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Italy Explains New Local Property Tax 5/24/2012 The Italian Treasury has issued a circular which attempts to explain the complex
regulations surrounding the introduction of IMU, the new unified local property
tax, which formed the major revenue-raising measure within the government’s
‘Save Italy’ budget finalized in December last year.
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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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South Korea To Cut Property CGT 5/14/2012 The South Korean government has disclosed that it will try to boost the local
housing market by relaxing restrictions on property transactions and cutting property
transfer tax rates.
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Hong Kong Vows To Maintain Stable Property Market 5/8/2012 In a speech to the Oxford and Cambridge Society of Hong Kong, the Financial Secretary
John C Tsang said that the government's initiatives to maintain a stable property
market have been fairly effective, but that it would have “no hesitation
in applying further measures,” if necessary.
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Maltese Developers Cry Foul On Property Tax Valuations 4/19/2012 The Malta Developers Association has called on the government to rethink the valuation
of island property for the purposes of levying the 12% withholding tax on property
sales, to take into account the falling price of real estate.
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China's Overseas Investment Soars, As Incoming FDI Falls 4/18/2012 The Ministry of Commerce has disclosed that, at the same time as China's overseas
direct investment was rapidly increasing in the first quarter of this year,
foreign direct investment into China fell for the fifth month in a row in
March.
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Singapore Property Prices Show Fall After Tax Hike 4/6/2012 Following the government’s announcement in December last year of an Additional
Buyer’s Stamp Duty, the Urban Development Authority has disclosed
that Singapore’s estimated private residential property price index fell
in the first quarter of 2012.
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Ireland Faces Household Charge Backlash 4/3/2012 Action against Ireland's household tax continues apace, with only 61% of liable households expected to pay the tax and over 5,000 people marching through the streets of the capital in protest.
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Jersey Assesses UK Stamp Duty Measures 3/29/2012 Jersey Finance, the agency responsible for the promoting the island's finance industry,
has responded to measures in the UK budget which seek to prevent stamp duty tax avoidance on the purchase of high-value property in the UK via offshore company structures.
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China To Extend Property Tax Later This Year 3/27/2012 The National Development and Reform Commission has confirmed that the pilot property
tax presently operating in Shanghai and Chongqing will be extended to other cities
in China later this year.
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Taiwan Could Repeal Luxury Tax In Reform Package 3/26/2012 In a parliamentary reply, Taiwan’s Finance Minister Christina Liu confirmed
that, while luxury taxes will be eliminated at some point, it will only happen
after permanent property taxes have been introduced within future tax reforms.
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UK Budget Delivers Tax Cuts 3/23/2012 George Osborne has delivered a Budget that ‘unashamedly backs business’, slashing the top rate of personal income tax and accelerating corporate tax cuts.
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Sarkozy Pledges To Halve Property Transfer Tax 3/21/2012 French President Nicolas Sarkozy has recently announced plans to significantly
reduce the transfer tax imposed on individuals when moving house.
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US Taxpayer Makes USD25bn Profit From MBS Investments 3/21/2012 The United States Treasury has announced the completion of the orderly wind down
of its agency-guaranteed mortgage-backed securities portfolio, which it
acquired as part of its response to the financial crisis, at an overall profit
for taxpayers of USD25bn.
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Tax Ruling Boosts UK Holiday Let Owners 3/9/2012 HM Revenue and Customs has lost another key court case, with the passage of a tribunal decision that will permit holiday let owners across the UK to claim Business Property Relief for inheritance tax purposes.
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Hong Kong Lauds Effectiveness Of Special Stamp Duty 3/2/2012 Hong Kong’s Secretary for Transport and Housing, Eva Cheng, has said that
the special stamp duty, which was introduced in November 2010, has been
effective in curbing short-term property speculative activities.
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Ireland Creates Expert Panel For Property Tax Plans 2/3/2012 The Irish government is pushing forward with its plans for a property tax, appointing an expert panel to consider proposals.
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French Wealth Tax Yields Surprising Revenues 1/26/2012 France’s solidarity tax on wealth, which was radically reformed by the government in
June last year, has served to yield much greater fiscal revenues for the state
than initially predicted.
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Barbados Modernizes Land Tax Administration 1/26/2012 Barbados has announced that it will soon roll out its online portal for taxpayers to view and pay their land tax bills online, although the system is not yet available for foreign property owners.
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Cable Keeps UK Mansion Tax On The Agenda 1/24/2012 A mansion tax is a 'very good idea', the UK Business Secretary Vince Cable has said, calling for the levy to be introduced in the upcoming Budget.
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Guernsey Structure Employed In UK Mortgage Scheme 1/12/2012 Guernsey’s Protected Cell Company legislation will be used to create an insurance company which will underpin a new scheme being introduced in the United Kingdom to allow lenders to offer larger mortgages to home buyers.
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Hong Kong Property Deals Down Sharply 1/12/2012 The Land Registry of Hong Kong has announced that it recorded 108,814 sale and purchase agreements for all building units for 2011, down 33.1% year on year and down 18.8% when compared with 2009.
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Austrian Chancellor Stands Firm On Wealth Tax 1/11/2012 Following the first ministerial council meeting of 2012, Austria’s Chancellor
and leader of the Social Democrats Werner Faymann underlined the
importance of a stable eurozone and of generating new revenues in Austria as
part of the government’s planned national consolidation package.
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US Still Top Destination For Real Estate Investment 1/5/2012 According to the 2012 annual survey of the members of the Association of Foreign
Investors in Real Estate, the United States remains the country offering
the best option for real estate investments, but the repeal of the Foreign Investment
in Real Property Tax Act would have a strongly positive impact on their
investment decisions.
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BC Amends Homeowner Grant Scheme 1/4/2012 In an effort to accommodate rising property values, the Canadian province of British Columbia has increased the threshold for the homeowners' grant, a scheme which helps the province's residents with property taxes.
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Saint Kitts Set To Launch Super Yacht Marina 12/28/2011 Caribbean territory Saint Kitts and Nevis has announced that new construction projects, to build a mega-yacht marina, and a world-class private jet terminal, will be concluded during 2012 alongside other projects to market the islands to high-net-worth visitors and holidaymakers.
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Ireland To Bring Forward Property Tax 12/22/2011 Facing a possible boycott of the new Household Charge, the Irish government looks set to replace it sooner than anticipated with a full property tax, a year earlier than originally planned.
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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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Irish Lawmakers To Boycott Household Tax 12/19/2011 Nine rebel members of the Irish parliament have said that they will not pay the controversial household tax when it is introduced in January.
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Taiwan Takes First Step To Property Tax Changes 12/15/2011 Taiwan’s Legislative Yuan has passed amendments to the law governing the
registration of real estate sale prices, which might represent the first step
in changing the basis of calculation of property taxes.
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Monti Agrees Changes To Italian Budget Measures 12/16/2011 While Prime Minister Mario Monti had previously stressed that there was little
room for changes to Italy’s latest budget, the final version of
the bill currently going through parliament does include modifications agreed
by the government, which are said to make it more 'equitable'.
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Tokyo Tops Cost League For Expat Workers 12/15/2011 Tokyo remains the most expensive city in the world for international assignees as the rising value of the
yen continues to put upward pressure on the cost of living in the country, according
to a new report.
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Singapore Hikes Property Taxes 12/12/2011 Singapore’s government has announced an Additional Buyer’s Stamp
Duty to be imposed on certain categories of residential property purchases,
in addition to the current buyer’s stamp duty.
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South Korea To Ease Capital Gains Tax On Property 12/8/2011 With the South Korean property market having seen only a sluggish recovery this
year, the government has decided to remove permanently the threat of an additional
capital gains tax on owners of more than one property.
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Singapore Provides Property Tax Rebates 12/5/2011 As the Inland Revenue Authority of Singapore is to raise the annual valuations of all Housing and Development Board flats with effect from January
1, 2012, the government has decided to grant their owner-occupiers a one-off property tax
rebate.
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Malta Cuts Tax Burden In 2012 Budget 11/17/2011 Malta's Minister of Finance, Economy and Investment Tonio Fenech has announced
numerous tax measures in the territory's budget for 2012, many of which reduce the tax burden on islanders and enhance the island's appeal to international investors.
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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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Philippines Increases Thresholds For VAT Exemptions 11/7/2011 The Philippines’ Bureau of Internal Revenue has released revenue
regulations which increase, in line with the rise in the consumer price index,
the threshold amounts for value added tax on sales and leases of residential
lots and houses.
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UK Targets Foreign Property Owners 11/3/2011 The UK government is focussing on wealthy individuals with overseas property in its ongoing crackdown on tax avoidance.
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Jersey To Boost First-Time Homebuyer Tax Relief 11/3/2011 Jersey's Treasury Minister, Phillip Ozouf has proposed that relief on Stamp
Duty and Land Transactions Tax afforded to first-time homebuyers should be increased in line with current house prices.
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FASB Consults On Investment Property Reporting Rules 10/26/2011 The US accounting standards setter, the Financial Accounting Standards Board
has issued a proposed Accounting Standard Update intended to develop accounting guidance for investment
property entities.
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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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Guernsey, Luxembourg Explore Fund Sector Synergies 10/12/2011 A team from Guernsey’s fund industry hosted an event in Luxembourg last
month aimed at boosting cooperation between the two jurisdictions, discussing
ways in which service providers in the two centres can work together more effectively
for mutual benefit.
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Australia Offers Flood Victims CGT Relief 10/11/2011 Owners of investment properties involved in the Australian Lockyer Valley Regional Council's land swap program will be eligible for capital gains tax relief as part of the federal government's ongoing work to assist people affected by the floods last summer.
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Tax Incentives Feature In Malaysia's 2012 Budget 10/11/2011 In what is considered to be the last before he calls for elections, the Malaysian
Prime Minister and Minister of Finance, Datuk Seri Najib Tun Abdul Razak, recently
introduced a 2012 Budget that was full of tax breaks and incentives.
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Taiwan To Calculate Property Taxes On Market Value 10/6/2011 In a recent speech, Taiwan’s President Ma Ying-jeou confirmed that the
government will, over time, change the basis of calculation of property taxes
to actual market values.
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Property Tax Extended In China 9/30/2011 From October 1, in addition to those purchasing properties, existing owners of
luxury residential properties in Chongqing will also be required to pay the property
tax applicable to their value.
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Greek Lawmakers Pass Unpopular Property Tax 9/29/2011 Overcoming a significant hurdle, the Greek parliament has narrowly adopted by
154 votes to 142 the government’s highly controversial and hugely unpopular
new property tax.
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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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Greece Unveils Property Tax 9/13/2011 Determined to appease international moneylenders, and to secure release of an
EUR8bn tranche of its EUR110bn bailout agreement, the Greek government recently
announced plans to introduce a new property tax in Greece, for immediate application.
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First Incorporated Limited Partnership Formed In Jersey 9/9/2011 Ogier Jersey has acted as advisor in relation to the establishment of the first
incorporated limited partnership in Jersey, Invescap (Villette) ILP, which invests in UK commercial
real estate.
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US Recovers Three-Quarters Of MBS Investment 9/6/2011 The United States Treasury has provided an update on the continued orderly wind
down of its agency-guaranteed mortgage-backed securities portfolio acquired
during the recent financial crisis, which shows that it has now recovered more
than 76% of its original capital investment.
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US Sues Banks Over MBS Quality Misrepresentation 9/6/2011 The United States Federal Housing Finance Agency, as conservator for Fannie
Mae and Freddie Mac, has filed lawsuits against 17 financial institutions, alleging
violations of federal securities laws in the sale of residential mortgage-backed
securities, and seeking compensatory damages for negligent misrepresentation.
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Singapore Increases Land Development Tax 9/2/2011 Following the usual half-yearly official review, and to reflect higher property
values, Singapore’s Ministry of National Development has revised the land
development charge rates for the period from September 1, 2011 to February 29,
2012.
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Conservative Minister Dismisses UK Mansion Tax 8/23/2011 The tone of the UK’s ongoing row over income tax rates has changed from one concerned with the country’s competitiveness to one focused on the merits of taxing the ‘middle-class’ fairly.
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Barbados Budget Unveiled 8/23/2011 'Uncertain economic times' have led the Barbadian Finance Minister to introduce a Budget full of new tax measures, as part of a plan to drive down the deficit and stimulate economic growth.
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Cyprus Plans Property Tax Hike 8/17/2011 Cyprus plans to increase the taxation of immovable property as part of an austerity package which hikes value-added tax, personal income tax and withholding tax
on savings interest.
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Guernsey Housing In High Demand 8/17/2011 Average property prices in Guernsey rose by 7.7% in the second quarter of 2011,
compared to the same quarter in 2010, according to data released this week by
the States of Guernsey.
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Debate On UK's Top Tax Rate Rumbles On 8/16/2011 The UK's top rate of personal income tax will not be a permanent fixture, according to the Chancellor, who has said that the country needs its taxes to be competitive.
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Australia To Remove Disability Trust Barriers 8/2/2011 Australian citizens with severe disability and their carers are being asked to comment on draft legislation that will remove income tax barriers to make it easier for people to contribute to a Special Disability Trust.
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Philippines Issues REIT Revenue Regulations 8/1/2011 The Bureau of Internal Revenue has issued its much-delayed revenue regulation
governing the tax incentives to be granted to real estate investment trusts in the Philippines.
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German States Hike Land Transfer Taxes 7/29/2011 During a second reading, North Rhine-Westphalia’s state parliament accepted and adopted a bill providing for an increase in the rate of
land transfer tax imposed on purchases in the German state from October 1, 2011. The move follows similar tax increases in several other German states.
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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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Hong Kong Continues To Grow Its Fund Management Business 7/22/2011 The Securities and Futures Commission, in its annual
survey of fund management activities, confirmed that such business in Hong Kong
reached over HKD10 trillion last year, up 18.6% compared to 2009.
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Philippines REIT Tax Regulations Approved 7/12/2011 It is expected that the much-delayed publication by the Bureau of Internal Revenue of the proposed tax incentives for real estate investment trusts in the Philippines will be published shortly.
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Dutch Banks Outraged Over Tax Plans 7/11/2011 Outraged by the blatant volte-face of the government, the Dutch Banking Association
NVB has fiercely criticized plans to introduce a new tax on Dutch banks from next
year, warning that such a move would merely serve to reduce scope for credit and
mortgage offers, thereby damaging the country’s economy.
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Monaco Reforms Property Tax Law 7/7/2011 Determined to ensure greater equity in its property tax provisions, to boost the
attractiveness of the country as a location, and to encourage property investment,
Monaco has passed a new law amending the taxation on the transfer and purchase
of real estate.
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Visa Extensions To Boost UAE Property Market 7/1/2011 Commentators predict a boost in the property market after the UAE Federal Government this week extended the visa period for real estate investors from six months to three years.
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UK 'Mansion Tax' Idea Resurfaces 6/28/2011 The UK Liberal Democrats, the junior party in the governing coalition, are said to be planning to resurrect 'mansion tax' proposals, in the event of the top rate of personal income tax being scrapped.
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Irish Government Consults On Property Tax Relief 6/28/2011 Ireland is to consult on changes to legacy property-based tax reliefs as part of the government's plans for an overhaul of the system.
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Sarkozy Abandons Second Residence Tax 6/22/2011 Marking a complete volte-face, and bowing to increased pressure from senators,
French President Nicolas Sarkozy has reportedly abandoned plans to impose a
tax on the secondary residences of non-residents in France.
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CBO Calculates Mortgage Subsidy Costs To US Taxpayer 6/6/2011 In testimony before the United States House of Representatives Committee
on the Budget, the Congressional Budget Office has calculated the budgetary cost
of Fannie Mae and Freddie Mac, and looked at the options for a future role of
the federal government in the secondary mortgage market.
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France Tightens Fiscal Screw On Second Homes 5/30/2011 The French government’s plans to impose an annual tax on the secondary residences
of non-residents and expatriates have been met with both criticism and scepticism.
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Taiwan Brings Forward Luxury Tax 5/24/2011 The Ministry of Finance has announced that the Selective Goods and Services Sales
Tax Act, which establishes Taiwan’s new luxury taxes targeted at reducing
speculative property purchases and a widening wealth gap in the economy, are to
take effect earlier than originally expected on June 1.
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Philippines To Announce REIT Tax Exemptions 5/19/2011 It is expected that the much-delayed approval by the Bureau of Internal Revenue of the proposed tax incentives for real estate investment trusts in the Philippines will be available shortly.
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Tax Help For Australian Landlords Affected By A Natural Disaster 5/17/2011 The Australian Tax Office is alerting more than 200,000 people who own a rental property that may have been affected by recent natural disasters to the expenses they may be able to claim that may reduce their taxable income.
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US Government Recovers Over Half Of MBS Investment 5/6/2011 In providing an update on the wind down of the agency-guaranteed mortgage-backed
securities portfolio acquired during the recent financial crisis, the United
States Treasury has disclosed that it has now recovered more than half of its
original USD225bn investment.
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OECD Makes Tax Recommendations For NZ 5/2/2011 The Organisation for Economic Co-operation and Development has recommended that New Zealand's government implement a bold programme of fiscal consolidation, based on spending restraint and reform of the tax and pension systems. In particular, in order to address what are seen as substantial distortions in the housing market, a capital gains tax is seen as necessary.
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Bahamas Amends Residency Rules To Boost Investment 4/29/2011 In an effort to bolster its attractiveness as a centre for foreign investment, the Bahamas has made a significant amendments to its investment related residency policy, accelerating the process under which residency considerations are made.
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Andorra Undertakes First Phase Of Tax Regime Overhaul 4/29/2011 Despite political upheaval in Andorra, legislation providing for a corporate income
tax, initially on non-resident entities, at a rate of 10% came into force as of
April 1, 2011. The introduction of a Value-Added Tax regime, to be followed by
the extension of the income tax regime to resident individuals and corporations
are forthcoming but subject to political stability.
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Macau Gives Cash, Takes Special Stamp Duty 4/26/2011 Macau, which is, along with Hong Kong, one of the two special administrative regions
of the People's Republic of China, has announced further cash payments to residents, as
well as the imposition of a special stamp duty.
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Hong Kong Issues REIT Guidance 4/12/2011 Hong Kong’s Securities and Futures Commission has published an investor
education article explaining key features and risks related to latest real estate
investment trust products, particularly to those denominated and trading
in renminbi.
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European Council Adopts Fiscal Package 4/4/2011 The European Council has recently adopted a comprehensive package of measures,
designed to respond to the crisis, preserve financial stability and boost growth,
while at the same time strengthening economic governance and competitiveness
of both the euro area and the European Union.
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Fortuno Plugs Puerto Rico's Fiscal Plan 3/27/2011 Luis G. Fortuno, the Governor of Puerto Rico, used a recent speech to the Municipal
Forum of New York to confirm that the United States territory’s USD1bn budget
deficit will be closed within two years, and that a series of economic reforms
have been initiated on the island.
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Purisima Climbs Down Over Philippine REITs Rules 2/21/2011 Cesar Purisima, the Philippines Finance Secretary, has disclosed that the government
is now willing to accept that the proposed tax incentives for real estate investment
trusts will be available even if a majority of their shares are not listed
on the stock exchange.
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South Korea Tries Tax Incentives To Control Rents 2/15/2011 The South Korean government is to introduce new fiscal and financial measures
to try and contain rising rents being suffered by tenants, and thereby also restrain
inflationary pressures in the economy.
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China Approves Property Tax Trials 2/1/2011 The Chinese government has approved the immediate application, as a pilot, of
the property tax in Shanghai and Chongqing that had been proposed originally by
the Ministry of Finance in October last year.
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HK's Accountants Propose Budgetary Tax Incentives 2/1/2011 The Hong Kong Institute of Certified Public Accountants has released
its proposals for Hong Kong’s 2011/12 Budget, concentrating on certain adjustments
to the tax system and on a broadening of the tax base.
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Clarifying GST Rules Around Residential Property 1/31/2011 The Australian Government has moved quickly to clarify how residential property is treated under the Goods and Services Tax, following a Full Federal Court decision last year that found GST was not payable on the full value-added to premises by developers in some circumstances.
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Taipei To Introduce 'Luxury Residence' Tax 1/17/2011 Property owners that have 'luxury residences' in Taipei are to be
levied with additional real-estate taxation, according to a decision taken by
the city’s government.
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Singapore Introduces Property Market Calming Measures 1/17/2011 While previous measures are said to have, to some extent, moderated Singapore’s
property market, sentiment remains buoyant and the government has now announced
further changes aimed at maintaining a stable and sustainable property market.
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Philippines To Suffer Fewer Tax Losses in 2011 1/5/2011 The Assistant Secretary of the Philippines' Department of Finance, Gil Beltran,
has disclosed that the government expects fewer measures eroding its tax revenues
to be made effective in 2011.
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Australia To Simplify GST Rules On Property 12/13/2010 The Goods and Services Tax margin scheme that applies to property will be simplified as part of the Gillard government's ongoing commitment to making Australia's tax system easier to use and understand.
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Abu Dhabi Relaxes Controls On Real Estate 12/13/2010 Abu Dhabi's Crown Prince, Shaikh Mohammad Bin Zayed Al Nahyan on December 8 issued new regulations to support the growth of the emirate's real estate sector, through the mandatory registration of investors' interests in Abu Dhabi property in a centralized register, and through the relaxation of rules on foreign ownership.
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HK Anti-Speculation Measures 'Working' Says Chan 12/13/2010 The Hong Kong government has announced that recent measures to dampen 'exuberance' in the territory's property market, including a special stamp duty, are working.
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Taiwan Looking To Tax Speculative Property Deals 12/6/2010 Lee Ching-hua, the chief secretary at the Ministry of Finance, has disclosed that
the Taiwanese government is contemplating levying a special property tax, to counteract
the risk of a real estate price bubble in the country’s cities.
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IMF Applauds HK's Fiscal And Financial Stability 12/7/2010 Hong Kong’s Financial Secretary, John C Tsang, has welcomed the International
Monetary Fund mission's positive assessment of its economy, particularly
regarding its continued fiscal and financial stability.
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HK Sends Stamp Duty Proposals To Legislature 12/6/2010 Hong Kong’s Transport and Housing Bureau has confirmed that the specific
provisions of the legislation to impose a Special Stamp Duty which, it is hoped,
will curb speculative transactions in residential properties, were gazetted on
December 3.
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HK Readies Further Property Measures 11/29/2010 Hong Kong’s government has confirmed that, if it finds that its recent measures
to curb residential property speculation are not successful, it will introduce
further measures, wherever it considers necessary.
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HK Raises Property Tax 11/23/2010 Following a significant inflow of hot money, leading to substantial increases
in asset prices in Hong Kong, the Financial Secretary, Mr John C Tsang, has announced
new anti-property speculation measures.
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