Read the Legal Archive
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FINMA Strengthens Monitoring Tools 5/27/2012 During a recent sitting, the Swiss Federal Council adopted a report pertaining
to the development of monitoring and organizational instruments applied by the
Swiss Financial Market Supervisory Authority.
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GST Will Make India More Competitive, FinMin Says 5/27/2012 The introduction of an Indian goods and services tax will remove the hidden costs causing a lack of competitiveness, Finance Minister Pranab Mukherjee has said, arguing that the new tax will provide a more stable source of revenue, helping create a common market across India.
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EU Funding To Boost Caribbean EPA Implementation 5/25/2012 The Caribbean Development Bank and the European Union have agreed to fund a multi-million facility to aid members of the Caribbean Community in implementing the necessary reforms to allow them to fully benefit from the preferential trade conditions provided for in the CARIFORUM-EU Economic Partnership Agreement.
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EP Adopts 'Ambitious' FTT Resolution 5/27/2012 During a recent plenary session, the European Parliament adopted an ambitious
approach on a possible financial transactions tax.
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Spain Moves Tax Goalposts For E-Gaming Firms 5/27/2012 The Spanish tax authority has required that online operators with customers in Spain pay back-taxes under two historic laws that previously were not applied to offshore online gaming.
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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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Australian Superfund Managers Face Greater Scrutinty 5/25/2012 Legislation to increase scrutiny of Australia's superfund managers has passed its first legislative hurdle, news welcomed by the minister in charge, who has stressed that the reforms will close an important regulatory gap.
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Philippines Achieves Record Fiscal Surplus In April 5/24/2012 The government of the Philippines saw a record fiscal surplus in April 2012,
due to continued double-digit growth in revenue collections which were more than
enough to support accelerated public spending.
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US Treasury Describes Its Anti-Money Laundering Options 5/25/2012 A fact sheet issued by the United States Treasury Department has explained how
Section 311 of the USA PATRIOT Act of 2001 provides the Treasury Secretary a range
of options that can be adapted to target specific money laundering and terrorist
financing risks.
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Germany Unites On Draft 2013 Finance Act 5/24/2012 The German cabinet has recently united on the country’s 2013 finance bill,
together with the transport tax amendment bill, modifying both the motor vehicle
tax law and the insurance tax law.
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Accountants Urge IRS To Simplify Foreign Pension Reporting 5/24/2012 The New York State Society of Certified Public Accountants is calling on the US Internal Revenue Service to provide a simplified method of electing deferral of US taxation on Canadian pension plans, and is requesting additional guidance on the taxation of foreign retirement and pension plans due to consumer confusion over the filing procedures required by such programs.
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NZ Tax Refunds Agents Under Scrutiny 5/23/2012 The practices of New Zealand's tax refund agents have come under the microscope, with the Commerce Commission warning that they may be failing to meet their obligations under the Fair Trading Act.
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Malaysia, Australia Sign FTA 5/24/2012 On May 22 in Kuala Lumpur, as a complement to the existing regional agreement between Australia
and the Association of Southeast Asian Nations, of which Malaysia was
one of the original members, Australia's Trade Minister Craig Emerson and his
Malaysian counterpart Mustapa Mohamed signed a comprehensive bilateral free trade
agreement.
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Brazil Provides New Fiscal Stimulus 5/24/2012 The Brazilian government has announced a package of tax measures worth around USD1bn to stimulate growth in key economic sectors, to ensure the nation meets this year's growth target of 4.5%.
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France Extends Deadlines For Online Returns 5/23/2012 The French finance ministry has recently confirmed details of extended reporting
deadlines for 2011 income tax returns submitted online.
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DIFC Promotes Advantages In US 5/24/2012 The Dubai International Financial Centre has concluded a road show to the United States, which, it is hoped, will lead to more US companies establishing a presence in the no-tax free zone.
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UK Fiscal Plan Under IMF Microscope 5/23/2012 The International Monetary Fund in its latest Article IV consultation with the United Kingdom has acknowledged that a slower pace of fiscal consolidation is appropriate in light of the risks to the nation's economic outlook, but says that revenue-neutral reforms can be undertaken to improve growth prospects.
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IRS Further Expands Its 'Fresh Start' Initiative 5/23/2012 The United States Internal Revenue Service has announced another expansion
of its 'Fresh Start' initiative by offering more flexible terms under its
Offer in Compromise programme.
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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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Lamy Highlights WTO Benefits For Ethiopia 5/22/2012 The Director General of the World Trade Organisation, Pascal Lamy has encouraged
Ethiopia to speed reforms towards accession to the global trade body, remarking
upon the benefits membership would bring for the nation's economic development.
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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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Antigua And Barbuda Highlights Cash Declaration Law 5/22/2012 The government of Antigua and Barbuda has reminded travellers
to and from the nation of the need to declare cash amounts valued at more than
USD10,000.
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South Africa, Ireland Ink Film Tax Break Agreement 5/22/2012 On May 20, 2012, the South African Minister of the Department of Arts and Culture
Paul Mashatile and his Irish counterpart Jimmy Deenihan signed a co-production
treaty that will provide access for filmmakers to opportunities and tax breaks
in both countries.
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Boehner Backs Anti-Saverin 'Ex-PATRIOT' Bill 5/23/2012 In a television interview, the Speaker of the US House of Representatives John Boehner has surprisingly come out in favour of the bill introduced in
the Senate which is aimed against those who renounce their United States citizenship
to avoid paying taxes.
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Liechtenstein Submits AIFM Bill To Parliament 5/23/2012 During a recent sitting, the Liechtenstein government submitted to parliament
a bill providing for the transposition of the European Union’s 2011 Alternative
Investment Fund Managers Directive into national law.
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South African Treasury Attacks E-Tolls Delay 5/21/2012 In his National Treasury Budget Vote speech, the South African Finance Minister
Pravin Gordhan, has branded as 'unhelpful' the delay in the implementation
of road tolls for the Gauteng Freeway Improvement Project, as it could
adversely affect other infrastructure projects in the country.
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Australia To Reform Not-For-Profit Sector Regulation 5/21/2012 The Australian government is to introduce a new regulatory framework for the not-for-profit sector, to be overseen by an Australian Charities and Not-for-profits Commission. The government will, however, push back the enforcement date for the revised governance and financial reporting standards.
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TPP Negotiations Make 'Better-Than-Expected' Progress 5/22/2012 The Office of the United States Trade Representative has confirmed that
the twelfth round of negotiations, held recently outside Dallas, Texas, on the
proposed extension to the Trans-Pacific Partnership, between Australia,
Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, the US and Vietnam, made
better-than-expected progress.
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Hungarian Lawmakers Adopt New Telecoms Tax 5/21/2012 Provoking outrage among telecommunications companies, the Hungarian parliament
has recently backed government plans to impose a new telecommunications tax of
HUF2 per minute of connect time and per message from August 1.
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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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Swiss Tax Deals Pass First Parliamentary Hurdle 5/21/2012 Passing the first important hurdle, the Swiss Committee for Economic Affairs and
Taxation in the Council of States, or upper house of parliament, recently voted in favour of the withholding
tax agreements with Germany, the UK, and Austria.
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IRS Told To Improve FATCA Plans 5/21/2012 The United States Government Accountability Office has disclosed that, as
the implementation of the Foreign Account Tax Compliance Act should provide
the Internal Revenue Service with a substantial amount of new information,
Congress has asked for a review of how it plans to manage that information.
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Mauritius Joins Key Multilateral Regulatory Agreement 5/21/2012 The Financial Services Commission of Mauritius has become a signatory of the International
Organization of Securities Commissions' Multilateral Memorandum of Understanding, which sets out international standards on cooperation and information exchange for the robust regulation of securities and future markets internationally.
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Alderney Licenses International Charity Lottery 5/18/2012 The Alderney Gambling Control Commission has announced that it has provided
a license to the first international charity lottery to operate from the specialist e-gaming territory, situated in the English channel.
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WTO Nations Discuss IT Agreement Expansion 5/18/2012 Several countries have signalled that they will be starting informal bilateral and plurilateral
consultations on what products to add to the Information Technology Agreement.
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EU Hails ETS Aviation Compliance Rate 5/18/2012 The European Commission has claimed early success with the extension of the European Union's Emissions Trading Scheme to flights in and out of Europe, reporting compliance with currently non-mandatory emissions-reporting requirements by more than 99% of operational airlines.
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Cayman Touts Insurance Industry Offering In America 5/17/2012 A delegation from the Cayman Islands insurance industry attended the 50th Annual
Risk and Insurance Management Society conference held last month, to promote the
jurisdiction's position as a growing domicile for captive insurance companies.
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Boehner Warns Of Looming 'Fiscal Cliff' 5/18/2012 With the prospect of a further stand-off between the Democrat and Republican parties
later this year over the United States government statutory debt limit, House
of Representatives Speaker John Boehner has returned to his mantra
of spending cuts with no tax increases.
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Hong Kong Revises Bank Market Entry Criteria 5/17/2012 Amendments to the Banking Ordinance, which seek to update market entry criteria
for Hong Kong's banking sector, will be submitted to the Legislative Council on
May 23 and, subject to its negative vetting, will take effect on July 12, 2012.
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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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Austria, Luxembourg Block EU Savings Tax Proposals 5/18/2012 Much to the deep annoyance and extreme frustration of European Union Tax Commissioner
Algirdas Semeta, Austria and Luxembourg have blocked the European Commission’s
plans to negotiate new and stronger savings tax agreements with Switzerland, Monaco,
Liechtenstein, Andorra and San Marino, aimed at strengthening cooperation in tax
matters.
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US Senate Mulls Tax Reform For Tribes And Territories 5/18/2012 At a recent Senate hearing on the effect of possible tax reforms on Native Americans
and the United States territories - Puerto Rico, the US Virgin Islands, Guam,
American Samoa and the Northern Mariana Islands - Finance Committee Chairman Max Baucus pointed to the anomalies and complexities existing
in their current tax treatment.
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Peru, Korea Cement Economic Ties 5/17/2012 Peru's President Ollanta Humala recently met with his Korean counterpart, Lee
Myung-bak, in the South Korean capital, Seoul, to sign a double tax agreement,
and agree further areas for cooperation following the conclusion of a free trade
agreement in 2011.
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Gibraltar-Spain Tripartite Forum Abandoned? 5/17/2012 The Gibraltar government has said that the introduction of a new Spanish government of the People's Party
has caused the disintegration of the tripartite forum between Spain, Gibraltar
and the United Kingdom. The Forum had previously been credited with yielding improvements in relations
between Gibraltar and Spain after more than a century of fractious relations.
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ECJ Urged To Confirm Passenger Delay Compensation 5/17/2012 An Advocate General has proposed to the European Court of Justice that
it should confirm that a passenger whose flight is delayed by three hours or more
may seek flat-rate compensation from the airline.
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Lamy Sings Praises Of IT Agreement 5/16/2012 At the opening of a symposium to mark the 15th Anniversary of the Information Technology Agreement, which substantially liberalized taxes on the global trade of computer products, World Trade Organization Director-General Pascal Lamy emphasized that the success of the agreement could easily be transferred to other growth, and innovation-promoting industries.
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BC Unveils New Sales Tax Law 5/16/2012 Kevin Falcon, the Finance Minister of the Canadian province of British Columbia, has introduced legislation to meet government's commitment to return to the Provincial Sales Tax on April 1, 2013.
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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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China, Switzerland Make Progress In FTA Talks 5/16/2012 The latest round of negotiations on the proposed free trade agreement between
China and Switzerland, which was held in Beijing on May 8-10, is said to
have reached some consensus and made significant progress.
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Cayman Islands Target Brazilian Investors 5/16/2012 The Cayman Islands government has sought to bolster business relations with Brazilian investors
by taking part in the recent Brazil Investment
Summit.
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Bundesrat Blocks German Tax Cut Plans 5/16/2012 Germany’s coalition government has failed to secure a majority for its EUR6bn (USD7.7bn)
tax cut plans in the German Bundesrat, or upper house of parliament, despite predicted
additional tax revenues of around EUR30bn by 2016, compared to the November 2011
tax estimate.
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IRS Non-Resident Reporting Rule Questioned Again 5/16/2012 The Treasury Department’s failure to provide sufficient answers about Internal
Revenue Service regulations requiring United States banks to disclose interest
paid to non-resident aliens has prompted the House of Representatives’ Ways
and Means Oversight Subcommittee Chairman Charles Boustany to
request additional information.
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Australia To Clarify GAAR 5/16/2012 Australian Assistant Treasurer David Bradbury has announced the formation of an expert roundtable to assist with the implementation of the government's clarifications of the definition of 'tax benefit' under Australia's general anti-avoidance rule.
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BVI To Enhance Companies Legislation 5/16/2012 The British Virgin Islands government has completed the first phase of implementing
amendments to the Business Companies Act, set to enter into force later this year.
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Mexico, Qatar Sign DTA 5/15/2012 On May 14, 2012 in Mexico City, Mexico’s Deputy Secretary of the Treasury
and Public Credit, José Antonio González Anaya, and Qatar's Director
of Public Revenues and Taxes, Moftah Jassim Al Moftah, signed a double taxation
agreement between their two countries.
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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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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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MEPs Agree Deal On Mobile Roaming Price Caps 5/14/2012 Data roaming and phone calls abroad for European Union consumers should be
much cheaper from July 1 this year, due to an agreement with the European Council
which has been endorsed by the European Parliament.
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Hong Kong Progresses Arbitration Centre Credentials 5/15/2012 As part of the government's determination to develop Hong Kong into a regional
dispute resolution centre, in particular as an international arbitration hub in
the Asia Pacific, the Secretary for Justice, Wong Yan Lung, has announced a broad
consensus in Hong Kong on the setting up of an industry-led single accreditation
body for mediators.
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Democrats Introduce In-Sourcing Bill Into US Congress 5/15/2012 Democrats in the Senate and House of Representatives have introduced into the
United States Congress the main tax measure out of President Barack Obama’s
recently-announced “To Do List”, to provide a tax credit for companies
over the cost of moving operations back to the country.
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Ireland Mulls New Tax Regime For Oil And Gas 5/14/2012 The Joint Committee on Communications, Natural Resources and Agriculture of the Irish parliament has recommended a new fiscal licensing regime and greater public consultation on offshore oil and gas exploration in a new report.
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Cayman Regulatory Framework Endorsed 5/15/2012 Cayman Finance has welcomed the results of an independent study which places the
Cayman Islands among only two offshore territories which have consistently implemented internationally-accepted
standards on identity verification during due diligence processes.
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IRS Whistleblower Programme Still Needs Improvement 5/14/2012 The whistleblower programme operated by the United States Internal Revenue Service has still not fully and adequately addressed internal problems that were
identified several years ago, according to a report issued by the Treasury Inspector
General for Tax Administration.
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Russian Beer Tax Hikes Slash Industry Profitability 5/11/2012 Beer manufacturer Carlsberg has reported that its pre-tax profits for its Russian
business has all but evaporated during the first few months of this year, on the
back of steep alcohol tax hikes introduced at the start of 2012.
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Restrictions On Italian Private Tax Collectors Declared Illegal 5/11/2012 The Court of Justice of the European Union has decided the Italian provision
that private operators should have a share capital of at least EUR10m in order to be entitled to collect local taxes is contrary to European law on
freedom of establishment and freedom to provide services.
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Hong Kong Concerned At Operation Of US Volcker Rule 5/14/2012 Following is a question in the Legislative Council, the Secretary for Financial
Services and the Treasury, Professor K C Chan, confirmed that Hong Kong shares
the concerns raised by other financial markets, such as Canada, France, Germany,
Japan and the United Kingdom, over the extra-territorial reach and the implementation
of the United States’ Volcker Rule restrictions.
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China, Colombia Initiate Free Trade Talks 5/11/2012 Colombian President Juan Manuel Santos has welcomed the conclusion of a total
of nine cooperation agreements with China during a recent official visit to Beijing, where
it was agreed that the two countries would commence discussions on the feasibility
of a bilateral free trade agreement.
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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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South Africa Loses CGT Exit Charge Appeal 5/11/2012 The South African Revenue Service has lost its Supreme Court appeal on
a case concerning the capital gains tax that it said should be applied on
a deemed disposal when a taxpayer becomes non-resident.
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Spain Told To Recover Film Industry State Aid 5/14/2012 The European Commission has concluded following an investigation that the subsidization
of Ciudad de la Luz film studio complex by the Valencia Regional Government in Spain contravened
European law, as a grant worth EUR265m (USD343m) was not provided on market conditions.
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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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USTR Urges Extension Of AGOA's Textile Provision 5/11/2012 The United States Trade Representative has confirmed that the Administration
is committed to boosting trade with African nations through the African Growth
and Opportunity Act and, in that respect, renewal of its Third-Country
Fabric provision is seen as crucial.
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Turks And Caicos Takes Strides Towards Self-Rule 5/10/2012 The provisional Governor of the Turks and Caicos Islands, Ric Todd, has released a report detailing progress made towards fundamental reforms to the island's frameworks to prevent corruption, and correct fiscal imbalances, deemed necessary before the islands are returned to self-rule by the UK government.
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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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Parliamentary Committee Approves Philippines 'Sin Tax' Reform 5/11/2012 The Ways and Means Committee of the Philippines House of Representatives
has approved an amended version of the bill to reform the existing ‘sin
taxes’ on alcohol and cigarette products.
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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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Hearing Focusses On US Consumer Internet Privacy 5/10/2012 The Federal Trade Commission and the Department of Commerce have used their
testimonies before a hearing of the United States Senate Committee on Commerce,
Science and Transportation to describe the Administration’s efforts to protect
consumer privacy over the internet.
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Italy, Switzerland Agree To Tax Talks 5/11/2012 Following the recent positive developments with regard to the tax treaties between
Switzerland and various European Union member states, a meeting held on May 9
between Swiss and Italian officials has agreed to the establishment of a working
group to resolve the outstanding tax problems between their two countries.
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EU Fails To Unite On Basel III 5/10/2012 Despite a marathon round of intense negotiations in Brussels, led by the Danish
Presidency of the European Union, EU Economic and Financial
Affairs Council ministers failed to agree a common approach on the
issue of more stringent capital standards.
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DIFC To Accept Credit Rating Agencies 5/10/2012 The Dubai Financial Services Authority has launched a consultation on new rules which would allow credit rating agencies to establish operations from the Dubai International Financial Centre tax-free zone.
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Obama Presents Tax 'To Do List' To Congress 5/10/2012 President Barack Obama has used remarks at the State University of New York in
Albany to present a ‘To Do List’ of tax measures that, in his opinion,
the United States Congress should pass to increase employment and economic growth.
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WTO Aims To Equip Developing Nations With Legal Know-How 5/9/2012 Officials from twenty-six developing countries were educated on different methods
of handling legal disputes in trade, during a week-long series of technical capacity-building events coordinated by the World Trade Organisation and two other Geneva-based organisations, in early May.
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US Congress Investigates Tax Fraud 5/10/2012 The House of Representatives Ways and Means Committee’s Oversight Subcommittee
Chairman Charles Boustany and its Social Security Subcommittee
Chairman Sam Johnson (pictured) have held a joint hearing on tax fraud involving
identity theft in the United States.
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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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Regulatory Change To Drive Onshore Fund Growth 5/9/2012 French hedge funds and the securities regulator AMF believe the Alternative Investment Fund Managers Directive will - more than UCITS - boost investor confidence in hedge funds and pave the way for potentially significant asset growth.
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Vale Suffers Setback In Brazilian Tax Fight 5/9/2012 The world's second largest mining company Vale SA, has announced that Brazil's
highest judicial authority, the Superior Court of Justice, has stripped the company
of an injunction it previously received which 'suspended the effects of the unfavourable
rulings related to the taxation of its foreign subsidiaries' earnings'.
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India To Defer GAAR Implementation 5/9/2012 India’s Finance Ministry is to push back the implementation of its controversial general anti-avoidance rule for a year and will amend some of its key provisions.
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Offshore Merger And Acquisition Activity Rises 5/9/2012 A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
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EU, US Agree Common List Of 'Trusted Traders' 5/9/2012 The United States and the European Union have agreed to recognize one another's list of 'certified trusted traders', exposing these companies to faster, and less burdensome customs clearance procedures, to cut costs and introduce a more stable environment for cross-Atlantic trade.
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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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European Court Rules Software Functionality Not Copyright Protected 5/8/2012 In SAS Institute Inc. v. World Programming Ltd, the Court of Justice of the European
Union has made an important ruling in that computer functions, programming
languages, and data file formats could not qualify for copyright protection, and
that only actual software code was eligible for copyright protection.
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Liechtenstein Eyes Tax On Swiss Cross-Border Workers 5/7/2012 During a recent sitting, the Liechtenstein government adopted a report pertaining
to a second package of expenditure- and revenue-based measures, designed to consolidate
the state finances in line with the country’s 2012-2015 financial plan.
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South African Government Sets Up Gauteng E-Tolls Committee 5/7/2012 Following the recent decision in the South African High Court against the levying
of e-tolls, originally planned for the end of last month, on the Gauteng Freeway
Improvement Project, the government has appointed a review committee to
look at all aspects of financing the project.
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WIPO, EPO Agree To Support Patent Cooperation Treaty 5/8/2012 With the aim of further developing the international patent system within the
framework of the Patent Cooperation Treaty, the European Patent Office and the World Intellectual Property Organization have agreed on a comprehensive
three-year technical co-operation scheme.
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WTO Members Ready To Revisit Doha Agenda 5/8/2012 World Trade Organisation member states have informally agreed to return to the negotiating table to progress the Doha Agenda at a pace that recognises the present crisis-time challenges for nations globally.
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WTO Admits Two New Member States 5/8/2012 The World Trade Organisation is to approve Samoa's accession to membership of
the global trade body on May 10, 2012, following Montenegro's accession on April
29, 2012.
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Merkel Set For Battle On Tax Cut Plans 5/8/2012 Ahead of a crucial vote in the Bundesrat, Germany’s upper house of
parliament, German Chancellor Angela Merkel has warned the federal states not
to block the government’s EUR6bn (USD8bn) tax cut plans, aimed at combating
fiscal drift in the country’s income tax law.
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France Begins Examination Of Hollande's Election Tax Package 5/8/2012 Following the upcoming legislative elections in June, French lawmakers are to
convene during an extraordinary session in July to examine a bill containing the
fiscal pledges outlined by President-elect François Hollande during his
election campaign, expected to increase the fiscal burden on households in France
to the tune of around EUR14bn (USD18.26bn).
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HMRC Increases Use Of Asset Seizure Powers 5/7/2012 The UK tax authority, HM Revenue and Customs is increasingly using its powers
to seize businesses assets in order to recover unpaid value-added tax bills, new statistics
show.
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Trinidad And Tobago Joins Nations Under Caribbean Court 5/4/2012 In a move that strengthens Caribbean legal cooperation, Trinidad and Tobago has
agreed to adopt the Caribbean Court of Justice as the nation's final court of
appeal, replacing its colonial link to the Judicial Committee of the UK's Privy
Council.
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