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Rutte Intent On Growth And Fiscal Discipline 5/27/2012 Following the recent informal European Council meeting in Brussels, Dutch Prime
Minister Mark Rutte emphasized that growth and sound financial policy ‘are
not mutually exclusive but in fact go hand in hand’.
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Norway Updates 2012 Budget 5/23/2012 The Norwegian finance ministry has recently published details of the country’s revised 2012 fiscal budget, in which the government emphasizes the need for fiscal constraint.
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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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Hollande Eyes 'Growth Dimension' In Fiscal Compact 5/17/2012 During their first meeting in Berlin, German Chancellor Angela Merkel and French
Socialist President-elect François Hollande underscored the importance
of Germany and France continuing to work closely together in the interests of
Europe, and their responsibility and commitment to collaborating on ideas aimed
at stimulating growth in Europe ahead of the European Council meeting in June.
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Belgian Residents Stifled By Hollande's Tax Plans 5/15/2012 Over 100,000 Belgians will be affected by French President-elect François
Hollande’s plans to increase the taxation of secondary residences in France,
according to Belgian newspaper La Libre.
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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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Putin Backs Ratification Of WTO Commitments This Year 5/14/2012 Russia's new President, Vladimir Putin has dismissed calls to delay the nation's
accession to the World Trade Organisation.
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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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Gibraltar Promotes E-Gaming Specialism In US 5/9/2012 The Gibraltar government has sought to improve relations and expand on business
opportunities with United States regulators, operators and businesses, with a delegation led by the Rock's
Minister with responsibility for gambling, Gilbert Licudi, to the GiGse Totally
Gaming conference in San Francisco.
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HMRC Issues Electrician Amnesty Reminder 5/7/2012 HM Revenue and Customs has issued a reminder warning electricians that they have only a limited time left to register for a tax amnesty scheme that would allow them to pay any undisclosed tax owed.
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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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NZ Parliament Passes International Tax Amendments 5/4/2012 The Taxation (International Investment and Remedial Matters) Bill, introduced
in October 2010 to reform taxation on the gains of New Zealand residents from their investments in overseas entities, has passed its final stages in Parliament.
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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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Frieden Backs 'Inspirational' Swiss-German Tax Deal 5/2/2012 Luxembourg’s Finance Minister Luc Frieden has recently underscored that
the Swiss-German bilateral tax treaty will greatly influence and will be ‘inspiring’
for the ongoing debate within the European Union on the taxation of interest.
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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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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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Cyprus Committed To Deficit Reduction Targets 4/18/2012 Cyprus's Finance Minister Vassos Shiarly has expressed confidence that the nation will be able to meet the deficit reduction targets agreed with Europe and its Russian creditors.
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Swiss Bankers Welcome Tax Deal With Austria 4/18/2012 The Swiss Bankers Association has recently taken note of the signing
of the bilateral tax agreement between Switzerland and Austria, and has welcomed
the fact that the Confederation’s strategy for tax conformity, defined
over two years ago, has now been substantiated with a third European country
following the agreements signed with the UK and with Germany.
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Liechtenstein, Switzerland Initiate DTA Discussions 4/16/2012 Switzerland and Liechtenstein have recently announced plans to negotiate a
bilateral double taxation agreement between the two countries.
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Minister Promotes Canada, Peru Trade 4/16/2012 Canada's Minister of International Trade has been promoting the benefits of a deepened Canada-Peru trade and investment partnership, stressing that the relationship creates jobs, prosperity and positive change.
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Antigua And Barbuda's Finances Back On Even Keel 4/13/2012 The International Monetary Fund has recently conducted three reviews of Antigua and Barbuda's performance under a financial assistance package negotiated in June 2010.
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Mauritius Builds Synergy Between Domestic Regulators 4/13/2012 Mauritius's Financial Services Commission and the territory's Financial Reporting
Council on April 10, 2012, signed a Memorandum of Understanding to ensure
effective information exchange in relation to financial reporting, auditing and
corporate governance.
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Austria, Switzerland Unite 'In Principle' On Tax Deal 4/16/2012 Austria’s Finance Minister Maria Fekter has announced that an agreement
in principle has now been reached on the tax treaty between Austria and Switzerland.
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Offshore QROPS Domiciles Stunned At HMRC's Last-Minute Change 4/12/2012 The UK tax authority, HM Revenue and Customs
has indicated that tax
relief available on pension transfers, under so-called Qualifying Recognised
Overseas Pension Scheme structures, will no longer be available unless the Scheme
is offered within the territory in which the expatriate is newly resident, putting
a multi-million offshore industry at jeopardy.
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Guernsey Accepts Low Value Consignment Relief Ruling 4/9/2012 Guernsey's Policy Council has confirmed that it is not in Guernsey's best interests
to appeal the decision of the High Court in London, which ruled that the United
Kingdom's decision to revoke a generous value-added tax relief solely for the
Channel Islands was consistent with European Union law.
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Switzerland, Germany Renegotiate Landmark Tax Arrangement 4/9/2012 The Swiss government has confirmed the signing of a Supplementary Protocol
with Germany that amends the previous agreement of September 21, 2011, which
allocates to Germany the payment of withholding taxes on German deposits held
in Swiss banks.
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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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UAE, Montenegro Ink DTA, Investment Treaty 4/4/2012 The United Arab Emirates has signed a double taxation agreement and an investment promotion and protection treaty with the Republic of Montenegro.
|
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ATO Reviews Effective Life Determination Process 4/4/2012 The Australian Taxation Office has launched a review of assets used in the flour and starch manufacturing industry, with a view to making new 'effective life' determinations.
|
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Ireland Receives Danish Bailout Loan 4/4/2012 Ireland has received EUR100m via its loan agreement with Denmark, funding welcomed by the Finance Minster who said that the bailout is helping the country rebuild its economy.
|
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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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UK Legislates For Budget Tax Measures 4/2/2012 The UK government has published Finance Bill 2012, which legislates for tax measures included in both the 2012 and 2011 Budgets.
|
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New Zealand Revenue Adjusts Interest Rates 3/29/2012 New Zealand has amended its use-of-money interest rates on underpaid and overpaid tax.
|
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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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Australia Delays Financial Advice Reforms 3/26/2012 The Australian government has announced that its Future of Financial Advice reforms will not become mandatory until July, 2013, stressing that this will benefit the wealth management industry.
|
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Turks And Caicos On The Mend After Fiscal Reform 3/23/2012 The Chief Financial Officer of the Turks and Caicos Islands interim government,
Hugh McGarel-Groves, has reported significant progress towards correcting the territory's
deficit after a raft of measures introduced last year.
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Switzerland, UK Supplement Withholding Tax Agreement 3/23/2012 Switzerland and the United Kingdom have
recently signed in Brussels a Protocol of Amendment that supplements the withholding
tax agreement of October 6, 2011.
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Switzerland, EU Discuss Tax 3/22/2012 Swiss President Eveline Widmer-Schlumpf and Federal Councillor Burkhalter have
recently met with top European Union representatives within the scope of a working
visit in Brussels, with the discussions focussing on current developments in
bilateral relations and in particular on strengthening cooperation in the area
of taxation.
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US Senate Mulls Trade Relations With Russia 3/20/2012 The United States Senate Finance Committee, chaired by Max Baucus (D – Montana), has held
a hearing to examine the implications of Russia’s accession to the World
Trade Organization.
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Germany Seeks To Iron Out Swiss Tax Deal Issues 3/19/2012 Following recent ‘constructive’ talks with his colleagues from Social
Democrat- and Green Party-led federal states, German Finance Minister Wolfgang
Schäuble has agreed to hammer out with Switzerland certain changes to the
bilateral Swiss-German tax deal, signed in September.
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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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UK Launches E-Sellers Tax Amnesty 3/19/2012 The UK tax authority, HM Revenue and Customs, has launched another tax amnesty scheme, this time targeting online marketplace sellers.
|
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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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Sarkozy, Hollande Lock Horns On Taxation 3/14/2012 With just a month and a half to go before the start of the elections, French presidential
candidates Nicolas Sarkozy and his Socialist rival François Holland have
once again crossed swords on the key battleground issue of taxation.
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Vale Posts Brazilian Back Tax Case Collateral 3/12/2012 Vale, the world's second largest mining company, has clarified that despite being required to pay USD915m in judicial deposits, it remains confident of a favourable ruling in the tax
case with Brazilian authorities over back taxes, worth BRL25bn (USD13.9bn) as
it continues to pursue all legal avenues.
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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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Eurogroup Welcomes Greek Completion Of Prior Actions 3/6/2012 Luxembourg’s Prime Minister and Eurogroup President Jean-Claude Juncker
has recently issued a statement on behalf of the Eurogroup, underscoring that
the group welcomes the assessment of the Troika that Greece has made sufficient
progress in completing the agreed prior actions.
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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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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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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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US Announces USD3.6bn In Tax Credit Awards 2/28/2012 The United States Treasury Department has announced the award of USD3.6bn in New
Markets Tax Credits, which permit individual and corporate taxpayers to
receive a credit against federal income taxes for making equity investments in
vehicles known as Community Development Entities.
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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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Switzerland Confirms Financial Centre Strategy 2/27/2012 The Swiss Federal Council has recently held talks on a 'credible' financial centre strategy designed to deflect international criticism over issues such as tax and banking secrecy.
|
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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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Paying Taxes Survey Unveiled By PwC 2/20/2012 60% of world economies have made paying taxes easier over the past seven years, a new study has shown, with total tax rates falling by an average of 8.5%.
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Antigua To Push WTO Enforcement Of 2005 US Gambling Ruling 2/21/2012 Antigua and Barbudan Minister of Finance and the Economy, Harold Lovell, has announced that Antigua will again launch WTO
proceedings against the United States and its treatment of offshore gambling operators.
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OECD Urges Norway To Rethink Capital Taxes 2/20/2012 The Organisation for Economic Cooperation and Development, in a recent report
on Norway's fiscal policy, has recommended a comprehensive review of the Norwegian tax regime with respect to capital taxation and its wealth tax.
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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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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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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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Switzerland, EU Set For Tax Clash 2/9/2012 Switzerland’s Federal Council has recently announced the next steps for the continuation of bilateral negotiations with the European Union, including in the contentious area of taxation.
|
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Germany's FDP Eyes Saver Tax Relief 2/8/2012 Germany’s ruling Free Democratic Party has recently put forward
the idea of raising the savers' tax-free allowance to compensate for a tax imposed
on financial transactions.
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Russia Considers Eurobond Tax 2/7/2012 The Russian government is considering retroactively applying withholding tax on Eurobonds that are issued through special purpose vehicles in low-tax jurisdictions.
|
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Australia Threatens Legal Action On Mining Contracts 2/2/2012 Australian Prime Minister Julia Gillard has warned that Australia will bring proceedings
at World Trade Organisation level if it is confirmed by industry that Australian
suppliers are unfairly being shut out of lucrative supply deals as has been alleged.
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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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HMRC 'Extends' Tax Deadline 1/31/2012 The UK tax authority HM Revenue and Customs will show leniency to taxpayers who file their self-assessment returns after the January 31 deadline, after fears
that taxpayers would be unable to get through to call centres on the day, thus
placing them at a disadvantage.
|
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FTC Revises Thresholds For Antitrust Reviews 1/30/2012 The United States Federal Trade Commission has announced that it has revised
the pre-merger thresholds that determine whether companies are required to notify
federal antitrust authorities about a proposed transaction.
|
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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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Luxembourg, Belgium Champion Fiscal Discipline 1/25/2012 During a recent working visit to Luxembourg, Belgian Prime Minister Elio Di
Rupo held talks with his Luxembourg counterpart Jean-Claude Juncker, with the
talks focussing on fiscal issues currently under discussion in the European
Union.
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France Eyes Tougher Tax Evasion Sanctions 1/25/2012 Determined to bring about a change in behaviour among individuals in France,
the French finance ministry reportedly aims to toughen existing sanctions applied
in the case of tax evasion to ensure that the provisions in place are sufficiently
‘dissuasive’.
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Austria Focuses On Eradicating Tax Loopholes 1/23/2012 Echoing views expressed in parliament recently by Austria’s Finance Minister
Maria Fekter, legal tax expert Werner Doralt has given his full support to any
plans to close existing loopholes in the country’s tax system to consolidate
the budget.
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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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Isle Of Man Beckons Last Bids For 5* Casino Complex 1/23/2012 The Isle of Man's Department of Economic Development has said it continues to seek expressions of interest from entities interested in investing in the establishment
of the island's first five-star hotel and casino complex.
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Rösler Eyes Stock Market Tax As EU Option 1/23/2012 German Economy Minister and leader of the ruling Free Democratic Party Philipp
Rösler has recently put forward the idea of introducing a European Union stock market sales tax, based on the existing UK model, as an alternative
to the controversial financial transactions tax, currently dividing opinion within
the coalition, and indeed within Europe.
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India Hits Bharti Airtel With Tax Demand 1/23/2012 Bhari Airtel is challenging a INR10.67bn ($210m) demand it has received from the Indian Income Tax Department.
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Luxembourg Discusses Tax With Danish Presidency 1/19/2012 Luxembourg’s Finance Minister Luc Frieden has recently conducted a working
visit to Copenhagen for bilateral discussions with Denmark’s Economic
Affairs Minister Margrethe Vestager and with the country’s Finance Minister
Bjarne Corydon, with the talks focussing in particular on taxation and on financial
regulation.
|
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Canada, BC Agree Terms Of HST Repayment 1/13/2012 British Columbia has finally agreed a repayment schedule for the federally-backed funding the province received for its failed transition to a harmonised sales tax regime.
|
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Ogier First Offshore Law Firm In Luxembourg 1/13/2012 Ogier, a leading provider of international legal and fiduciary services, has announced
plans to target new clients in Luxembourg with the establishment of legal and fiduciary
businesses in the territory.
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Telefonica Pays Peruvian Back Taxes 1/11/2012 Spanish telecommunications company Telefonica has said it has paid back taxes
worth PEN134.3m (USD49.9m) to the Peruvian tax authority despite an ongoing legal challenge
against the agency's claim for PEN2bn in back taxes.
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Tax Disputes Service Launched For UK SMEs 1/10/2012 The UK's small and medium-sized businesses will benefit from the introduction of a new dispute resolution service, with the launch of a pilot scheme underway.
|
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US Reopens Offshore Disclosure Scheme 1/11/2012 The United States Internal Revenue Service has reopened the offshore voluntary disclosure
program after reporting continued strong interest in the scheme from taxpayers and tax practitioners following the
closure of two previous initiatives.
|
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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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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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Swedes Flock To Declare Untaxed Assets 1/2/2012 The Swedish tax authority, the Skatteverket, has reported a four-fold increase
in the uptake of its tax amnesty programme with a total of 1,577 entities coming
forward during 2011, settling tax liabilities worth around a billion Swedish Kronor
(USD144m).
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Swiss, Greek DTA Amendments In Force 1/2/2012 The Swiss Federal Department of Finance has announced that the Protocol
of Amendment of November 4, 2010, to the double taxation agreement between
Switzerland and Greece has recently 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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French Lawmakers' Green Light To Panama DTA 12/26/2011 Safeguarding the interests of businesses in France, the French National Assembly
has definitively adopted a highly controversial bilateral tax agreement between
France and Panama.
|
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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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Australia Proceeds With Fund Manager Tax Reforms 12/21/2011 The Australian government has announced plans to implement the third and final element of an investment management regime, which, according to Minister for Financial Services Bill Shorten, will provide certainty of tax treatment for the funds management sector.
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Foundation Warns Against Lease Accounting Proposals 12/15/2011 The Equipment Leasing and Finance Foundation has warned against proposed amendments
to financial reporting requirements for leasing transactions, which it says
could cost the US economy USD10bn in lost GDP and 60,000 less jobs by 2016.
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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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Malta Extends Tax Amnesty Again 12/8/2011 The Maltese government announced on December 5 an extension to its Reduction in
Tax Penalties Scheme, which allows taxpayers with outstanding tax balances
for previous tax years to regularize their tax positions and benefit from reduced penalties.
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Brazil Announces Tax Cuts 12/7/2011 To achieve its ambitious growth target of 5% of gross domestic product in 2012, Brazilian Finance
Minister Guido Mantega has announced a number of tax cuts, including to the nation's
financial transactions tax, known as IOF.
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Pakistan Considering MFN Status For India 12/1/2011 Pakistan's National Assembly has backed proposals to grant India 'Most Favoured
Nation' status under World Trade Organization rules on the condition that the
two countries' negotiators can establish reciprocal benefits for Pakistani exporters.
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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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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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Austerity Continues For UK 12/1/2011 It may prove hard to avoid recession in the UK, the Chancellor of the Exchequer George Osborne has said, unveiling a package designed to ensure the government meets its fiscal targets in spite of seemingly gloomy economic prospects.
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