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In a bid to attract wealthy individuals to relocate to the country, and high net worth Italian expats to return there, the Italian authorities have introduced a EUR100,000 (USD106,251) per year substitute tax on foreign income and gains for previous non-doms who declare Italy as their primary tax residence. Read Full Story
India should consider withdrawing a property taxation system that allows people to maximize their tax-free income, the OECD has said in its annual economic report for the country. Read Full Story
Parliamentary approval was received on January 11 for the Taiwanese Government's proposals to hike cigarette and inheritance taxes, to find the extra funds needed to finance a long-term elderly care program. Read Full Story
South Africa's Ministry of Finance has published the 2016 Taxation Laws Amendment Bill, which has received parliamentary approval and gives effect to the tax changes announced in the Budget in February this year, together with legislation confirming the final details of. the Special Voluntary Disclosure Program. Read Full Story
The US Chamber of Commerce wrote a letter on October 24 in support of the legislation introduced in the House of Representatives that would eliminate the proposed changes to Section 2704 of the Internal Revenue Code on estate and gift tax valuation discounts. Read Full Story
On October 21, the South African Revenue Service issued an interpretation note on the revised application of South Africa's Income Tax Act to the treatment of debt reduction. Read Full Story
A September 22 letter sent to US Treasury Secretary Jack Lew from the Family Business Coalition, and signed by more than 100 organizations and business groups in the United States, called for the withdrawal of the proposed changes to Section 2704 of the Internal Revenue Code on estate and gift tax valuation discounts. Read Full Story
US Democratic party presidential candidate Hillary Clinton has set out her proposed policy of hiking estate tax rates on "the very largest estates." Read Full Story
The International Monetary Fund's Executive Board has recently commented on South Korea's fiscal stimulus program. Read Full Story
The US Internal Revenue Service has issued a notice of proposed rulemaking providing new rules considered necessary to prevent the undervaluation of transferred interests in corporations and partnerships for estate, gift, and generation-skipping transfer tax purposes. Read Full Story
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