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France Publishes 2011 Fiscal Activity Report 5/21/2012 The French finance ministry has recently published its 2011 fiscal activity report,
detailing action taken by the ministry last year as part of its fiscal and economic
strategy, aimed at promoting sustainable growth.
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NZ Accountants Call For Simpler Small Business Tax 5/18/2012 New Zealand’s tax system has become overly complex, the country’s Institute of Chartered Accountants has said, calling for simplification of the rules for small businesses and setting out proposals for reform.
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Funds In Line For French Tax Refunds 5/14/2012 France is facing tax refund claims of EUR4bn (USD5bn) from savers and institutional investors after the European Court of Justice ruled in favour of investments funds from Belgium, Germany, Spain and the United States in a tax case - a ruling which could have ramifications for other European Union member states.
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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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IoM Concludes 30th Tax Sharing Pact, With Qatar 5/10/2012 The Isle of Man government has announced the signing of a comprehensive double
tax agreement with Qatar, only the fifth agreement of its type to be negotiated
by the Isle of Man, but the 30th agreement to include tax information exchange
provisions.
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New Zealand, Canada Sign DTA 5/3/2012 On May 3, New Zealand’s Revenue Minister, Peter Dunne, and the Canadian
Minister of International Trade, Ed Fast, signed an updated double tax agreement to replace their countries’ 1980 bilateral treaty.
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Canada, Serbia Sign DTA 5/2/2012 Canada and Serbia have signed a convention for the avoidance of double taxation
with respect to taxes on income and capital, which will restrict the rate at
which withholding tax is applied on income between the two countries.
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France Publishes Revised 2012 'Black List' 4/26/2012 French Finance Minister François Baroin and Budget Minister Valérie
Pécresse have recently updated the country’s ‘black
list’ of countries deemed to be ‘uncooperative’ in tax matters.
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Luxembourg, Germany Sign Revised DTA 4/25/2012 German Finance Minister Wolfgang Schäuble and his Luxembourg counterpart
Luc Frieden have recently signed in Berlin a new agreement on the avoidance
of double taxation in the area of taxes on income.
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South Africa Pushing For Tax Compliance By HNWIs 4/20/2012 In reply to a question in the National Assembly, South Africa’s Finance
Minister Pravin Gordhan confirmed that the South African Revenue Service has taken steps to improve income tax compliance among high net worth individuals
(HNWIs).
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Hong Kong, Indonesia DTA Comes Into Force 4/17/2012 It has been announced that the agreement for the avoidance of double taxation, signed between Hong Kong and Indonesia on March 23, 2010, came into force
on March 28 this year, after the completion of ratification procedures on both
sides.
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Sarkozy Outlines Ambitious Campaign Tax Plans 4/13/2012 France’s outgoing President Nicolas Sarkozy has recently unveiled details
of his election proposals aimed at creating ‘a strong France’, and
containing a raft of tax measures, intended to attract voters.
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Hong Kong-Japan DTA Comes Into Effect 4/6/2012 The governments of Japan and Hong Kong have exchanged notes and agreed that the
double taxation agreement between the two countries entered into force on
April 1, 2012.
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German Lawmakers Adopt Updated DTA With Turkey 4/5/2012 The German Bundestag, or lower house of parliament, has recently adopted the federal
government’s bill pertaining to the bilateral double taxation agreement with Turkey, signed in Berlin by German Finance Minister Wolfgang Schäuble
and his Turkish counterpart Mehmet Simsek on September 19, 2011.
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Canada's Amended DTAs Enter Into Force 3/30/2012 Canada's updated tax treaties with Italy and Switzerland have entered into force, agreements the Finance Minister said will strengthen the country's tax system.
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Liechtenstein Sends DTA With Germany To Parliament 3/29/2012 The Liechtenstein government has announced that it has recently submitted to parliament
for approval a report pertaining to the bilateral double taxation
agreement with Germany, aimed at preventing double taxation and tax evasion
in the area of taxes on income and on wealth.
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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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Sweden Urged To Amend 'Discriminatory' Pensions Taxation 3/26/2012 The European Commission has officially asked Sweden to amend its tax rules
on pension funds because they are said to discriminate against non-resident pension funds compared to domestic
pension funds when it comes to taxing dividends distributed in Sweden.
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South Africa Tightens Share Anti-Avoidance Provisions 3/19/2012 Within the recently-issued Taxation Laws Amendment Bill, which legislates for
the measures introduced in South Africa’s 2012-13 Budget, it has been disclosed
that technical corrections have been made to the third-party-backed preference
share anti-avoidance provisions.
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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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BC To Introduce 'Social Enterprise' Company Form 3/12/2012 Changes to British Columbian legislation will allow for the introduction of a new hybrid type of company, the community contribution company.
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Big Business Presses For US Tax Cut 3/12/2012 The Business Roundtable, an association of chief executive officers of leading
United States companies with over USD6 trillion in annual revenues and more than
14m employees, who met recently with President Obama to discuss jobs and growth,
have produced their plan for corporate tax reform.
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Germany 'Modifies' EU-Contested Swiss Tax Deal 3/9/2012 Germany and the European Commission have reportedly resolved their differences
over the bilateral German-Swiss withholding tax deal aimed at preventing tax evasion.
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Cypriot VAT Hike Takes Effect 3/5/2012 An increase to Cyprus's value-added tax rate came into effect
on March 1, 2012, as part of a package adopted in December to speed progress towards European Union fiscal retrenchment targets.
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IoM Intends No Tax On Capital Gains 3/1/2012 The Isle of Man has no intention of introducing taxes on capital gains, the island's
Treasury Minister, Eddie Teare has confirmed, clarifying the situation following
the removal of the island's deemed distribution regime.
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Belgium Seeks EUR2bn To Limit Budget Deficit 2/28/2012 Belgium’s select ministerial committee has recently confirmed that the additional
fiscal effort needed to limit the country’s deficit to 2.8% of gross domestic
product in 2012 will be in the region of EUR2bn (USD2.67bn).
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IoM Mulls FATCA Implications 2/28/2012 The Isle of Man government has announced that it may work with a number of other countries in order to help reduce the compliance burden of the United States Foreign Account Tax Compliance Act on the jurisdiction's financial services industry.
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Hong Kong, Jersey Sign DTA 2/28/2012 On February 24, Hong Kong’s Secretary for Financial Services and the Treasury,
Professor K C Chan (pictured), and Jersey’s Chief Minister Ian Gorst, signed a double
taxation agreement between Hong Kong and Jersey.
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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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UK, Singapore Ink DTA Protocol 2/22/2012 The UK and Singapore have signed a second protocol to their existing Double Taxation Agreement, amending withholding tax rates.
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Russian Duma Ratifies Cypriot DTA Protocol 2/21/2012 Russia's lower house of parliament, the Duma, has ratified the pending Protocol
to the double tax avoidance agreement with Cyprus, confirming removal of
the nation from Russia's notorious 'blacklist'.
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Malaysian Budgetary Efforts Stunted By Economic Slowdown 2/16/2012 The International Monetary Fund has said Malaysia surpassed fiscal consolidation targets in 2011 as a result of better-than-budgeted revenue performance and efforts to broaden the tax base. The IMF has warned, however, that the government may be required to rein in austerity measures at the cost of consolidation as the economy slows in 2012.
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Jersey Reviewing FATCA Impact 2/17/2012 The Jersey government has published an initial response to the release of further details by the US tax authority and Treasury on the US Foreign Account Tax Compliance Act, which will impact Jersey's financial services industry.
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Finland Urged To Reduce Labour Taxes 2/15/2012 The Organisation for Economic Cooperation and Development has urged Finland to
accelerate the pace of tax reforms to support fiscal consolidation to tackle the fiscal challenges of an ageing population, particularly by lowering labour taxes to boost employment levels.
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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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Obama Produces Election Budget 2/15/2012 United States President Barack Obama has announced his proposed budget for the
next fiscal year beginning on October 1, which, with over USD1.5bn in net new
revenue from taxes on the wealthy and more spending on job creation and education,
will provide his platform for re-election.
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Croatia Eyes March VAT Rise 2/13/2012 During a recent sitting in Zagreb, the Croatian government united on plans to
increase the standard rate of value-added tax from 23% currently to 25%
from March 1, while at the same time adopting other fiscal measures designed
to redress the public finances.
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Hong Kong's DTA Network Expands 2/7/2012 Hong Kong’s double taxation agreement with the Czech Republic, signed
on June 6, 2011, came into force on January 24 this year, while that with Spain,
signed on April 1 last year, will come into effect on April 16, now that ratification
procedures have been completed on all sides.
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Ireland, Switzerland Sign DTA Protocol 2/1/2012 Switzerland and Ireland have inked a revised double tax agreement which alters dividend withholding tax rates.
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UK To Overhaul Executive Remuneration 1/31/2012 UK shareholders will be given more powers to block excessive pay proposals and payments for failure under new proposals from the Business Secretary, Vince Cable.
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Mexico, Ukraine Sign DTA 1/26/2012 On January 23, 2012, in Mexico City, Mexico’s Secretary of Finance, Jose
Antonio Meade Kuribreña, and Ukraine’s Foreign Affairs Minister,
Kostyantyn Gryshchenko (pictured), signed a double taxation agreement designed to promote
investment flows between their two countries.
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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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Bush Tax Widened US Wealth Gap, Says Study 1/19/2012 A recently-released report by the Congressional Research Service, on the changes in the distribution of income among individual filers of tax returns between 1996 and 2006, has concluded that the tax cuts that were first enacted under the presidency of George W. Bush have contributed to a widening of the United States wealth gap.
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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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Romney's Tax Plan Would Swell Deficit 1/9/2012 If implemented, US presidential hopeful Mitt Romney's tax plans would shrink tax revenues and increase the federal deficit, according to an analysis of his proposals by a non-partisan think tank.
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Swiss, Uruguay DTA In Force 1/6/2012 Following the diplomatic exchange of notes, the double taxation agreement between Switzerland and Uruguay has entered into force and will apply from January 1, 2012, the Swiss federal government has announced.
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Swiss, Uruguay DTA Enters Into Force 1/2/2012 The Swiss Federal Department of Finance has announced that following
the diplomatic exchange of notes on December 28, 2011, the double taxation agreement between Switzerland and Uruguay entered into force.
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Switzerland, Japan DTA Revisions Soon In Force 12/30/2011 The Swiss Federal Department of Finance has recently announced that the
revised bilateral double taxation agreement between Switzerland and Japan,
signed on May 21, 2010, will enter into force on December 30, 2011.
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Swiss, German Revised DTA In Force 12/27/2011 Switzerland’s Federal Department of Finance has announced that
the revised double taxation agreement between Switzerland and Germany
has now entered into force following a recent exchange of the instruments of
ratification.
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Singapore-Panama DTA Enters Into Force 12/22/2011 The double taxation agreement between Singapore and Panama, which was signed on
October 18, 2010, entered into force on December 19 this year.
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Cyprus Agrees Deficit-Busting Tax Measures 12/7/2011 The Cypriot government has said there is multi-party
consensus towards tax hikes and retrenchment to rapidly reduce the nation's deficit
to below 3% of gross domestic product by 2012, to allay fears that
the nation will require a bailout.
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Hong Kong, France DTA Comes Into Effect 12/5/2011 The double taxation agreement between Hong Kong and France, which was originally
signed by Hong Kong’s Financial Secretary, John C Tsang, and the then French
Minister of Economy, Industry and Employment, Christine Lagarde, on October 21,
2010, came into effect on December 1, 2011.
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Belgium Upbraided Over 'Discriminatory' Taxation 12/1/2011 The European Commission has officially asked Belgium to abolish additional
taxation of certain types of income from capital deriving from outside the European
Economic Area and not received or collected by an intermediary established
in Belgium.
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Revised Italy-Canada DTA Finally Comes Into Effect 12/1/2011 The revised double taxation agreement between Canada and Italy, originally
signed on June 3, 2002, entered into force on November 25, 2011.
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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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Switzerland Adopts Four DTAs 11/29/2011 Switzerland’s Federal Council has adopted texts for four further
double taxation agreements, which will now be submitted to parliament
for approval.
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Study Urges Rethink Of US International Taxation 11/28/2011 In the opinion of a new study by the Tax Foundation, the current system for taxing
United States companies operating abroad needs root-and-branch reform, as its
provisions applying to companies operating abroad have created distortions and
inefficiencies that are a drag on their development, both overseas and at home.
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Luxembourg, Russia Ink DTA Amendment 11/23/2011 During a recent visit to Moscow, Luxembourg’s Finance Minister Luc Frieden
and Finance Minister of the Russian Federation Anton Silouyanov signed an amendment
to the existing bilateral agreement between Luxembourg and Russia, designed to
avoid double taxation and to prevent tax evasion in the area of taxes on wealth
and on income.
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Swiss Bankers Wary Of Withholding Tax Changes 11/23/2011 While acknowledging the need for changes, the Swiss Private Bankers Association has warned that a hasty reform of withholding tax in the Confederation
could have serious long-term consequences for the Swiss financial centre.
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Germany, Liechtenstein Sign DTA 11/21/2011 The Principality of Liechtenstein and the Federal Republic of Germany have
recently signed in Berlin a bilateral double taxation agreement between
the two countries, intended to secure mutual legal, planning and investment
security.
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Swiss, Netherlands DTA Amendments In Force 11/17/2011 Switzerland’s federal administration has announced recently that the
revised bilateral double taxation agreement with the Netherlands, signed
on February 26, 2010, entered into force on November 9.
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Talks Stall On Belgian Budget 11/15/2011 Despite intensive talks, negotiators from Belgium’s six leading parties,
expected to form a new coalition government shortly, have failed to unite on plans
for the country’s federal 2012 budget.
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New Zealand, Hong Kong DTA Enters Into Force 11/11/2011 The bilateral comprehensive double taxation agreement between Hong Kong
and New Zealand, which was signed on December 1, 2010, entered into force on November
9, 2011.
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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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IRS Clarifies Foreign Government Tax Exemptions 11/7/2011 The Internal Revenue Service has released a notice of proposed rulemaking
that is intended to provide guidance as to when the income of foreign governments
and international organizations from investments in the United States will be
deemed to be exempt from taxation under section 892 of the Internal Revenue Code.
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Labuan Gives Tax Incentives For Oil And Gas Trading 11/2/2011 At the launch of the Global Incentives for Trading programme and the newly-formed
Labuan International Trading Commodity Company, the Director-General of
Labuan Financial Services Authority Encik Ahmad Hizzad Baharuddin announced
that a range of incentives have been initiated to attract oil and gas traders
to Malaysia.
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Singapore-Spain DTA Set For 2012 Entry Into Force 11/1/2011 The double taxation agreement between Singapore and Spain, which was signed
on April 13 this year, will come into force on February 1, 2012.
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US Congress Mulls Territorial Corporate Taxation 10/28/2011 The House of Representatives Ways and Means Committee Chairman, Dave Camp (R -
Michigan) has unveiled more details of his party’s plan for United States
international tax reform that would move to a territorial tax system.
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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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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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Hong Kong-Netherlands DTA In Force 10/26/2011 The comprehensive double taxation agreement between Hong Kong and the Netherlands,
which was originally signed on March 22, 2010, entered into force on October 24,
2011.
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Swiss, Polish DTA Amendments In Force 10/25/2011 The protocol of amendment of April 20, 2010 to the bilateral double taxation
agreement in place between Switzerland and Poland entered into force on October 17,
providing for exchange of information in accordance with international standards.
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Singapore-Uzbekistan To Exchange Tax Information 10/11/2011 The protocol, to incorporate the internationally-agreed Organization for Economic
Cooperation and Development standard for the exchange of information for tax purposes
into the existing double taxation agreement between Singapore and Uzbekistan will enter into force on November 1, 2011.
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Switzerland, UAE Sign DTA 10/11/2011 Switzerland and the United Arab Emirates have recently signed in Dubai a double
taxation agreement in the area of taxes on income, containing provisions
on the exchange of information in line with the internationally applicable standards.
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Tax Incentives Feature In Malaysia's 2012 Budget 10/11/2011 In what is considered to be the last before he calls for elections, the Malaysian
Prime Minister and Minister of Finance, Datuk Seri Najib Tun Abdul Razak, recently
introduced a 2012 Budget that was full of tax breaks and incentives.
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Switzerland, Russia Sign Tax And Financial Agreements 9/28/2011 On the fringes of the annual International Monetary Fund meeting held in Washington,
Switzerland’s Federal Councillor Eveline Widmer-Schlumpf and Russia's
Deputy Prime Minister and Finance Minister Alexei Kudrin signed a memorandum
on bilateral cooperation on financial matters and a protocol to the existing bilateral double tax agreement.
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Germany, Turkey Ink Revised DTA 9/23/2011 In the presence of German President Christian Wulff and Turkish President Abdullah
Gül, Germany’s Finance Minister Wolfgang Schäuble and his Turkish
counterpart Mehmet Simsek signed a new bilateral agreement between the two countries
aimed at the avoidance of double taxation in the area of taxes on income.
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South Africa Provides Ruling On Taxes Within DTAs 9/20/2011 The Legal and Policy Division of the South African Revenue Service has
issued a Binding General Ruling that identifies the taxes which constitute
taxes on income, or substantially similar taxes, for the purposes of South Africa’s
double tax agreements.
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HMRC Tackles Manufactured Overseas Dividends Tax Avoidance Scheme 9/16/2011 The UK expects to net approximately GBP40m a year from the immediate closure of a tax avoidance scheme, previously operational under a loophole which allowed companies to offset or claim repayment of UK tax which had never been paid.
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Liechtenstein Extolled As 'Attractive' Tax Location 9/15/2011 In a recent article, KPMG Switzerland praises the principality of Liechtenstein,
describing the state as ‘an attractive tax location' for both German and
Swiss businesses, following entry into force of its new tax law on January 1 of
this year.
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UK, Hungary Sign Updated DTA 9/14/2011 The UK and Hungary have inked a new double tax agreement, which will replace the existing treaty and bring the agreement up to date with the latest international standards.
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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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Switzerland Submits 6 DTAs For Approval 9/5/2011 The Swiss Federal Council has submitted six double tax agreements, with South
Korea, Malta, Romania, Sweden, Singapore and Slovakia, to parliament for approval.
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India Signs Tax Agreement With Georgia 9/2/2011 The Indian government has signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital with the government of Georgia.
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Study Plugs Benefits Of US Repatriation Tax Break 8/30/2011 A new study has found that, if a tax break for United States companies repatriating
profits from their overseas operations was to be reinstated, it would bring into
the country a net USD8.7bn of additional revenue over 10 years.
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New Zealand Government Welcomes Tax Avoidance Ruling 8/29/2011 The New Zealand Supreme Court has dismissed an appeal by two Christchurch surgeons who had challenged a ruling that the use of family trusts to artificially lower their salaries was illegal tax avoidance.
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Buffett's Tax Hikes For The 'Mega-Rich' Questioned 8/25/2011 It has been pointed out that Warren Buffett’s recent call for additional
taxes on the “mega-rich”, which was subsequently picked up in a speech
by President Barack Obama, would do little to resolve the United States fiscal
debt problem.
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Taiwan-India DTA Comes Into Effect 8/23/2011 The double taxation agreement between Taiwan and India, which was signed
only last month, entered into force on August 12, 2011.
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Canada To Update Foreign Affiliate Rules 8/23/2011 The Canadian government has launched a consultation on proposals to reform rules for the taxation of Canadian multinational corporations with foreign affiliates.
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Withholding Tax Cut In NZ's DTAs with Mexico, Chile 8/17/2011 Peter Dunne, New Zealand’s Minister of Revenue, has announced new lower non-resident withholding tax rates on dividends and royalty payments under New Zealand’s double tax agreements with Chile and Mexico.
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Hong Kong, Japan DTA Comes Into Effect 8/17/2011 Hong Kong’s Inland Revenue Department has announced that the double taxation
agreement (DTA) between Hong Kong and Japan, which was signed on November 9 last
year, came into effect on August 14, 2011.
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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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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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FSA Outlines Anti-Failure Plans 8/12/2011 The UK's Financial Services Authority has released details of its proposals for Recovery and Resolution Plans, setting out what is expected of financial institutions in plans designed to reduce the likelihood of failure.
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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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Tax Proposal Lowers South African Fund Inflows 8/2/2011 The anticipated change in the tax treatment of dividend income funds, included
in the 2011 Draft Taxation Laws Amendment Bills issued early last month, contributed
to reduced inflows for the South African unit trust industry in the second quarter
of this year.
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Switzerland, Spain Sign Revised DTA 7/29/2011 Switzerland and Spain have recently signed in Madrid a protocol amending the
existing bilateral double taxation agreement in place between the two
countries.
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India, Lithuania Sign DTA 7/28/2011 The Indian government has announced the signing of an agreement
and protocol for the avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income and capital, with Lithuania.
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