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IRS Plugs Small Businesses Tax Credits 5/25/2012 The United States Internal Revenue Service is encouraging small business
owners to check out two tax credits and a special relief programme that could
provide them with significant tax benefits during 2012.
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UK MPs Critical Of HMRC Compliance Activity 5/25/2012 Cutting staff numbers has cost HM Revenue and Customs GBP1.1bn (USD1.7bn) in revenue over the past five years, a group of UK lawmakers has said in a report that also chastises HMRC for allegedly encouraging the use of tax avoidance schemes by senior public sector employees.
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Germany's Fiscal Court President Seeks Simpler Tax Law 5/23/2012 The President of Germany’s Federal Fiscal Court Rudolf Mellinghoff has called
for a drastic simplification of the country’s highly complicated tax law.
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Australia Releases Details Of Superfund Tax Relief Plans 5/22/2012 The Australian government has released a proposals paper designed to support the implementation of its superannuation reform package and provide further details of planned tax reliefs.
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Few US Small Businesses Claim Health Insurance Tax Credit 5/23/2012 The United States Government Accountability Office has released a study showing
that very few small businesses are taking advantage of the Small Employer Health
Insurance Tax Credit, which was included in President Barack Obama’s health
care legislation.
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Monti Defends Italian Tax Collectors 5/18/2012 In his remarks during a meeting with the management of the Italian Revenue Agency
and Equitalia (which collects the country’s taxes), the Italian Prime Minister
Mario Monti emphasized that it had to be recognized that the payment of their
taxes was everybody’s duty, before it could be possible to reduce the overall
tax burden.
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House Passes State Tax Simplification Bill 5/18/2012 The United States House of Representatives has passed, on a bipartisan basis with
a voice vote, a bill which would simplify tax reporting requirements for those
workers who are employed in multiple state jurisdictions.
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Italian Property Tax Slammed As 'Odious And Inequitable' 5/17/2012 Niccoló Rinaldi, head of the Italian opposition party, Italia dei Valori,
in the European Parliament, has described the new Italian tax on the value of overseas
properties and financial assets as only the latest in a long line of attacks on
the finances of Italian expatriates.
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UK Government Blasted Over IR35 Proposals 5/14/2012 HMRC has missed a great opportunity to bring clarity, transparency and fairness in dealing with the intermediaries legislation commonly referred to as IR35, according to members of the freelance community who were invited on to the Treasury forum to discus the issue.
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HMRC Expands RTI Pilot 5/11/2012 HM Revenue and Customs has announced the addition of a further 310 employer schemes to its Real Time Information pilot, which launched last month.
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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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Hollande, Sarkozy Go Head-To-Head On Tax 5/7/2012 During a long, bitter televised debate, aimed at attracting wavering voters ahead
of Sarkozy's defeat on May 6, and punctuated by attack and counter attack, outgoing French President
Nicolas Sarkozy and new Socialist President François
Hollande went head-to-head on key election battleground issues including taxation
in France and the crisis in Europe.
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IRS Accepting Applications For Taxpayer Clinic Grants 5/4/2012 After the recent disclosure that applications could be made for the Tax Counselling
for the Elderly and Volunteer Income Tax Assistance grant programmes, the United
States Internal Revenue Service has now also announced the opening of the
2013 Low Income Taxpayer Clinic grant application process.
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Report Shows Incentives For US Companies To Drop Health Cover 5/4/2012 In a new report prepared for the House of Representatives Ways and Means Committee,
data from United States Fortune 100 companies show that they could save significant
amounts under the new health care law by simply terminating health insurance for
their workers and putting those employees into taxpayer-funded health care exchanges.
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IRD Issues 2m Individual Tax Returns In Hong Kong 5/3/2012 As Hong Kong’s Inland Revenue Department begins sending
out 2.16m tax returns, the Commissioner of Inland Revenue, Chu Yam-yuen, reminded
individual taxpayers to file their tax returns by June 2, while sole proprietors
of unincorporated businesses have until August 2.
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HMRC Warned Of RTI Impact On Small Firms 5/1/2012 The Low Incomes Tax Reform Group has said that the UK tax
authority, HM Revenue and Customs, has underestimated the impact of Real Time Information
on small employers.
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German States Seek To Further Simplify Tax Law 4/27/2012 Germany’s federal states are pressing ahead with plans to simplify the country’s
tax law.
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Congress Examines Tax-Advantaged Health Accounts 4/27/2012 On April 25, a US Congressional panel held a hearing focused on the limitations imposed
on the purchase of over-the-counter medication with tax-advantaged accounts,
such as health care flexible spending arrangements, health savings accounts and health reimbursement accounts.
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Singapore Achieves Record 97% E-Filing Rate 4/25/2012 The Inland Revenue Authority of Singapore has pointed out how the city
state’s taxpayers continued to enjoy the convenience of e-filing their tax
returns before this year’s due date of April 18.
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IRS Consults On Public Sector Retirement Age Rules 4/23/2012 It has been announced that the United States Internal Revenue Service and
the Treasury Department anticipate issuing guidance relating to the applicability
of the normal retirement age rules to governmental plans.
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CRA Launches Business Account Service 4/19/2012 A new 'My Business Account' launched by the Canadian Revenue Agency is to give businesses access to help and advice on account-specific, tax-related questions.
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US Congress Looks At Retirement Account Tax Reform 4/20/2012 The United States House of Representatives Ways and Means Committee has held a
hearing on possible modifications to tax-favoured retirement savings plans, including
employer-sponsored defined contribution plans and individual retirement accounts, which might be considered as part of comprehensive tax reform.
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Study Sresses Tax Contribution Of US Auto Industry 4/17/2012 A study from the Center for Automotive Research has highlighted the 'significant' contribution that the auto industry now provides to state and federal tax revenues, as
it makes a recovery from the recent economic recession.
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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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Guernsey Fund Of Hedge Funds Receives European Accolade 4/11/2012 Guernsey-headquartered Legis Fund Services has been recognised as 'Best Administrator
- under USD30bn Fund of Hedge Funds' at the HFMWeek European Services Provider
Awards.
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UK Overhauls Employment Tribunal Law 4/6/2012 Radical changes to the UK's employment laws come into effect this week, which the government says will cut unnecessary demands on employers, and encourage growth, while safeguarding workers’ rights.
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Schäuble Tries To Quieten Swiss Tax Imbroglio 4/5/2012 German Finance Minister Wolfgang Schäuble has underlined the need
for the bilateral Swiss-German withholding tax agreement to enter into force as
planned from January 1, 2013, despite Switzerland’s inflammatory decision this week to issue arrest warrants for three German tax investigators for industrial espionage.
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French Research Credit Key For Foreign Investors 4/3/2012 A recent report on 2011 foreign investment in France, published by the French agency for international investment, has shown that France remains an attractive destination for foreign investors, mainly attributable to the availability of the popular consolidated research tax credit.
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IoM Outlines New Online Filing Requirements 4/2/2012 The Isle of Man government has released a new Practice Note, detailing the requirements
being placed on employers following the decision to make mandatory the online
filing of tax returns, on a transitional basis, from April 6, 2012.
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France Lowers Administrative Burden For Businesses 3/23/2012 The French finance ministry has recently unveiled details of a series of measures,
designed to reduce the administrative burden on businesses in France, within the
framework of the law pertaining to the simplification and reduction
of administrative procedures.
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Cantor Proposes US Small Business Tax Cut 3/23/2012 The United States House of Representatives Majority Leader Eric Cantor has introduced the Small Business Tax Cut Act of 2012, aimed at helping small
businesses to grow and to hire new workers.
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UK To Give Shareholders More Say On Bosses' Pay 3/22/2012 New reforms proposed by the UK government will enhance shareholder company rights in order to provide greater influence over executive pay.
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Canada, India Redoubling Trade Talk Efforts 3/15/2012 With Canada and India hoping to conclude a trade agreement by 2013, Canada's Minister of International Trade has said that growing bilateral trade between the two countries is fuelled by 'strong people-to-people ties'.
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NZ Pushes Tax Credits For 'Payroll Giving' 3/15/2012 New Zealand's Revenue Minister Peter Dunne has praised the creation of a new website which offers information for employers seeking to establish Payroll Giving schemes in their workplaces.
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Tax Simplification Body Reviews UK Share Schemes 3/14/2012 The Office of Tax Simplification has put forward its recommendations on UK tax advantaged share schemes, designed to encourage take up, and reduce the burdens on those offering the schemes.
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Swiss Lawmakers Back Bonus Tax 3/12/2012 Marking an about-turn, the Swiss National Council has narrowly voted in favour
of plans to impose a tax on large bonuses in Switzerland in excess of CHF3m (EUR2.5m)
(USD3.3m).
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US Court Closes Employee Insurance Benefit Tax Scheme 3/12/2012 The United States Justice Department has announced that a federal court has permanently
barred the operation of an alleged scheme that helps high-income
individuals attempt to avoid income taxes by funnelling money through purported
"welfare benefit plans”.
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French Exit Tax Kicks In 3/12/2012 French Budget Minister Valérie Pécresse
has recently confirmed that the government’s exit tax, adopted by parliament
in July last year, applies to the transfer of a tax residence outside of France
since March 3, 2011.
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Half Of Singapore's Taxpayers Will Not Need To File Returns 3/8/2012 The Inland Revenue Authority of Singapore has indicated that around
half of the country’s 1.8m taxpayer base are eligible for its No-Filing
Service and will not have to file tax returns, but will receive their notices
of assessment directly.
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Australian Govt Introduces New Superannuation Reforms 3/8/2012 New legislation amending Australia's superannuation tax rules will make the system simpler and fairer, the minister in charge has said.
|
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IoM Employment Tax Holiday Begins From April 3/7/2012 The Isle of Man's Economic Development Minister John Shimmin has highlighted the recent tax relief measure introduced to stimulate economic and employment growth on the island which will provide National Insurance Contribution exemptions for new hires.
|
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Canadian Minister Highlights New Pension Vehicle 2/29/2012 Canada's new pension vehicle will help small and medium-sized businesses compete in the jobs market, the Minister in charge has said.
|
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China To Expand Health Insurance Coverage 2/24/2012 During a meeting on February 22 of the State Council, which was chaired by the
Chinese Premier Wen Jiabao, new health insurance reform objectives were established
for the period of the 12th Five-year Plan (2011-2015).
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EU Adopts 'Think Small First' Regulation Agenda 2/22/2012 At its meeting on February 20-21, the European Council adopted conclusions on
a future smart regulation agenda with a strong end-user focus, in that it will
seek wherever possible to exempt small businesses from European Union legislation,
or to introduce special regimes so as to minimise the regulatory burden on them.
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US Congress Passes Payroll Tax Extension 2/21/2012 As was expected, and just in time before the short Congressional recess, an extension
of the United States payroll tax cuts and unemployment benefits, from the end
of this month to the end of the year, passed through both the House of Representatives
and Senate with varying degrees of bipartisan support.
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VAT Risk Warning Issued By Accountants 2/20/2012 A new approach from HM Revenue and Customs raises value added tax risks for employee benefits, accountancy firm James Cowper has warned.
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HMRC Tackles Inaccurate Employee Data 2/16/2012 The UK tax authority HM Revenue and Customs is offering online advice to employers on how to reduce errors in employee data.
|
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UK Tax Tribunal Ruling Crucial To Company Car Schemes 2/16/2012 A recent tax court case offers a timely reminder for employers to check company car salary sacrifice arrangements, Deloitte has said.
|
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US Congress Strikes Payroll Tax Deal 2/17/2012 United States Republican and Democrat Congressional leaders have agreed a format
for the extension of the payroll tax cuts and unemployment benefits from the end
of this month, following intense pressure from President Barack Obama.
|
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UK Tax Amnesty Targets Electricians 2/15/2012 HM Revenue and Customs has unveiled its newest tax amnesty scheme, offering electricians the opportunity to pay the taxes they owe with lower penalties.
|
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Germany's CDU Eyes Income Tax Compromise 2/15/2012 Following the German government’s recent failure to win support for its
2013 and 2014 tax cut plans in the Bundesrat, or upper house of parliament, Norbert
Barthle, budgetary expert of the ruling Christian Democratic Union party,
has mooted the idea of increasing the top rate of income tax in return for the
tax relief measures, in order to gain support from the Social Democrats.
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Ireland Publishes 2012 Finance Bill 2/13/2012 The Irish Finance Bill 2012, introduced on February 8, 2012, proposes extensive
changes to the nation's tax regime, including a hike in the headline value-added tax rate to 23%, and targeted tax amendments to improve the competitiveness
of the country's financial services industry.
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UK To Retain End Of Employment Form 2/10/2012 The UK tax authority's end of employment form will remain in continued use, after plans to replace it as part of the proposed 'real time information' system were scrapped.
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UK Unions Attack Banking Bonuses 2/8/2012 The UK government could raise an additional GBP1.7bn (USD2.7bn) a year in tax revenues by preventing companies from deducting excessive bonuses from income for corporate tax purposes, the UK Trades Union Congress (TUC) has said.
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Irish Revenue Brief On USC Released 2/6/2012 Ireland's Revenue agency has published an e-brief detailing the application by employers of the Universal Social Charge to social welfare-type payments.
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Minister Promotes New Canadian Pension Vehicle 2/2/2012 The introduction of Pooled Registered Pension Plans will bridge gaps in Canada’s retirement income system, the Minister in charge has said.
|
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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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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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Germany Mulls Second Tax Simplification Law 1/25/2012 Financial experts of both ruling parties in Germany’s black-yellow coalition
government have called for a second tax simplification package to be adopted
in 2012 to further simplify German tax law, thereby continuing to reduce the bureaucratic
burden on both businesses and individuals.
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Jersey Regulatory Risk Workshops Launched 1/24/2012 A series of workshops have been launched to help businesses and their employees to
better understand and comply with new regulatory requirements and better meet
stakeholder expectations when operating in Jersey.
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HMRC Makes PAYE Tax Code Change Proposals 1/23/2012 HM Revenue and Customs has released for comment draft legislation on proposed changes to the tax codes relating to share-based payments for former employees.
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France Lowers Burden On Very Small Businesses 1/20/2012 Following a four hour summit meeting with the country’s social partners
at the Elysée, French President Nicolas Sarkozy unveiled details of a series
of agreed emergency measures, designed to reduce unemployment in France, including
notably plans to grant very small businesses exemption from charges in respect of young people they recruit.
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Ryanair Snubs Ireland Over Tax 1/19/2012 Irish airline Ryanair, Europe's largest budget airline, is to create 1,000 new jobs but not in Ireland, with the country's tax regime thought to be to blame.
|
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France Plans Limited 'Social VAT' Rise 1/19/2012 The French government’s planned rise in value-added tax, to finance
a reduction in employers’ social contributions, is not expected to exceed
2%, according to latest reports.
|
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UK Mulls Tax Breaks For Employee Ownership 1/19/2012 Continuing his attack on 'irresponsible capitalism' the UK's Deputy Prime Minister Nick Clegg has said that he wants to cut red tape and reform the tax system to encourage employee ownership.
|
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Austrian Businesses Slam Chancellor's Tax Rise Plans 1/18/2012 A recent survey of 1,300 businesses, conducted by the Austrian Economics Chambers
in the regional province of Steiermark, has revealed that 95%
of those companies surveyed are in favour of budgetary consolidation by means
of expenditure-based measures, while only 17% support the idea of wealth-related
taxes as a means to cut the country’s deficit.
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French Unions Seek Rise In General Social Contribution 1/18/2012 Ahead of a summit meeting between the country’s social partners at the Elysée
palace, convened by French President Nicolas Sarkozy, and by way of an alternative
to the government’s plans to introduce a ‘social’ value-added
tax in France, the country's largest trade union confederation, the CFDT,
has put forward the idea of increasing the country’s general social contribution by 7% in return for a 10% reduction in employers’ contributions.
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UK's Tax Officers Walk Out In Lightning Strikes 1/17/2012 More than 20,000 HM Revenue and Customs staff have staged a series of 'lightning strikes' in a row over plans to bring in private companies to do their work.
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French Welfare Reform Includes Plans For VAT Rise 1/16/2012 French Budget Minister and government spokesman Valérie Pécresse
recently confirmed that plans to reform the financing of the welfare system
in France will inevitably lead to an increase in value-added tax.
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HMRC In Court Over NIC Motor Allowance Dispute 1/11/2012 The UK's tax authority is facing another high profile court case, as the Total People's National Insurance contribution refund claim case gets permission for a hearing at the Court of Appeal.
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PwC Warns Of UK PAYE Overhaul 'Perfect Storm' 1/11/2012 While reform of the UK's pay-as-you-earn tax system is in itself a good thing, a tight timescale for completion could create major issues for employers, PwC has warned.
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French SME Body Welcomes 'Social VAT' 1/10/2012 Underlining the need to reduce the cost of labour in France and to widen the base
for financing welfare, the French industry body representing small- and medium-sized
companies, CGPME, has called for a rise in value-added tax and for
a rise in the general social contribution in return for lower employer contributions.
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UK's Families Hardest Hit By Tax, Benefit Changes 1/6/2012 Families with children are set to lose more through tax and benefit changes than pensioners or adults without children, according to new research from the Institute for Fiscal Studies.
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UK Opposition Attack NI Holiday As A 'Flop' 1/5/2012 The UK government's flagship national insurance holiday scheme has been a 'total flop', the opposition Labour party has said, as figures reveal the scheme has supported a fraction of the businesses it was intended to help.
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Guernsey To Levy Immigrant Fees 1/4/2012 Fees are to be introduced by Guernsey for citizens from non-EU countries wishing
to stay permanently or on a temporary basis from February 2012, in line with fees
in place in other territories such as the UK.
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Latest Canadian Automobile Deduction Limits Announced 1/2/2012 The Canadian government has released its automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit that will apply in 2012.
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New Year Tax Misery In Canada 1/2/2012 There will be winners and losers when the new year brings in major payroll and pension tax changes in Canada, the Canadian Taxpayers Federation has said.
|
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GBP1bn Tax Boost For UK Charities 12/29/2011 UK charitable donations could be 'turbo-charged' under new plans from a think-tank which include proposals for the introduction of a new tax relief.
|
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Record Export Year For Ireland 12/29/2011 Irish firms experienced record levels of exports in 2011 and are now using a renewed confidence to aggressively target opportunities in international markets, according to the latest figures from Enterprise Ireland.
|
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Guernsey Clarifies Situation On Income Tax Coding Changes 12/28/2011 Guernsey's Income Tax Office has published a statement reassuring taxpayers that
income tax deductions under the Employees Tax Instalment Scheme will take into
account from January 2012 the increased personal allowances that were approved by the island's legislative
assembly, the States of Guernsey, last week.
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Six Jailed In EU Carbon Trading Carousel Fraud Probe 12/28/2011 A Frankfurt court has sentenced six individuals to as long as seven years' imprisonment
for tax fraud as part of a larger European Union probe to bring those who profited
from manipulating the trade bloc's carbon emission permit trading platform to
justice.
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Taiwan Adjusts Non-Resident Withholding Tax Threshold 12/22/2011 Following an increase in the minimum wage in Taiwan, the monthly salary threshold
of the 6% withholding tax rate for non-residents in the country will be increased
to TWD28,170 from January 1, 2012.
|
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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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US Tax Cut Fight Goes Down To The Wire 12/21/2011 The fight to extend a temporary payroll tax cut for US workers has gone down to the wire after House Republicans refused to accept a compromise deal approved overwhelmingly by the Senate.
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German Trade Unions Seek Higher Wealth Taxes 12/20/2011 President of the German Confederation of Trade Unions Michael Sommer has
called for a greater fiscal contribution from the country’s wealthiest to
resolve the ongoing debt crisis and to bring the budget to balance, notably for
the tax burden to be increased on wealth and on inheritances in Germany.
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IRS Pushes Tax Credits For Retirement Accounts 12/20/2011 The United States Internal Revenue Service is encouraging low- and moderate-income
workers to take steps to save for retirement and earn a special tax credit in
2011 and the years ahead.
|
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Canada Consults On New Pension Law 12/16/2011 The Canadian government has released for consultation a package of draft legislative proposals to bring in a new pension vehicle.
|
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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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HMRC Helps Employers Improve PAYE Systems 12/14/2011 HM Revenue and Customs is to help out at those businesses experiencing the most issues with data quality, in a drive to help employers improve their 'Pay As You Earn' information.
|
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Irish Revenue Flags Compliance Risks 12/13/2011 The Irish Revenue must find ways to continue its staff reduction programme while not risking the efficiency of its compliance work, the office has said in its self-assessment paper.
|
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Belgium's Company Car Tax Reform Plans Criticized 12/13/2011 Government plans to reform the existing tax regime pertaining to company cars
in Belgium, agreed within the framework of intense negotiations on the country’s
2012 budget, are expected to significantly increase the tax burden on individuals.
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BA Slams UK Travel Duty Hike 12/12/2011 Further rises in the UK's air passenger duty are completely at odds with the government’s declared aim of creating the foundations for growth, British Airways has said.
|
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Switzerland Rejects Controversial Bonus Tax 12/9/2011 Despite backing from both the Council of States and the Federal Council, Switzerland’s lower house of parliament, the
National Council, has rejected the proposal seeking to introduce a bonus tax in
the Confederation.
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Bermuda Lays Down Welcome Mat For Investors 12/12/2011 Bermuda's Premier, Paula Cox, has outlined details of the government's Incentive for Job Makers Act 2011, which will ease work permit and residency restrictions for senior management and wealthy investors, a move which is expected to boost Bermuda's
appeal as an international financial centre.
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Chan Defends Tax Rules For HK Frontier Workers 12/9/2011 A week after he had confirmed that a change in tax rules for cross-border workers
between Hong Kong and Mainland China was not currently under consideration, Hong
Kong’s Secretary for Financial Services and the Treasury, Professor K C
Chan, has had to reiterate to the Legislative Council that the decision would
not be changed.
|
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Noonan Delivers Tax Changes In Irish Budget 12/8/2011 Irish Finance Minister Michael Noonan has delivered a comprehensive austerity budget comprised largely of tax measures designed to raise almost EUR2bn (USD2.7bn) in additional revenue.
|
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Jersey Highlights Upcoming Social Security Changes 12/6/2011 The Jersey government has reminded taxpayers of changes to the territory's system
of social security contributions from January 1, 2012, including an increase in
the rate paid by employers and incentives for new business formations.
|
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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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Prepare For Austerity Budget, Kenny Tells Ireland 12/6/2011 Ireland's upcoming Budget will be necessarily tough, with the country's economy still in crisis, the Prime Minister has said. It will, however, build on the steps the government has already taken toward recovery and include over EUR1bn in tax hikes.
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US Politicians Squabble Around Funding For Payroll Tax Cuts 12/5/2011 While both United States Democrat and Republican Parties have expressed a willingness
to extend, and even increase, the payroll tax cut which will otherwise expire
at the end of this year, they are poles apart on how the consequent reduction
in federal revenues should be funded.
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