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India Reassures US On Retrospective Tax Plans 4/24/2012 India's Finance Minister Shri Pranab Mukherjee has defended plans for retrospective tax legislation, telling the US Secretary of the Treasury that the proposals merely clarify the intent of current laws.
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Vodafone Challenges Indian Tax Law 4/23/2012 The ongoing tax dispute between India and Vodafone has erupted again, with the telecoms company now serving a Notice of Dispute against the government's controversial new retrospective tax legislation.
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No New Taxes In Budget For Canadians 3/30/2012 The Canadian government has left tax rates on hold for another year in the 2012 Budget, announced by Finance Minister Jim Flaherty on March 29.
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OECD Forum To Simplify Transfer Pricing Rules 3/30/2012 Meeting at the first Organization for Economic Cooperation and Development Global Forum on Transfer Pricing, tax officials from
90 countries agreed on the need to simplify transfer pricing rules, strengthen
the guidelines on intangible issues and improve the efficiency of dispute resolution.
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Australia To Amend Transfer Pricing Regime 3/21/2012 The Australian government has released draft proposals that will launch the first stage of its reform of the transfer pricing system.
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First Jersey Firm Lists On NYSE 2/10/2012 Delphi Automotive PLC has become the first Jersey company to have its shares directly
listed on the New York Shock Exchange, having been advised on its initial public
offering by Channel Islands law firm Carey Olsen.
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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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Guernsey Remains Leader In Non-UK Listings 1/27/2012 Guernsey remains home to more non-UK entities listed on the London Stock Exchange than any other jurisdiction globally, according to figures from the market
authority.
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Vodafone Wins Indian Tax Dispute 1/25/2012 India’s Supreme Court has ruled that Vodafone Group Plc is not liable for a USD2.2bn bill in back taxes and penalties after the USD11.2bn acquisition of Indian mobile phone company Hutchinson Essar in 2007.
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Centamin Shifts Tax Residency To Jersey 1/4/2012 On December 30, 2011, Centamin Egypt Limited successfully migrated its corporate
headquarters to Jersey from Australia, through the establishment of a Jersey holding
company with advice from Channel Islands law firm Ogier.
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Jersey Structure Employed In Polymetal's LSE Listing 12/23/2011 Channel Islands law firm Carey Olsen has advised Polymetal International, the
largest silver and fourth-largest gold extraction company in Russia, and one of
the top five primary silver extraction companies worldwide, on the Jersey aspects
of its listing on the main market of the London Stock Exchange.
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Hong Kong's Inward FDI Soars 12/13/2011 Recently released figures show that, at the end of last year, the stock of Hong
Kong's inward foreign direct investment increased by 16.7% from a year earlier,
to almost HKD8.5 trillion (USD1.09 trillion) at market value.
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Tunisia Embarks On Budget Reform 11/25/2011 Tunisia and the European Union have recently launched in Tunis a joint programme
designed to support the country’s Budget Management by Objectives project.
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EU To Strengthen Financial Conglomerate Supervision 11/11/2011 The European Council, at its meeting on November 8, adopted a new directive amending
the existing financial conglomerate directive, which is intended to ensure appropriate
supplementary supervision of financial entities in a financial conglomerate, and
to adapt the supervision of financial conglomerates to the new supervisory structure
in the European Union.
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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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Reports Reject US Foreign Profits Tax Holiday 10/7/2011 Two new studies, from both sides of the political spectrum, have denied that,
if a tax break for United States companies repatriating profits from their overseas
operations was to be re-instated, additional investment and jobs would be created
in the American economy.
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Vodafone Relocates Marketing Team To UK 8/19/2011 Vodafone is to relocate a marketing team to London from Ireland, although it is unclear whether the move has been motivated by tax reasons.
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Malaysia Steps Up Transfer Pricing Oversight 8/3/2011 Malaysia’s Inland Revenue Board has issued a new form to be completed
by multinational companies to give more complete information on transfer pricing
in cross-border transactions.
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Vodafone's Indian Tax Bill May Double 7/6/2011 Leading telecoms company Vodafone has warned that the firm's back tax liability in India could double if the Indian Supreme Court rules in favour of the country's tax authorities with regard to a long-standing tax dispute.
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Carey Olsen Advises On 'Pioneering' Offshore Restructuring 6/22/2011 Carey Olsen has been involved in a pioneering deal to move an international
industrial services business from London's Alternative Investment Market to the London Stock Exchange
main market.
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Indian Vodafone Tax Case Adjourned 5/16/2011 The long-running court case involving the tax liability of Vodafone’s acquisition of an Indian mobile phone company in 2007 continues, with the Authority for Advance Ruling (AAR) adjourning the case until May 24.
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Vodafone Dismisses Indian Tax Compromise 3/23/2011 Vodafone has said that it continues to believe the company had no tax liability over the purchase of an Indian mobile phone company in 2007, despite reports that it is ready to compromise with the Indian tax authorities.
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Vodafone Tax Appeal In India Deferred Again 2/10/2011 India's Bombay High Court deferred a hearing on Vodafone’s dispute with the Indian tax office on Tuesday (February 8), and has not specified a date for a new one.
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France Adopts 2011 Finance Bill 12/17/2010 The French parliament has definitively adopted the country’s 2011 finance
bill, providing for a historic deficit reduction of EUR60bn and for a reduction
of existing tax breaks in France of almost EUR10bn.
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EU Prepares Fresh Attack On Swiss Taxes 12/15/2010 European Union foreign affairs ministers are due to adopt a report on bilateral
relations between Switzerland and the EU, calling notably for the abolition of the various
tax regimes applied by the Swiss cantons.
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Tunisia Adopts 2011 Budget Bill 12/7/2010 Tunisia’s Chamber of Deputies has adopted the country’s 2011 budget
bill, designed to reduce public debt and containing a number of key fiscal measures.
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Indian Court Delays Vodafone Tax Hearing 11/25/2010 A date of February 8 has now been fixed by the Bombay High Court for the hearing of an appeal by Vodafone International Holdings BV against a ruling by the Indian authorities that the company should pay tax on a 2007 acquisition.
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Carey Olsen Advises Wolseley On Jersey Incorporation 10/13/2010 Channel Islands law firm Carey Olsen has announced that it has advised FTSE company
Wolseley plc on the creation of a new group holding company, to be incorporated
in Jersey with tax residence in Switzerland.
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Jersey Discusses Tax In UK 10/7/2010 Jersey’s finance industry was invited to discuss the role that Jersey plays
in attracting international business to the UK, at the Conservative Party Conference,
held last week.
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Senate Kills Anti-Offshoring Bill 9/30/2010 A bill which proposed a payroll tax holiday to companies hiring American workers to replace those at a foreign-based operation whilst removing tax breaks from those companies moving operations abroad has been voted down by the Senate.
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Wolseley To Shift Tax Base To Switzerland 9/28/2010 Wolseley plc, a global distributor of heating and plumbing products
and supplier of builders' products to the professional market, has
announced a proposed change to the corporate structure of the Wolseley Group,
which will see the creation of a new UK-listed Group holding company incorporated
in Jersey with tax residence in Switzerland.
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UK To Forge Ahead With Corporate Tax Reform 9/22/2010 Mark Hoban, the Financial Secretary to the UK Treasury, confirmed in a speech on September 20 the government's desire to move the country towards a more territorial system of corporate taxation.
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Vodafone Loses In Mumbai High Court 9/13/2010 UK telecoms giant Vodafone has expressed continuing confidence that it is not liable for Indian capital gains tax from its purchase of the Indian mobile phone network Hutchison Essar in 2007 despite a setback in the Mumbai High Court.
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IRS Issues Guidance On FATCA 9/2/2010 The United States Treasury and the Internal Revenue Service have stated
their intent to issue guidance on the reporting requirements imposed on foreign
financial institutions by the enactment of the Foreign Account Tax Compliance
Act on March 18, 2010 within the Hiring Incentives to Restore Employment Act.
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HK Releases Consultation Results On Draft Companies Bill 9/1/2010 Hong Kong’s government, releasing the conclusions of the first phase of
consultation on the draft of the Companies Bill, has said that it is prepared
to adopt a number of proposals regarding the issues highlighted for consultation.
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Jersey Firm Lists On AIM 8/25/2010 Channel Islands law firm Carey Olsen has announced its advisory role in Masawara
plc’s listing on the Alternative Investment Market of the London Stock
Exchange.
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US Business Fears International Tax Bill 8/11/2010 US business groups have criticized the Senate's approval of a bill which proposes to tighten international tax rules with the intention of curbing what Democrats consider as large scale corporate tax avoidance.
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IRS Strengthens Focus On International Tax Compliance 8/6/2010 The US Internal Revenue Service has announced the realignment of its large
and mid-size business division to create a more centralized organization
dedicated to improving international tax compliance.
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Vodafone Denies Tax Claim 8/2/2010 The UK’s delegation to India, headed by Prime Minister, David Cameron, aims to bring the countries' relationship to a new level; but telecom giant Vodafone, one of the UK’s major investors in India, remains embroiled in an unresolved USD2bn tax dispute.
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Ireland Welcomes Covidien From Bermuda 7/22/2010 Irish Prime Minister, Brian Cowen on July 20 welcomed the opening of Covidien’s
operations at the European Services Centre in Dublin. The company announced
its intention in 2009 to relocate to Ireland from Bermuda.
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Australia Consults On CFC Rules 7/19/2010 Australia’s Assistant Treasurer, Nick Sherry, has released for public comment
a discussion paper that represents a further step towards reforming controlled
foreign company rules.
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Brazil Reviews Preferential Tax Regimes 7/1/2010 The Brazilian tax authority has introduced an appeals procedure in respect of its black and gray listing of preferential tax regimes, which are subject to special tax requirements.
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Guernsey Attracts Major Fund Players 6/30/2010 Guernsey Finance has announced that a series of new fund administrators and managers
are establishing a presence in the island, further endorsing the island as a leading
fund domicile.
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Switzerland Improves Group Financing Conditions 6/24/2010 In a bid to improve the Swiss financial centre and to create jobs in Switzerland
in the area of internal group financing activities, interest paid out between
companies of the same group will in future be exempt from withholding tax and
stamp duty.
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Vodafone Appeals Indian Tax Order 6/9/2010 UK telecoms multinational Vodafone has responded to the Indian Income Tax department's reassertion of its jurisdiction to levy withholding tax on the USD11.1bn sale to Vodafone of a 67% stake in Hutchinson Essar in 2007 with an appeal to the Bombay High Court.
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India Asserts Tax Claim Against Vodafone 6/7/2010 The Indian tax authorities have reasserted their belief that they have jurisdiction
to levy withholding tax on the USD11.1bn sale to Vodafone of a 67% stake in Hutchinson
Essar in 2007.
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Ireland Relaxes WHT Exemption Rules 4/16/2010 The Irish Revenue Commission has released an e-brief noting the removal of
requirements that are necessary to obtain
exemption from Dividend Withholding Tax at source for certain non-resident companies.
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China Announces Foreign Investment Incentives 4/15/2010 China's State Council has released new guidelines for foreign investment in China which include tax incentives and easier procedures, especially in the lesser developed 'West Delta' region.
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Ineos Flees UK Tax Net 4/14/2010 Britain’s largest private company, chemicals group INEOS, is to forge ahead
with its proposals to relocate to Switzerland from the UK for tax purposes, attributing
the move to the British Isles’ increasingly “uncompetitive tax regime”.
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Dragon Oil To Retain Irish HQ 4/9/2010 Dragon Oil, a firm primarily involved in oil extraction in the Caspian Sea, has announced
that it has abandoned plans to relocate its corporate headquarters to Bermuda for tax purposes, reversing proposals put to shareholders in March 2009.
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Russia's 'Silicon Valley' Needs Tax Breaks 4/5/2010 President Dmitry Medvedev has appointed billionaire Viktor Vekselberg to oversee the creation of the Skolkovo Innovation Center, which is supposed to become Russia's answer to Silicon Valley.
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Reinsurer Plans Move To Luxembourg 3/31/2010 Flagstone Reinsurance Holdings Limited, a global reinsurance and insurance company, has announced plans to change the company's place of incorporation from Bermuda to Luxembourg.
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Dubai Debt Plan Published 3/30/2010 The Dubai government has announced that it will channel USD9.5bn in fresh funding
into indebted state-owned holding company, Dubai World, under a plan that will
reimburse 100% of creditors’ funds within eight years.
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Indian Ruling Backs Mauritius Tax Treaty 3/25/2010 After a long running dispute on the incidence of capital gains tax, the Indian Authority for Advance Rulings has issued a ruling which maintains the validity of Article 13 (4) of the India Mauritius double taxation treaty on exemption from capital gains tax normally payable in India.
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IBM Challenges Japanese Tax Assessment 3/22/2010 IBM Japan has stated its intention of appealing a tax demand of potentially more than JPY30bn (USD330m) and claimed that it had fully paid all taxes required in accordance with Japanese law.
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Ireland 'Safe' From US Tax Plans 3/18/2010 Irish Prime Minister, Brian Cowen has said that companies based in Ireland
can expect to face no sanctions from the United States, despite the Obama administration's plans to tighten the tax treatment of multinationals with operations in lower tax jurisdictions such as Ireland.
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Beazley Saves GBP14m From Ireland Redomiciliation 2/12/2010 Having re-domiciled its holding company to Ireland in March 2009, insurance group Beazley plc has reported with its latest annual results that the move resulted in a lower effective tax rate of 12% in 2009 (2008: 26%), a net profit impact of GBP14m.
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