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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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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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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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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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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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Hong Kong Readies Corporate Disclosure Regime 5/7/2012 Hong Kong’s Securities and Futures Commission and Hong Kong
Exchanges and Clearing Limited have both welcomed the enactment of the
Securities and Futures (Amendment) Ordinance 2012, which,
in particular, establishes a statutory disclosure regime for listed companies.
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India Obtains TIE Relaxations From Switzerland 5/2/2012 According to a statement from the India’s Ministry of Finance, the Indian
and Swiss governments have signed a protocol to their
bilateral double taxation agreement, which will allow for a 'liberal
interpretation' of the identity requirements before the exchange of information.
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Hong Kong Gazettes Budget Measures 4/30/2012 The Inland Revenue (Amendment) Bill 2012, which aims to implement the concessionary
revenue measures proposed in the 2012-13 Budget, has been gazetted in Hong Kong.
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Hong Kong Confirms Business Registration Fee Waiver 4/25/2012 The Revenue (Reduction of Business Registration Fees) Order 2012,
which waives Hong Kong’s business registration fees for one year, came into
effect on April 1, 2012, the territory's Inland Revenue Department has confirmed.
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Australia To Grant Tax Relief To Superfund Managers 4/26/2012 A new temporary relief will enable Australian superfunds to merge without facing a tax hit, thanks to new legislation intended to support superannuation reforms.
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Canada Targets Immigrant Entrepreneurs 4/26/2012 The Canadian government has launched consultations on plans for a new 'start-up visa' designed to attract immigrant entrepreneurs and bolster the economy.
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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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Australia To Enforce Companies' Workforce Obligations 4/20/2012 Draft legislation has been released by the Australian government which will enforce companies' compliance with tax and superannuation guarantee obligations.
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NZ Consults On Salary Trade-Off Tax Proposals 4/18/2012 New Zealand's government is seeking views on its plans to broaden the tax rules for salary and benefit packages, intended to improve fairness in the tax system.
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Budget Tax Measures Cause Alarm In India 4/11/2012 The Tax Executives Institute has written to India's Finance Minister to express its concerns regarding retroactive tax legislation, which it says will upset taxpayer expectations and damage the country's reputation as an investment destination.
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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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Australia To Clarify Shareholder Voting Rights 4/5/2012 The Australian government is working to clarify the extent of shareholder voting rights on executive remuneration, amending legislation to this effect.
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US Congress Agrees Short-Term Highways Funding Fix 4/3/2012 On March 30, the day before funding for the infrastructural programmes of the
United States Federal Highway Trust Fund ran out on April 1, President
Barack Obama announced that he had signed into law the Surface Transportation
Extension Act of 2012, which provides a three-month extension until June 30, 2012.
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EU Deal Reached On Mobile Roaming Price Caps 3/30/2012 Data roaming and phone calls abroad for European Union consumers
should be much cheaper form July 1 this year, due to a provisional agreement between the European Parliament and the European Council.
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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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Hong Kong Begins Islamic Bond Tax Consultation 3/30/2012 The Financial Services and the Treasury Bureau has launched a two-month consultation
on the proposed amendments to the Inland Revenue Ordinance and Stamp Duty Ordinance
to promote the development of an Islamic bond, or 'sukuk', market in
Hong Kong.
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Australian Financial Advice Bill Passed 3/29/2012 Australia’s House of Representatives has passed the government’s Future of Financial Advice reforms, designed to deliver a growth strategy for the industry.
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Switzerland Exempts E-Cigarettes From Tax 3/23/2012 The Swiss federal council has recently decided to exempt electronic cigarettes
from tax from April 1, 2012, and has adapted the ordinance pertaining to the
taxation of tobacco accordingly.
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Hong Kong Launches Consultation On Trust Law Reform Bill 3/26/2012 Hong Kong’s government has launched a two-month public consultation on its
draft legislation on trust law reform, which followed the positive responses it
had received from stakeholders in an earlier consultation held in 2009.
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UK To Overhaul Competition Regulation 3/21/2012 The UK is to establish a single Competition and Markets Authority, which the government says will simplify and strengthen the competition landscape.
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Hong Kong Gazettes Order To Eliminate Capital Duty 3/20/2012 As presaged in the 2012-13 Budget on February 1 this year, the Companies Ordinance
(Amendment of Eighth Schedule) Order 2012, to abolish Hong Kong’s capital
duty levied on local companies, has now been gazetted, Secretary for Financial Services and the Treasury Prof. KC Chan has announced.
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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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Australia Consults On Tax Hedging Rules 3/16/2012 Australia is to amend its tax hedging rules in an effort to provide further certainty and reduce compliance costs for affected taxpayers.
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BC To Introduce 'Social Enterprise' Company Form 3/12/2012 Changes to British Columbian legislation will allow for the introduction of a new hybrid type of company, the community contribution company.
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US Highways Bill Takes Aim At Tax Havens 3/13/2012 The Democrat-led Senate has adopted an amendment, which would provide
a range of further measures for the Treasury Department to take against
foreign governments and financial institutions that 'significantly impede United
States tax enforcement', to the bill to provide for an extension of the
United States highway-related taxes.
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Australia Consults On Investment Manager Reform 3/13/2012 The Australian government has released draft legislation implementing the first stage of its new Investment Manager Regime.
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EU Data Protection Rules Still Not Comprehensive, Says Watchdog 3/12/2012 The European Data Protection Supervisor has generally welcomed the proposed
package for a reform of the European Union data protection law, but remains
concerned that it is 'far from a comprehensive set of rules'.
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Australia To Strengthen GAAR Legislation 3/6/2012 The Australian government is to introduce legislation intended to ensure the continued effectiveness of the country's general anti-avoidance rule.
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Australia Announces Overhaul Of Audit System 3/1/2012 The Australian government has introduced legislation designed to enhance audit quality and strengthen regulatory oversight.
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Australia Consults On Maritime Tax Overhaul 2/22/2012 The Australian government has released for consultation an exposure draft on
proposed legislation that would revamp the nation's maritime tax policy to strengthen
the industry's international competitiveness.
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Consultation Launched Into European Company Law 2/22/2012 The European Commission has launched an in-depth consultation on the future
of European company law, to ascertain whether Europe’s needs are still met
by the existing legal framework.
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IoM Consults On Ombudsman Scheme Changes 2/14/2012 The Isle of Man's Office of Fair Trading is proposing to increase the maximum
award limit under the Isle of Man Financial Services Ombudsman Scheme from GBP100,000
to GBP150,000.
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Jersey Mulls Fees Hike On Fund Sector 2/8/2012 Jersey's Financial Services Commission has launched a consultation on proposals
to increase the fees paid by Collective Investment Funds and Fund Services Businesses.
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New Cooperatives Legislation Outlined For The UK 1/25/2012 The UK is to consolidate its legislation on co-operatives and mutuals into a single statute, the Prime Minister has said.
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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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Guernsey Reforms Inheritance Law 1/17/2012 The Guernsey government has noted the newly adopted Inheritance (Guernsey)
Law, 2011, which is due to come into force on April 2, 2012.
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UK Tackles Abuse Of Post-Cessation Trade Relief 1/16/2012 The UK government has announced that it is to introduce new legislation to block
a tax avoidance scheme involving post-cessation trade relief.
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Canadian Government Commended For Tax Court Proposals 1/2/2012 Plans to overhaul the running of Canada's Tax Court have been endorsed by the Tax Executives Institute but they could be improved, the association has said.
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IoM Revises Insurance Regulations 12/21/2011 The IoM's Insurance and Pensions Authority has issued the Insurance (Solvency) (Amendment)
Regulations, which were laid before the island's legislative assembly on December
13, 2011.
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Canadian Corporate Tax Filing Rules Amended 12/19/2011 Canada's corporate partnership tax deferral rules are to be amended to extend the time available to companies to file an alignment election.
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UK Set For New Copyright Laws 12/16/2011 The UK is to modernize its copyright system, in a drive to remove unnecessary barriers to growth, with proposals unveiled in a new consultation.
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Philippines Debates Removal Of Airline Taxes 12/13/2011 The Philippines Department of Finance has recently written letters
to the Ways and Means Committees of both the House of Representatives and Senate
to inform them that it 'interposes no objection' to the repeal of
country’s common carrier’s tax, provided that countervailing
tax revenue-raising measures can be identified.
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German Cabinet Unites On Tax Cut Bill 12/12/2011 The German cabinet has now adopted the long-awaited bill providing for an increase in the personal tax allowance and tax brackets in Germany to compensate for the effects of inflation (fiscal drift).
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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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French Senate Rejects Social Security Bill 11/28/2011 Rather unsurprisingly, in a parliamentary game of political ping-pong, the French
Senate, with its now left-wing majority, has rejected in a second reading the
government’s 2012 social security finance bill.
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Trusts To Benefit From Australian Tax Reforms 11/28/2011 Australia's Assistant Treasurer Bill Shorten has recently announced that a new consultation paper concerning the modernization of trust taxation will give trustees and beneficiaries of over 660,000 trusts the opportunity to have a better say in their own financial future.
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Switzerland To Amend US Mutual Assistance Order 11/22/2011 Switzerland’s Federal Council has recently approved an amendment to the
ordinance on the bilateral double taxation agreement between Switzerland
and the United States dating back to 1996, to ensure that the procedural rights
of affected persons domiciled in the United States remain guaranteed even if
administrative assistance requests are submitted based on certain patterns of
behaviour.
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France To Curb 'Excessive' Rents 11/17/2011 The French National Assembly has recently adopted government plans to create a dissuasive tax on 'abusive' rent in France, within the framework of the country’s 2012 finance bill.
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Channel Islands Challenge LVCR Decision 11/10/2011 The governments of the Channel Islands, Guernsey and Jersey, have released
statements in response to the UK Treasury's announcement that from April 1, 2012,
Low-Value Consignment Relief will no longer be offered to goods exported to
the UK market from the Channel Islands.
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Canada Consults On Income And Sales Tax Changes 11/3/2011 The Canadian government has unveiled a package of draft legislative proposals relating to income and sales tax regulations.
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Hong Kong's Fund Managers Told Of New Opportunities 11/1/2011 A speech by Hong Kong’s Financial Secretary, John C Tsang, at the Annual Conference of the Hong Kong Investment Funds Association, looked at how Hong Kong's asset management industry can steer a path towards new opportunities during the period of China’s 12th Five-Year Plan.
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US House Passes Contractors Tax Repeal 10/31/2011 The United States House of Representatives has passed, on a bipartisan basis by a 405-16 vote, the bill to repeal the 3% withholding tax on payments made to government contractors, together with another bill, but only on a 262-157 vote, to provide for its funding through changes to health programmes.
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Australia Details Tax Incentives For Infrastructure Projects 10/26/2011 In a bid to promote private investment, the government of Australia has announced the proposed introduction of tax loss incentives for qualifying infrastructure projects.
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EU Proposes Enhanced Insider Dealing Regulation 10/24/2011 The European Commission has adopted a proposal for a European Union regulation on insider dealing and market manipulation, aimed at updating and strengthening
the existing framework provided by the Market Abuse Directive.
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UK To Scrap REIT Levy 10/21/2011 Following an informal consultation on proposed changes to the UK's Real Estate Investment Trust regime, the government has agreed that the a levy payable by companies which convert into REITS should be scrapped.
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Hong Kong Gazettes Aviation Fee Revisions 10/20/2011 An order to support and enable proposed revisions to Hong Kong’s aviation
fees and charges is to be gazetted on October 21 and tabled in the Legislative
Council on October 26.
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India, Philippines To Revise DTA 10/18/2011 India’s Finance Minister Pranab Mukherjee has confirmed that there are on-going
negotiations for a revision of the existing double taxation agreement between
India and the Philippines.
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UK Tax Relief Changes To Hit Pension Contributions 10/17/2011 Self Invested Pension Plans and Small Self Administered Schemes will see their fund flow reduced as a result of reductions in tax relief, new research has revealed.
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US House Committee Backs Contractors Tax Repeal 10/17/2011 The Republican-led Committee on Ways and Means of the United States House of Representatives
has favourably reported out, on a bipartisan basis, a bill to repeal the 3% withholding
tax on payments made to government contractors, and another bill, on a not-so-bipartisan
basis, to provide for its funding through changes to health programmes.
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Canada Clarifies Corporate E-File Rules 10/14/2011 Proposed changes to Canada's Income Tax Regulations will mean that specified businesses must comply with mandatory electronic filing requirements for their tax returns.
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Isle Of Man Cutting Barriers To Telecoms Market Entry 10/7/2011 The Isle of Man Communications Commission has published a response to its consultation
on the review of competition in the island's telecommunications sector, which offers a number of remedies to highlighted competition problems in the Isle of Man.
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New Zealand Looking To Simplify Tax Administration 10/4/2011 New Zealand Revenue Minister Peter Dunne has called for public submissions on a number of remedial matters focused on simplifying aspects of tax administration and compliance.
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Obama Submits Pending FTAs To Congress 10/5/2011 Amidst general calls for a swift Congressional reaction, President Barack Obama
has formally submitted the legislation for the three pending free trade agreements between the United States and South Korea, Colombia, and Panama, along
with renewal of the Trade Adjustment Assistance measures and the expired Generalized
System of Preferences trade program.
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Singapore Reports On GST Consultation 10/3/2011 Singapore’s Ministry of Finance has accepted for implementation 11 of the
22 suggestions on the draft Goods and Services Tax (Amendment) Bill 2011, which
were received during a public consultation exercise held during July this year.
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Ireland To Tax Remote Gambling 9/28/2011 Ireland is to modernize its gambling laws, with changes designed to tackle the shortcomings of current legislation, which include the absence of a taxation regime for remote gambling.
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Australia To Change GST Treatment of New Homes 9/27/2011 Previously announced changes to the application of goods and services tax to newly constructed residential premises will not apply prior to January 27, 2011, Australian Assistant Treasurer Bill Shorten has clarified.
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Northern Ireland Corporate Tax Devolution 'Must Wait' 9/23/2011 Northern Ireland must engage in 'very hard negotiations' with the UK Treasury over plans for corporate tax devolution, a key government minister has said, admitting that it could take at least four years to implement any changes.
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Ireland Clarifies Insurance Levy 9/23/2011 The Irish Insurance Federation has welcomed the publication of Government proposals to clarify the scope of the levy on insurance premiums, but called on the Minister for Finance to abolish the existing 3% stamp duty on premiums.
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HMRC Tackles Manufactured Overseas Dividends Tax Avoidance Scheme 9/16/2011 The UK expects to net approximately GBP40m a year from the immediate closure of a tax avoidance scheme, previously operational under a loophole which allowed companies to offset or claim repayment of UK tax which had never been paid.
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South Africa Looks At Headquarters Company Regime 9/14/2011 While, last year, the National Treasury proposed a new initiative, intended to
make South Africa a more attractive base for investment into other African countries
by both domestic and foreign investors, taxpayers have raised concerns over the
approach of the South African Revenue Service to its headquarters company
tax regime.
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Canada Consults On Tax Rules For Employee Profit Sharing Plans 9/1/2011 The Canadian government is reviewing the tax rules for Employee Profit Sharing Plans, vehicles which have increasingly been used for reducing or deferring tax on profits and avoiding the payment of Employment Insurance premiums.
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Australia Releases Draft Petroleum Tax Reforms 8/30/2011 The Australian Treasury has released for public comment draft legislation for the extension of the Petroleum Resource Rent Tax.
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New Zealand Consults On Cross-Border GST Issues 8/25/2011 A discussion document released by the New Zealand government for public consultation seeks feedback on options for addressing issues relating to goods and services tax as it applies to businesses trading with each other across borders.
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Australia To Harmonize Indirect Tax Assessment 8/24/2011 In January the Australian Assistant Treasurer released for public consultation exposure draft legislation to simplify the tax system, and in response to submissions, the government has now released revised exposure draft legislation for further public consultation.
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Canada To Update Foreign Affiliate Rules 8/23/2011 The Canadian government has launched a consultation on proposals to reform rules for the taxation of Canadian multinational corporations with foreign affiliates.
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Australia To Curb Excess Pension Contribution Tax 8/18/2011 People who make excess concessional contributions to their superannuation funds may benefit from changes contained in a consultation paper released on August 17 by the Australian Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten.
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Singapore-India DTA Protocol Comes Into Force 8/15/2011 The second protocol to the existing double taxation agreement between Singapore
and India, which incorporates the internationally-agreed Organization for Economic
Cooperation and Development standard for the exchange of information for tax purposes,
will enter into force on September 1, 2011.
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FSA Outlines Anti-Failure Plans 8/12/2011 The UK's Financial Services Authority has released details of its proposals for Recovery and Resolution Plans, setting out what is expected of financial institutions in plans designed to reduce the likelihood of failure.
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South Africa Rethinks Intra-Group Anti-Avoidance Rules 8/8/2011 The South African Revenue Service and the National Treasury have proposed
a new short-term solution for businesses that have problems with the proposed
anti-avoidance measures that are to be inserted into the 2011 Taxation Laws Amendment
Bill and are intended to ensure the free movement of tax-neutral assets between
members of a corporate group.
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Two More Years Of Tax Hikes For Ireland 8/3/2011 While the country is on track to meet and even exceed its bailout commitments for this year, Irish Finance Minister Michael Noonan has outlined the plans he intends to implement over the next two years to cut the deficit and satisfy Ireland's creditors.
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Hong Kong Issues Special Stamp Duty Guidance 7/27/2011 For the information of duty payers and their tax representatives, Hong Kong’s
Inland Revenue Department has issued interpretation and practice notes concerning
the special stamp duty, that was introduced by the government in November
last year.
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UK Banking Levy Regulations Made 7/26/2011 UK legislative amendments have been published with respect to the collection
and management of the Banking Levy. The changes will enter into force on August
11, 2011, the UK tax authority, HM Revenue and Customs has said.
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Singapore Consults On GST Changes 7/11/2011 Singapore’s Ministry of Finance has announced that it will be conducting
a public consultation, until July 28, on draft legislation to give effect to changes
to the country’s goods and services tax regime affecting the marine sector, arising out of the
2011 Budget and the government’s on-going review of the tax code.
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BC Extends HST Referendum Deadline 7/5/2011 To deal with the effects of a nationwide postal strike, British Columbia has extended the voting deadline in a crucial referendum that will determine the future of the province's sales tax regime.
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Australian Tax Experts Welcome Trust Guidance 7/1/2011 The Tax Institute of Australia has welcomed the Australian Tax Office’s announcement of special administrative arrangements for the application of new distribution streaming measures for the nation’s 600,000 trusts.
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