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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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South African Treasury Attacks E-Tolls Delay 5/21/2012 In his National Treasury Budget Vote speech, the South African Finance Minister
Pravin Gordhan, has branded as 'unhelpful' the delay in the implementation
of road tolls for the Gauteng Freeway Improvement Project, as it could
adversely affect other infrastructure projects in the country.
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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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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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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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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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South African Government Sets Up Gauteng E-Tolls Committee 5/7/2012 Following the recent decision in the South African High Court against the levying
of e-tolls, originally planned for the end of last month, on the Gauteng Freeway
Improvement Project, the government has appointed a review committee to
look at all aspects of financing the project.
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Further Attacks Launched On Italian Tax Evaders 5/1/2012 Following an announcement by the Italian financial police, Guardia di Finanza, that it has already uncovered substantial amounts of undeclared income in the first four months of 2012, the Italian Revenue Agency launched countrywide anti-evasion checks during the May Day holidays.
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Dutch Lawmakers Unite On Austerity Budget 5/1/2012 Despite the recent collapse of Mark Rutte's minority coalition government and
ensuing panic on the already anxious markets, the Dutch parliament has finally adopted
the country’s budget package, designed to reduce the budget deficit to
3% of gross domestic product in 2013, and providing for savings of around
EUR12bn (USD15.9bn) next year.
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Court Rules Against South Africa In Road Tolls Case 4/30/2012 Shortly after the South African Department of Transport announced that the implementation
of the Gauteng Freeway e-tolls had been postponed for a month, it found out that,
in fact, levying of the tolls has been halted for a much longer time following
a decision in the High Court.
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Canada, Costa Rica To Expand FTA 4/25/2012 Canada and Costa Rica have concluded a third round of talks on the expansion and modernization of their existing free trade agreement.
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South African Government Joins Road Tolls Case 4/24/2012 South Africa’s National Treasury has applied for leave to intervene in the
application currently before the North Gauteng High Court for an interdict against
the levying and collection of tolls on the improved Gauteng Freeway system.
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East African States Boost Appeal With Red Tape Cuts 4/16/2012 A new report shows that the business environment in all five economies of the
East African Community - Burundi, Kenya, Rwanda, Tanzania, and Uganda - improved
substantially in 2010-11, with the implementation of significant regulatory reforms,
including to ease the burden of paying taxes.
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Swiss Re Corporate Solutions Establishes Dubai Office 4/9/2012 The Dubai Financial Services Authority has granted Swiss Re Corporate Solutions
a licence to operate in the Dubai International Financial Centre.
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New Zealand Doing Well, IMF Says 4/9/2012 The International Monetary Fund has praised New Zealand's deficit reduction plan and called the government's macroeconomic stance appropriate in its latest review.
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Gordhan Reviews South African Tax Season 4/3/2012 South Africa’s Minister of Finance, Pravin Gordhan, has disclosed the preliminary
tax collection results of the South African Revenue Service for the 2011/12
fiscal year, and introduced its new five-year Compliance Programme.
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US Congress Agrees Short-Term Highways Funding Fix 4/3/2012 On March 30, the day before funding for the infrastructural programmes of the
United States Federal Highway Trust Fund ran out on April 1, President
Barack Obama announced that he had signed into law the Surface Transportation
Extension Act of 2012, which provides a three-month extension until June 30, 2012.
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Indian Budget Signals Further Reform Delays 3/20/2012 India’s 2012 Budget has been unveiled, including a raft of tax measures designed to signal progress in the implementation of a direct tax code and a goods and services tax regime.
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US Senate Passes Highways Tax Bill 3/16/2012 On March 14, the United States Senate passed, on a bipartisan basis, a bill to
provide for an extension of highway-related taxes and the funding of infrastructural
spending by the Federal Highway Trust Fund, which included an anti-tax haven amendment.
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Australian Floods Declared Disasters For Tax Purposes 3/13/2012 The Australian government has declared the recent floods a disaster for tax purposes, thus making donations to relief funds tax deductible.
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CII Calls On India To Cut Coal Duty 3/6/2012 The Indian government should consider a reduction in customs duty on non-coking coal, the Confederation of Indian Industry has said.
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Canada, Costa Rica Hold Talks To Improve FTA 2/14/2012 Canada and Costa Rica have concluded a second round of talks on the improvement of their existing free trade agreement.
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Irish Company Formations Up; Insolvencies Fall 2/10/2012 Conditions on the ground in Ireland may be improving, according to new figures published by Vision-net, which show that new business formations in Ireland have outpaced insolvencies so far this year, despite four insolvencies every day.
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UK Outlines 2012 Tax Enforcement Plans 2/13/2012 The UK tax authority, HM Revenue and Customs has outlined that in the coming year
it will focus its tax enforcement efforts on taxpayers that fail to make tax returns
and those that are liable to pay tax at the highest personal income tax rates,
as well as launching targeted campaigns in two specific sectors.
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Ireland Launches Immigrant Investor Programme 1/26/2012 The Irish government is to introduce two major new immigration initiatives aimed at encouraging non-European migrant entrepreneurs and investors.
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Taiwan Eases Expat Worker Rules 1/25/2012 A revision to the Employment Services Act passed by Taiwan’s parliament
has not only extended the maximum number of years that foreigners may work in
Taiwan from nine to twelve years, but also lowered the fine for late payment of
their employment stabilization fees.
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Indonesia Extends Tax Incentives 1/10/2012 The Indonesian government has issued a revised regulation that will increase the
number of sectors which will be eligible for tax allowances, particularly those
in under-invested downstream industries that would reduce the country’s
imports of finished goods.
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Saint Kitts Set To Launch Super Yacht Marina 12/28/2011 Caribbean territory Saint Kitts and Nevis has announced that new construction projects, to build a mega-yacht marina, and a world-class private jet terminal, will be concluded during 2012 alongside other projects to market the islands to high-net-worth visitors and holidaymakers.
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UK Issues Warning On Olympics Labour Taxes 12/21/2011 Employers taking on more staff ahead of the London Olympics must carry out checks to ensure their labour suppliers are paying the correct taxes, HM Revenue and Customs has said.
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Swiss Economy Hit By Eurozone Crisis 12/20/2011 The federal government’s expert group on economic forecasts has recently
announced sluggish growth prospects for the Swiss economy, in view of an increasingly
bleak economic outlook in the European Union and given the strong Swiss
franc.
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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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Japan Enacts Funding Bills For Reconstruction 12/1/2011 Both houses of parliament have now approved the legislation which will provide
the tax revenues to enable the Japanese government to service the special bonds
that will finance the bulk of its JPY12.1 trillion third reconstruction
budget.
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Japan Looks Again At Future Consumption Tax Rises 11/23/2011 Following parliamentary approval for the third and largest reconstruction budget
on November 21, political discussion in Japan has returned to Prime Minister Yoshihiko
Noda’s intentions regarding the proposed increases to the rate of consumption
tax.
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US Repeals Contractors Tax 11/21/2011 With the passage of the Senate-amended bill through the House of Representatives
on a bipartisan vote, the United States Congress has finally approved legislation
to repeal the 3% withholding tax on payments made to contractors providing services
to government entities.
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Canada, Costa Rica Look At Improving FTA 11/9/2011 Negotiations have begun between Canada and Costa Rica on the proposed modernization of their existing free trade agreement, it has been announced.
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UK Unveils New Tax Avoidance Taskforces 5/1/2012 The creation of five taskforces, targeting, among others, scrap metal dealers, construction traders and fast food outlets, has been unveiled by the UK tax authority, HM Revenue and Customs.
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IMF Recommends Bahamas Consumption Tax 11/9/2011 The International Monetary Fund has published its Article IV consultation with the Bahamas, which contains recommendations for the government to introduce a broad-based consumption tax to aid debt reduction efforts amid a continued contraction in the islands' financial services and construction sectors.
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Vietnam Delays Corporate Tax Payments 11/2/2011 Vietnamese Prime Minister Nguyen Tan Dung has signed a Decision which approves a delay to the payment of corporate income tax for businesses employing
a significant number of workers in certain labour-intensive sectors.
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Australia Details Tax Incentives For Infrastructure Projects 10/26/2011 In a bid to promote private investment, the government of Australia has announced the proposed introduction of tax loss incentives for qualifying infrastructure projects.
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Japan To Give Corporate Tax Exemption In Disaster Region 10/13/2011 The Japanese government’s tax panel has approved the provision of a five-year
corporate tax exemption to businesses that invest in the earthquake and tsunami-hit
north-east of Japan.
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Saint Kitts And Nevis Committed To Deficit Reduction 10/10/2011 Amid pressure to rapidly reduce the territory's debt, Denzil Douglas, the Prime Minister of Saint
Kitts and Nevis has reassured taxpayers that the government's decision to reduce the rate of stamp tax payable on transfers of land or property will not result in a loss
of revenue for the government.
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Japanese Government Puts Forward Huge Reconstruction Budget 10/11/2011 The Japanese government has agreed a further JPY12 trillion budget,
including proposals for taxation increases, to be presented to opposition parties
and parliament for the financing of reconstruction costs in the earthquake and
tsunami-hit north-east of Japan.
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Japanese Tax Panel Proposes Disaster Tax Relief 10/10/2011 A government tax panel has proposed new measures to provide tax relief for individuals
and companies that were affected by the earthquake and tsunami in north-east Japan
earlier this year, as well as for those that create jobs or make investments in
the region.
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Spain Set To Revive Wealth Tax 9/20/2011 Determined to meet its ambitious fiscal deficit reduction targets, Spain’s
Socialist government, led by outgoing Prime Minister Jose Luis Rodriguez Zapatero, recently voted in favour of plans to reintroduce wealth
tax in Spain, just a few months ahead of November elections.
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German Transport Minister Opens Debate On Car Toll 9/16/2011 Faced with an alarming lack of funding for Germany’s road network, German
Transport Minister Peter Ramsauer recently called for an ‘open debate’
to be held on the idea of introducing a car toll on the country’s motorways.
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Spain's Rubalcaba Seeks Wealth Tax 9/14/2011 Alfredo Perez Rubalcaba, leading candidate for Spain’s Socialist Party
in the run up to the forthcoming elections in November, recently unveiled details
of his election programme, containing plans to reintroduce wealth tax in Spain
as well as to introduce a bank tax.
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India Signs Tax Agreement With Uruguay 9/12/2011 The Government of India has signed an agreement with Uruguay for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital.
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UK VAT Amnesty Deadline Approaches 9/8/2011 VAT rule-breakers have until September 30 to register to pay what they owe
under an HM Revenue and Customs amnesty campaign.
|
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Brazilian Tax Breaks Target Telecoms Investment 9/7/2011 The Brazilian government is to forgo BRL4bn (USD2.4bn) in taxes in order to gain private sector investment to establish high quality broadband Internet connections nationwide.
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Business Braced For Sales Tax Chaos In BC 9/5/2011 British Columbia's decision to scrap the harmonized sales tax system has provoked a mixed reaction from the business community, but opinion is largely unanimous that businesses and the government alike must think about making the transition back to the provincial and general sales tax regime as smooth as possible.
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SVG Looks To Maintain Competitiveness 9/1/2011 Following
economic contraction in 2010, the government of Saint Vincent and the Grenadines plans to implement reforms to enhance
the territory's attractiveness to international investors to combat its deficit, adding to tax reforms announced earlier in the year.
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Spain Considering Taxing Wealth 8/30/2011 Spain's Minister for Finance, Elena Salgado has announced that the government
is considering reinstating an inheritance tax on high income earners, rescinded
at the beginning of the economic downturn, in a move to regain the EUR2bn it
generated annually.
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James Hardie Wins Large Back Tax Appeal 8/24/2011 James Hardie Industries has successfully appealed against a huge tax bill handed out by the Australian Tax Office in relation to a corporate restructuring which took place over a decade ago.
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Spain Cuts VAT On New Houses 8/24/2011 In an effort to revive the country's stagnant housing market and support the
construction industry, the Spanish government has announced that it will reduce
the rate at which sales tax is applied to the sale of new housing.
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Algeria Finance Law Supports Entrepreneurs 8/19/2011 Algeria’s 2011 supplementary finance law, containing a raft of tax measures designed to support employment and to boost the creation of small businesses, has now been published in the country’s official journal.
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IMF Welcomes St Kitts And Nevis Tax Changes 8/18/2011 The International Monetary Fund has praised St Kitts and Nevis for its fiscal reform agenda and changes to the tax system, but warned that more work needs to be done.
|
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Israel Boosts Tax Treaty Network 8/16/2011 The Israeli government has announced that double tax avoidance treaties have been signed and initialled with Malta and Panama respectively.
|
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Antigua And Barbuda Unveils Stimulus Package 7/15/2011 Antigua and Barbuda's Finance Minister has launched a stimulus package which will provide a series of business incentives and tax concessions for targeted sectors and groups.
|
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Australian Carbon Tax Details Published 7/12/2011 The Australian government has released comprehensive plans to tackle carbon
emissions by placing a levy on around five hundred of the country's largest producers, with
the impact on consumers offset by a variety of changes to personal income taxation and welfare payments.
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Jersey To Introduce Social Charge On Developers 6/27/2011 Jersey's Minister for Planning and Environment, Freddie Cohen has released
details of a policy intended to provide affordable housing in Jersey.
|
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India Makes Tax Agreement With Mozambique 6/17/2011 The government of India has announced a Double Taxation Avoidance
Agreement with the government of Mozambique for the avoidance of
double taxation and for the prevention of fiscal evasion with respect to taxes
on income.
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India, Tanzania Sign DTA 6/2/2011 The Indian government has signed an agreement with Tanzania for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income, in Dar-es-Salaam.
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Australia Mulls Construction Industry Reporting Regime 6/1/2011 The Australian Assistant Treasurer has released for public consultation a discussion paper on the 2011-12 Budget measure to introduce a reporting regime for payments made to contractors in the building and construction industry.
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HMRC Unveils New Compliance Campaigns 5/23/2011 The UK's revenue agency, HM Revenue and Customs, has announced the launch of its latest crackdown initiatives, this time focusing on those individuals and businesses trading above the VAT threshold without having registered to do so, and on tax, National Insurance or national minimum wage breaches among Olympic Games construction projects.
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India, Colombia Announce DTAA 5/18/2011 India and Colombia have inked a Double Taxation Avoidance Agreement (DTAA), designed to provide tax stability to residents, ensure mutual economic cooperation, and stimulate investment between the two countries.
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Australia To Improve Tax Compliance 5/16/2011 The Australian government has developed a package of three measures to improve tax compliance across various aspects of the economy.
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Japan's First Emergency Budget Approved 5/4/2011 The Japanese government’s first supplementary 2011 budget to take care of
the country’s initial reconstruction and rehabilitation efforts after last
month’s earthquake and tsunami has been passed in parliament, with the support
of opposition parties.
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Japan Introduces First Reconstruction Budget 4/25/2011 The Japanese government has announced its first supplementary 2011 budget through which
it plans to take care of the country’s initial reconstruction and rehabilitation
efforts after last month’s earthquake and tsunami.
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Japan Considers Sales Tax Increase 4/22/2011 The Japanese government is considering an increase in the rate of consumption
tax from 5% to 8% for a fixed period of three years, to provide finance for reconstruction
following the earthquake and tsunami in northeast Japan on March 11.
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Support For Japanese Earthquake Tax Increase 4/19/2011 Around two-thirds of Japanese citizens were found to agree that a tax increase
would be acceptable if the revenue so generated is used to finance reconstruction
after last month’s earthquake and tsunami, according to recent opinion polls.
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Obama To Send Colombian FTA To Congress 4/8/2011 The United States Trade Representative has announced that the United States and
Colombia have agreed an action plan to improve labour rights in Colombia and clear
the way for the US-Colombia Trade Promotion Agreement to move forward to consideration
by the US Congress.
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Isle Of Man Economy Flourishing 3/30/2011 The Isle of Man Treasury Minister, Anne Craine has praised the island’s
business community following the publication of further evidence that the island’s
economy grew in 2010.
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Labour Outline Their UK Budget Demands 3/16/2011 The UK's official opposition party has set out its demands on the government, calling for immediate action to boost jobs and growth in the economy in Chancellor George Osborne's March 23 Budget.
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Turks And Caicos Fiscal Review Underway 3/14/2011 The temporary UK-led government in the Turks and Caicos Islands has presented a number of proposals to resolve the territory’s fiscal woes, including the introduction of a value-added tax, a fixed tax on imports, a review of the charges and fees levied on the financial services sector, and an alteration to the tax-like fee paid by employers for non-resident work permits.
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New UK Amnesty Targets Plumbers 3/3/2011 HM Revenue and Customs, the UK tax authority, has launched a new amnesty scheme known as the 'plumbers’ tax safe plan' as part of a campaign focused on trades people failing to declare their earnings and pay tax.
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Tax Breaks Urged For Indian Infrastructure Companies 2/24/2011 A leading Indian trade body has called for tax exemptions for infrastructure capital companies and funds as the sector’s development has been identified as a growth area by the government.
|
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Belgian Business Eyes Opportunities In Qatar 2/24/2011 Officials from the Qatar Chamber of Commerce and Industry have hosted a delegation of Belgian businessmen aimed at increasing business co-operation between the two countries.
|
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Australian PM Does Deal With Opposition Over Flood Tax 2/22/2011 Australian Prime Minister Julia Gillard has welcomed announcements from the Australian Greens and from Independent Andrew Wilkie, the Member for Denison, that they would be voting for the Government’s legislation on the flood levy.
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Australian PM Announces Flood Tax 1/28/2011 With flooding in Australia having affected more than 3m people and making it one of the most costly disasters in the nation's history, the government has proposed a temporary tax to help pay the more than AUD5bn (USD4.96bn) it expects to spend on reconstruction.
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Eastern Caribbean Faces Fiscal Challenges 1/28/2011 The International Monetary Fund has published recommendations for governments
in the Eastern Caribbean Currency Union in respect
of the fiscal challenges they face from the protracted global recession, and the fall
in tourism receipts.
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Canadian Home Credit Hailed Big Success 1/26/2011 Over three million Canadian households have benefited from the Home Renovation Tax Credit,
the government has reported, heralding its positive impact on taxpayers and the
country’s economy.
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Gillard Mulls One-Off Flood Tax 1/26/2011 A ‘flood tax’ could soon be introduced in Australia, with revenue being used to fund the huge recovery efforts required following the widespread floods in the Queensland region. Julia Gillard, Prime Minister, has stated that the federal government is investigating the possibility of instituting a national tax to fund the work.
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Optimism From Qatari Businesses 1/24/2011 The Business Optimism Index for Qatar for Q1 2011, published by Dun and Bradstreet South Asia Middle East, has just been released, and reveals an optimistic outlook for the Qatari business community.
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Foreign Firms Encouraged By Qatari Tax Regulations 1/20/2011 A Turkish trade mission to Doha, led by the Turkish Prime Minister Recep Tayyip Erdoğan, was encouraged to hear about the huge business potential and a favourable tax and regulatory environment in Qatar.
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Victory For UK Taxpayer In Holiday Home VAT Case 1/19/2011 Holiday home developer The Lower Mill Estate Ltd has been successful in its appeal against a ruling from HM Revenue and Customs, which had accused the firm of using an 'abusive' value-added tax scheme.
|
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Scottish Retailers Unite Against Proposed Levy 1/17/2011 Dozens of representatives from major retailers and key business organizations in Scotland have met to pledge their opposition to the Scottish Government's proposed large retailer levy, warning it will endanger future job creation.
|
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Clinton Criticizes Pakistan Backdown On Fuel Tax 1/10/2011 US Secretary of State Hillary Clinton has criticized the Pakistan Government's decision last week to reverse its controversial fuel price hikes.
|
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Antigua and Barbuda Signs Cooperation Agreements With China 1/6/2011 Antigua and Barbuda has announced the attendance on the islands of a high-level
delegation from China, led by State Councillor Liu Yangdong. Four bilateral pacts
were signed, including one to boost economic ties.
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East European Gang Gaoled In UK 12/24/2010 Six members of an East European gang who ran a string of companies offering accountancy services for Eastern European workers in London, have been gaoled following a complex investigation by HM Revenue and Customs.
|
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St Kitts And Nevis Introduces VAT 11/5/2010 The Saint Kitts and Nevis government, welcoming in the new value-added tax regime
from November 1, has noted the registration of 550 qualifying businesses in the island.
|
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US Treasury Reports On HIRE Act Tax Credits 10/12/2010 The United States Department of the Treasury has released an updated report
on the number of newly-hired workers who are eligible for tax credits under the
Hiring Incentives to Restore Employment, passed in March this year.
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Pakistan Misses GST Deadline 10/5/2010 Pakistan’s government has missed the October 1 target for the introduction
of an expanded general sales tax on goods and services, and has had to delay
it for one month.
|
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China Readies Property Tax 9/23/2010 Sources in China are predicting a formal announcement next week, at the beginning of the Autumn Festival, of a new property tax to become effective early next year.
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James Hardie To Appeal Australian Tax Ruling 9/20/2010 James Hardie Industries has announced that RCI Pty Ltd, its wholly-owned
Australian subsidiary, will appeal to the Full Federal Court of Australia against
the decision of the Federal Court rejecting the appeal of an amended assessment
by the Australian Taxation Office for the income tax year ended March 31
1999.
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Tax Credits Boosting Employment, Says US Govt 9/8/2010 The United States Treasury Department has released a report on the number
of newly-hired workers who are eligible for tax credits under the Hiring Incentives
to Restore Employment Act, passed in March this year.
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Chile Revises Mining Royalties Bill 9/6/2010 The Chilean government has revised the terms of its proposed increases to copper mining royalties for earthquake reconstruction and re-presented it to Congress.
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Labour Contender Proposes 'Living Wage' Tax Cut 8/26/2010 UK construction union UCATT has welcomed an initiative by Labour Party leadership contender Ed Miliband to cut taxes paid by companies who guarantee paying a 'living wage' to workers.
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UK Lease Association Concerned At IASB Proposals 8/23/2010 Proposals published by the International Accounting Standards Board, could mean that asset finance, the largest source of debt finance for UK businesses, will be more difficult to obtain, according to the UK Finance and Leasing Association.
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Panama Ratifies Canadian FTA 8/20/2010 The Panamanian government has announced that the Cabinet Council on August 17
ratified the draft Law on the Free Trade Agreement between Panama and Canada,
as well as bilateral cooperation agreements on labor and the environment.
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Australian Liberals Propose Tax-Efficient Bonds 8/19/2010 Andrew Robb, the Australian opposition’s finance and debt reduction spokesman,
has disclosed that, if elected, a Coalition government would develop a programme
to finance infrastructure projects through private investment encouraged by tax
incentives.
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