement proceedings launched by the European Commission may force the UK to rescind tax rules on assets transferred abroad, and its treatment of the gains of non-UK resident companies, a move that strikes at the very heart of the country's anti-avoidance legislation with regard to offshore asset protection arrangements.
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New Zealand Businesses Looking For Tax Simplification 2/16/2011 According to a recent survey in New Zealand, the policy most likely to find favour with business voters ahead of this year’s General Election would be the simplification of provisional tax rules.
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Sarkozy Open To 'Social' VAT Levy 2/15/2011 While firmly ruling out the idea of imposing a tax on capital gains derived from
the sale of a main residence, French President Nicolas Sarkozy has recently revealed
that he has not as yet ruled out in principle the idea of a rise
in value-added tax to fund social protection in France.
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Obama To 'Startup America' 2/2/2011 Supported by new initiatives and tax incentives, United States President Barack
Obama has launched ‘Startup America’, a national campaign to encourage
entrepreneurship and private sector investment in job-creating start-ups and small
firms.
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Slump Hits German Withholding Tax Take 1/27/2011 As a result of the financial crisis and lower interest rates, the tax authorities
in Germany last year received significantly less in income from capital gains
taxes compared to the previous year, with EUR12.44bn registered in 2009 against
EUR8.7bn in 2010.
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Philippines Stock Exchange Rejects Tax Increase 1/25/2011 Hans B. Sicat, president and chief executive officer of the Philippine Stock Exchange, has written to the Philippines Securities and Exchange Commission rejecting any claim by the Bureau of Internal Revenue to impose an
increased capital gains tax on listed companies.
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