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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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Brazil Provides New Fiscal Stimulus 5/24/2012 The Brazilian government has announced a package of tax measures worth around USD1bn to stimulate growth in key economic sectors, to ensure the nation meets this year's growth target of 4.5%.
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Antigua And Barbuda Highlights Cash Declaration Law 5/22/2012 The government of Antigua and Barbuda has reminded travellers
to and from the nation of the need to declare cash amounts valued at more than
USD10,000.
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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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Geithner Finds Progress In US-China Trade Relations 4/30/2012 In remarks made to the Commonwealth Club of California in San Francisco, Timothy
Geithner, the US Treasury Secretary, reviewed the development of the trading and
economic relationship between the United States and China, and pronounced that
significant progress has been made.
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Ireland Launches Stability Treaty Campaign 4/24/2012 The Irish government has launched a public information campaign in the run up to next month's referendum on the latest deal designed to shore up the European Union's finances.
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IMO Increases Liability Limits For Shipowners 4/20/2012 The International Maritime Organization has adopted a proposal to increase
the limits of liability for maritime incidents, laid out in the 1996 Protocol
to the Convention on Limitation of Liability for Maritime Claims. The new limits
are expected to enter into force on April 19, 2015.
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Brazil Prepares Payroll Tax Cuts To Prop Up Economy 4/6/2012 Brazilian President Dilma Rousseff has announced a number of measures aimed at
boosting economic growth in ailing sectors of the economy, including through payroll
tax concessions.
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China Expands RMB Overseas Investment Scheme 4/6/2012 After close consultations between Hong Kong’s Securities and Futures Commission, the People's Bank of China and China’s State Administration of Foreign
Exchange, the China Securities Regulatory Commission has announced an expansion
of the Renminbi Qualified Foreign Institutional Investor scheme.
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EUR800bn 'Firewall' Set In Place For Euro Zone 4/5/2012 During the recent meeting of European finance ministers in Copenhagen, euro
zone finance ministers agreed to a total capacity of around EUR800bn (USD1tn)
for the euro rescue mechanism, according to the German finance ministry.
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Switzerland Sticking With Exchange Rate Fix 3/30/2012 Switzerland’s Economy Minister Johann Schneider-Ammann has insisted recently
that the minimum exchange rate set by the Swiss National Bank of CHF1.20
per euro must be maintained.
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German Cabinet Backs ESM Ratification 3/21/2012 The German cabinet has recently approved legislation to ratify the treaty creating
the European Stability Mechanism and backed a bill authorizing Germany
to contribute to the ESM, thereby establishing the requisite domestic conditions
for a new, permanent financing mechanism.
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Brazil Hikes Financial Tax Again 3/15/2012 The Brazilian government has stepped up its campaign to weaken the nation's currency,
the Real, with the extension of the 6% financial operations tax, known as IOF,
to foreign loans and bonds maturing within five years.
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Brazil Introduces New IOF Tax Changes 3/6/2012 Brazil announced its decision on March 1, to expand the scope of its financial
transactions tax, IOF, on short-term loans and bonds.
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Euro 25 Sign Up To Fiscal Compact 3/6/2012 On the margins of the recent European Council meeting in Brussels on March 1 and 2, twenty-five
European leaders, with the exception of the UK and the Czech Republic, signed
the Treaty on Stability, Coordination and Governance aimed at strengthening fiscal
discipline and introducing stricter surveillance within the euro area, in particular
by establishing a 'balanced budget rule'.
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Juncker Optimistic On Greek Bailout Deal 3/5/2012 While underlining that the second international rescue package for Greece has
good chances of succeeding, Luxembourg’s Prime Minister and Eurogroup
President Jean-Claude Juncker has not ruled out a third package.
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Shanghai Launches RMB Investment Fund 2/22/2012 The Shanghai government-owned Shanghai International Group has led a group of
official and private investors to establish a substantial renminbi-denominated
fund that targets the financing of Chinese corporate investment overseas.
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Brazil Rethinks Vehicle Import Tax Hike 2/20/2012 The Brazilian government has confirmed its intention to soften
its controversial protectionist tax hike on vehicles comprised mainly
of foreign components, in place since November 15, 2011.
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Isle Of Man Banking Deposits Fall 6.4% In 2011 2/20/2012 The Isle of Man government has published a report on the territory's banking sector
and its performance during 2011.
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Switzerland Records Weak Foreign Trade In 2011 2/7/2012 The strong Swiss franc and the gloomy outlook for the global economy have affected
Swiss foreign trade, according to the latest figures released by the Swiss Federal
Department of Finance.
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Hong Kong To Foster Ties With ASEAN Countries 2/6/2012 According to the Director of the Hong Kong Economic and Trade Office in Singapore,
Fong Ngai, Hong Kong will continue to make the most of its 'China advantage'
and global connectivity to foster economic ties with Association of Southeast
Asian Nations countries in 2012.
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US Urged To Pressure China On Currency 2/2/2012 The United States Senate Finance Committee Chairman Max Baucus and
House of Representatives Ways and Means Committee Chairman Dave Camp have called on the Administration, at the World Trade Organization next
month, to pressure China to stop unfairly undervaluing its currency.
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China Pushes Shanghai As International Financial Centre 2/2/2012 China’s National Development and Reform Commission and the Shanghai Municipal
Government have disclosed that it is intended that Shanghai will be a centre
for onshore renminbi trading, clearing and pricing by 2015, before it becomes
an international financial centre by 2020.
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Europe Endorses 'Fiscal Compact' 2/1/2012 During the latest informal meeting of the European Council in Brussels, with its
emphasis on growth-friendly fiscal consolidation and job-friendly economic growth,
25 of the 27 member states united on and endorsed plans for a fiscal compact,
a treaty on stability and convergence in the Economic and Monetary Union.
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Joint HK-UK RMB Forum Launched 1/18/2012 The Hong Kong Monetary Authority and the United Kingdom Treasury have announced
the launch of a joint private-sector forum to enhance cooperation between Hong
Kong and London on the development of offshore renminbi business.
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Transaction Costs To Soar Under EU FTT 1/18/2012 Transaction costs in the foreign exchange markets would soar under a European financial transactions tax (FTT) and could potentially result in three quarters of taxable transactions relocating to other jurisdictions to avoid the tax, a new report has warned.
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Switzerland Mulls Temporary VAT Exemption For Hotels 1/13/2012 In view of the strength of the Swiss franc, the Committee for Economic Affairs
and Taxation of the Swiss National Council has called for the hotel industry
in the Confederation to benefit from value-added tax exemption for a temporary
period of one year.
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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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Bermuda Publishes Pre-Budget Report 12/19/2011 The Bermuda government is considering a number of tax measures for the 2012 Budget, to continue to consolidate the territory's fiscal finances, and reinvigorate economic growth and encourage job creation, according to a pre-budget report from the island's Finance Minister, Paula Cox.
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Tokyo Tops Cost League For Expat Workers 12/15/2011 Tokyo remains the most expensive city in the world for international assignees as the rising value of the
yen continues to put upward pressure on the cost of living in the country, according
to a new report.
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Swiss Think-Tank Laments Tax Reform Inertia 12/14/2011 In its annual 2011 report on reform efforts in Germany, Austria and Switzerland,
Avenir Suisse highlights its disappointment as regards the drive for fiscal and
financial reform in Switzerland.
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Germany Welcomes EU Consensus On Fiscal Union 12/13/2011 Plans to conclude a new treaty on fiscal union will serve to win back the confidence
of both the markets and the public in the stability of the common currency, according
to German Chancellor Angela Merkel.
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France, Germany Unveil Joint Strategy On Fiscal Union 12/7/2011 Ahead of a European Union summit meeting in Brussels, and amid fears of unprecedented
mass downgrading of eurozone credit ratings, Germany and France have unveiled
details of their joint initiative for fiscal union as a means to overcome the
worsening debt crisis.
|
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Noonan Confirms Irish VAT Hike 11/28/2011 Irish Finance Minister Michael Noonan has confirmed that a 2% value-added tax hike included in recently-leaked proposals is on the cards.
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Hong Kong, China Renew Currency Swap Agreement 11/25/2011 It has been announced that the People's Bank of China and the Hong Kong
Monetary Authority have signed a renewed currency swap agreement for a
term of another three years, with its size expanded to RMB400bn.
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Switzerland Agrees SNB Profit Distribution 11/25/2011 The Swiss Federal Department of Finance and the Swiss National Bank have recently concluded a new agreement on the distribution of the bank’s
profit, covering the financial years 2011 to 2015.
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Guernsey Given Top Credit Rating 11/16/2011 International credit rating agency Standard and Poor’s has reaffirmed
its view of Guernsey’s financial and economic stability after giving Guernsey
the highest rating possible against its newly-revised technical scoring methodology.
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China Emphasizes Its Actions To Encourage Imports 11/11/2011 In the opinion of its Minister of Commerce Chen Deming, China has, since the outbreak
of the international financial crisis, instituted policies so as to expand domestic
demand and stimulate imports while stabilising exports, and has, thereby, become
an important factor in promoting balanced global trade.
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Japanese Car Makers Look For Lower Car Taxes 11/8/2011 The Japan Automobile Manufacturers Association organized a press conference
recently, together with automobile manufacturers, trade unions and dealer representatives,
to request the government to come to the industry’s aid by reducing car
taxation in the country.
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IMF Praises Canadian Economic Efforts 11/4/2011 The International Monetary Fund has offered a broadly positive response to Canada's economic progress in its yearly review, maintaining a positive outlook for the country.
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China Warns Again Against US Currency Bill 10/21/2011 In a press conference, whilst also warning that current global uncertainties could
seriously affect China’s foreign trade in the final quarter of this year,
and early in the next, the Ministry of Commerce’s spokesman Shen Danyang
confirmed that the Chinese government would definitely respond, if the United
States anti-renminbi currency bill came into force.
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Brazilian Car Import Tax Hike Concerns WTO Members 10/19/2011 Japan is said to be leading a chorus of protest at the World Trade Organization against a protectionist measure announced by Brazilian authorities in September to shield the nation's car manufacturing and car assembly industry from cheap foreign imports.
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Hong Kong Welcomes Chinese RMB FDI Regulations 10/18/2011 Financial Secretary John C Tsang has issued a statement confirming that Hong Kong’s
government welcomed the promulgation by the Chinese Ministry of Commerce and the
People's Bank of China of administrative rules that will provide transparency
and certainty for the making of foreign direct investments in renminbi.
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Obama Cautious On China Currency Bill 10/11/2011 While the Senate appears to have delayed momentarily a vote on the Currency Exchange
Rate Oversight Reform Act, President Barack Obama has warned its sponsors to ensure
that the legislation is consistent with the international treaties and obligations
of the United States, particularly with the World Trade Organization.
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US Targets China With Proposed Trade Taxes 10/6/2011 The United States Senate Finance Committee Ranking Member, Orrin Hatch, has put
forward an amendment to the bill currently being discussed that would unilaterally
address the so-called continuing undervaluation of China’s currency by providing
for the imposition of countervailing import duties.
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Liechtenstein, North Germany Strengthen Ties 10/4/2011 During a recent visit by Liechtenstein’s Prime Minister Klaus Tschütscher
to North Germany, the Principality was recognized as a stable and reliable
financial and economic location.
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Brazilian Tax Burden On The Increase 10/3/2011 Brazil's tax authority reported this month that tax revenues increased some 8.1%
year-on-year in August 2011, fuelled by strong economic growth, and the expansion in scope of the nation's financial transaction tax.
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Curacao And St Maarten Face Fiscal Challenges 9/26/2011 In its first report since the break up of the Netherlands Antilles, the International
Monetary Fund has noted that Curacao and Sint Maarten face several hurdles ahead in the short- and medium-term to restore economic growth, establish supportive tax regimes, and boost international competitiveness.
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Mauritius Business Urges Ongoing Fiscal Support 9/16/2011 The Mauritius Chamber of Commerce and Industry recently urged the government
to pursue its policy of economic reforms and to maintain the various fiscal support
measures for industry, drawn up in the wake of the global financial and economic
crisis.
|
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South Korea To Tax Foreign Investors In Kimchi Bonds 9/9/2011 The Ministry of Strategy and Finance has announced that it will impose a withholding
tax on interest received by overseas investors in foreign currency bonds issued
in South Korea.
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Swiss Government Welcomes Action On Franc 9/12/2011 Switzerland’s Federal Council has welcomed the recent decision by the Swiss
National Bank to set a minimum exchange rate as part of efforts to weaken
the Swiss franc.
|
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Jersey Reports Fund Industry Growth 9/7/2011 Jersey’s finance industry showed stable growth in the second quarter
of 2011, with the value of funds administered in the island reaching its highest
level for two years and the value of funds under management increasing by 4.2%.
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Franco-German Common Corporate Tax Plans Ahead Of Schedule 9/8/2011 Showing that Franco-German plans for tax harmonization are gathering pace, French
Finance Minister François Baroin revealed that concrete proposals for a
common corporate tax base and rate in France and Germany will be on the table
as soon as next year.
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Austria Backs Tobin Tax Drive 8/24/2011 Austria’s Chancellor Werner Faymann has welcomed the joint call from German
Chancellor Angela Merkel and from French President Nicolas Sarkozy, for the introduction
of a financial transactions tax.
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Switzerland Plans EUR2bn Business Support Package 8/23/2011 Determined to mitigate the effects of the rapid rise of the Swiss franc, to support
the Swiss economy and to strengthen Switzerland as an industrial centre, the Swiss
Federal Council recently announced plans to swiftly introduce a CHF2bn (EUR1.8bn)
package of measures targeting affected businesses.
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Germany, France Back EU Economic Government 8/18/2011 Determined to regain market confidence and to rescue a failing eurozone from
the brink, Germany and France have called for a common European 'economic government'
to be established, spearheaded by an appointed leader, and for the fiscal and
economic policies of euro zone member states to be dovetailed in order to strengthen
the euro as a common currency.
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New Broker Dealer Approved In Bahrain 8/16/2011 The Bahrain Financial Exchange has announced that XO Bahrain has been approved by the Central Bank of Bahrain as a licensed broker dealer of the Exchange.
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Brazil Fights Competitors With Tax Breaks 8/5/2011 Facing a 'predatory competitive world stage' and high currency appreciation, the Brazilian government has introduced a series of tax breaks and incentives for its domestic industry.
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China To Issue More RMB Bonds In Hong Kong 8/4/2011 Hong Kong’s government has welcomed the announcement by China’s Ministry
of Finance that there will be a further issue of renminbi-denominated sovereign
bonds in Hong Kong in the near future.
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South Korea Introduces Bank Levy 8/3/2011 In a further measure to ease capital volatility due, particularly, to foreign
capital flows during periods of global financial uncertainty, the South Korea’s
Ministry of Strategy and Finance has decided to impose a levy on banks’
foreign-currency liabilities from August 1.
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Brazil Introduces Tax On Currency Futures 8/1/2011 As its battle against currency appreciation continues, the Brazilian government has introduced a new tax designed to curb the profitability of currency speculation.
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Hong Kong Corners Offshore RMB Market 6/27/2011 Following a question in the Legislative Council, the Secretary for Financial Services
and the Treasury, Professor K C Chan, emphasized how the government has been promoting
the development of offshore renminbi business in Hong Kong.
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Greece Agrees Further Fiscal Measures 6/27/2011 Following fraught, intensive talks in Brussels, the Greek government announced
that the terms of a fresh EUR120bn bailout agreement had been negotiated between
Athens and international lenders, which include further tax rises and cuts in government
spending.
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France Votes 'Yes' To EU Tobin Tax 6/20/2011 Marking a significant step forward, albeit largely symbolic, the French National
Assembly voted almost unanimously in favour of a European resolution seeking
to introduce at European level a tax imposed on all financial transactions.
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Liechtenstein Hosts Key Tax Talks 5/30/2011 During the latest meeting of German speaking finance ministers in Vaduz, the talks
focussed on recent developments in the area of taxation and cooperation in tax
matters, as well as on current international financial topics.
|
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Schäuble Defends Fiscal Integration 5/23/2011 During a recent speech at the Economic Forum in Brussels, Germany’s Finance
Minister Wolfgang Schäuble outlined a framework designed to achieve greater
European fiscal and economic integration.
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Brazilian FDI Falls In Wake Of Tax Hikes 5/18/2011 Having struggled to contain rapid currency appreciation, Brazil saw a fall in net foreign direct investment in April, as stringent tax measures designed to deter a continuation of previously high levels of investment began to take hold.
|
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LatAm & Caribbean Sees Influx Of Foreign Direct Investment 5/9/2011 Latin America and the Caribbean saw a 40% increase in Foreign Direct Investment during 2010, with a further upsurge of 15% - 20% expected in 2011, according to a new report by the Economic Commission for Latin America and the Caribbean.
|
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Australian Treasurer Counts Down To Budget 5/3/2011 With the Australian Budget only a week away, the Treasurer Wayne Swan has been burning the midnight oil putting the final touches to the all important document he will be reading out to the nation on May 10.
|
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Bahamas Committed To CARICOM 4/25/2011 The Bahamas has pledged its commitment to the Caribbean Community, seeking the exploration of avenues for closer investment, collaboration and cooperation.
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Brazil Government Brings In Another Tax Hike 4/12/2011 Brazil's government has introduced a further additional tax hike, aimed in this instance at consumer credit, and designed to curb an inflation figure sitting dangerously close to the central bank's ceiling rate.
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Hong Kong Issues REIT Guidance 4/12/2011 Hong Kong’s Securities and Futures Commission has published an investor
education article explaining key features and risks related to latest real estate
investment trust products, particularly to those denominated and trading
in renminbi.
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Brazil Hikes IOF Tax 3/30/2011 As part of its ongoing battle against currency appreciation, Brazil has almost tripled one of its financial transaction taxes, hitting those making credit card purchases.
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Hong Kong Looks At Gradual RMB Internationalization 3/25/2011 During a speech on the development of the renminbi market in Hong Kong
at the China Economic Development Forum, the Secretary for Financial Services
and the Treasury, Professor K C Chan, said that RMB internationalization represented
the 'most exciting topic' in the development of Hong Kong’s
financial markets.
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Guernsey Bank Deposits Fall 3/23/2011 Figures released by Guernsey’s Financial Services Commission show that total
deposits held by Guernsey’s banks decreased in sterling terms by GBP5bn
in the quarter ending December 2010, a 4.3% decline on the GBP116bn figure recorded in September 2010.
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Hong Kong Showcased As Offshore RMB Centre 3/22/2011 The Hong Kong Monetary Authority held, in Sydney, the first in a series
of overseas roadshows that it is conducting to showcase Hong Kong as the offshore
renminbi centre.
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China Announces Further Currency Easing Measures 3/11/2011 The State Administration of Foreign Exchange, in a short statement,
has confirmed that it will look for a developing use of China's currency, the yuan,
in capital account transactions this year.
|
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HK Is The Gateway To China, US Investors Told 3/7/2011 In a speech to a conference in New York, Hong Kong’s Under Secretary for
Financial Services and the Treasury, Julia Leung, explained the significance of
Hong Kong being China's global financial centre.
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Prospects Favourable For The Swiss Economy 2/18/2011 According to Switzerland’s federal administration, the Swiss economy
showed rapid and strong recovery from the recession in 2010.
|
 |
Germany's CDU Backs Tobin Tax 2/9/2011 Determined not to have their plans blocked by Europe, Germany’s ruling Christian
Democratic Union party is reportedly considering the idea of joining forces
with France and Austria, and pressing full steam ahead with the introduction of
a financial transactions tax.
|
 |
Israel To Tax Hot Money Inflows 2/4/2011 The Israeli Minister of Finance, Dr Yuval Steinitz, has announced the decision to cancel the tax exemption granted to foreign investors on gains arising from investing in Makams (short-term loans issued by the Bank of Israel) and in short-term government bonds (issued by the Accountant General).
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Schäuble Outlines Future EU Fiscal Rule Reform 2/3/2011 Underlining the importance of both the European Union and the euro, and of achieving
greater European economic and financial integration, Germany’s Finance Minister
Wolfgang Schäuble recently outlined the need to reform existing European
finance regulations in key areas.
|
 |
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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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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China's Five-Year Yuan Convertibility Plan Revealed 1/21/2011 In a statement, Yi Gang, Director of the State Administration of Foreign Exchange and Deputy Governor of the People's Bank of China, has disclosed
that the Chinese government has a medium-term strategy for the globalisation of
the Chinese currency.
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Sarkozy Seeks Greater European Economic Integration 1/18/2011 During a recent visit to the Airbus site in Blagnac, French President Nicolas
Sarkozy reiterated the government’s commitment to deficit reduction and
to improving competitiveness in France, while also calling for greater European
economic integration and confirming his aim of fiscal convergence with Germany.
|
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China Pilots New RMB Overseas Investment Scheme 1/18/2011 The People’s Bank of China has announced the introduction of a pilot scheme
for Chinese enterprises to settle overseas direct investments in renminbi.
|
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Record Fraud Hits UK's Public Purse 1/17/2011 In 2010, the UK fell victim to more fraud cases than ever before, with the
government bearing the brunt of the attack, the KPMG Fraud Barometer, published
on January 10, reveals.
|
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HK Records Healthy Surplus 1/11/2011 A net surplus of HKD17.2bn (USD2.2bn) was recorded by the Hong Kong government in the eight months ending November 30, the Financial Services and the Treasury Bureau has announced.
|
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Estonia Experiences Smooth Transition To Euro 1/10/2011 The European Commission has reported that Estonia’s changeover to the
euro is proceeding according to plan.
|
 |
Algerian President Signs 2011 Finance Law 1/4/2011 During a recent official ceremony attended by senior state officials and by government
members, Algeria’s President Abdelaziz Bouteflika signed the country’s
2011 finance law.
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South Korea To Introduce Bank Levy Legislation 1/4/2011 Following an indication last month that South Korea was to impose a levy on banks’
foreign currency non-deposit liabilities, it has now been announced that the government
has formulated the relevant legislation for presentation in parliament.
|
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Seychelles Economic Outlook 'Favourable' 12/29/2010 On December 20 the International Monetary Fund completed a consultation with the Seychelles and concluded that the economic outlook for the country is definitely favorable.
|
 |
Australian TOFA Elections Due Date Fast Approaching 12/27/2010 Critical deadlines are approaching for Australian taxpayers affected by the Taxation of Financial Arrangements (TOFA) rules. The rules mainly apply to medium and large business taxpayers.
|
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ATO Responds To Travelex Decision 12/24/2010 The Australian Tax Office has delivered its response to the recent decision by the High Court in the case of Travelex Ltd vs Commissioner of Taxation.
|
 |
UK Announces Crackdown on Tax Avoidance 12/9/2010 David Gauke, Exchequer Secretary to the UK Treasury, has announced a number of changes to legislation to tackle tax avoidance.
|
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IMF Applauds HK's Fiscal And Financial Stability 12/7/2010 Hong Kong’s Financial Secretary, John C Tsang, has welcomed the International
Monetary Fund mission's positive assessment of its economy, particularly
regarding its continued fiscal and financial stability.
|
 |
Thailand Studies Tobin Tax 11/29/2010 Thailand’s central bank governor, Prasarn Trairatvorakul, has said that
it is possible that other measures could be used to discourage the inflow of speculative
short-term foreign funds in the country, including a financial transactions tax
on currency transactions.
|
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South Korea To Reinstate Withholding Tax On Bonds 11/22/2010 South Korea’s Ministry of Strategy and Finance has confirmed that it supports
the two bills currently before parliament that call for the re-application of
withholding tax on interest payable to foreign investors in
South Korean government bonds.
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Algeria Adopts 2011 Finance Bill 11/17/2010 Algeria’s Popular National Assembly has recently adopted the country’s
2011 finance bill during a plenary session presided over by the President of the assembly,
Abdelaziz Ziari.
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