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Greggs Chief Slams UK 'Pasty Tax' 5/17/2012 The UK government’s ‘pasty tax’ will result in higher unemployment, store closures and reduced investment, the head of bakery retailer Greggs has said.
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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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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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Further Attacks Launched On Italian Tax Evaders 5/1/2012 Following an announcement by the Italian financial police, Guardia di Finanza, that it has already uncovered substantial amounts of undeclared income in the first four months of 2012, the Italian Revenue Agency launched countrywide anti-evasion checks during the May Day holidays.
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Study Sresses Tax Contribution Of US Auto Industry 4/17/2012 A study from the Center for Automotive Research has highlighted the 'significant' contribution that the auto industry now provides to state and federal tax revenues, as
it makes a recovery from the recent economic recession.
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Study Points Out Differences In US State Sales Taxes 4/16/2012 The Tax Foundation has pointed out that sales taxes in the United States,
which are levied not only by state governments but also by city, county, Native
American and special district governments, can have a profound impact on the total
rate that consumers see at the check-out register.
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Future Bright For Panama: IMF 4/13/2012 The International Monetary Fund has published its Article IV report in respect
of Panama, noting that the country has exited the global downturn robustly, with
a well-capitalised banking system, but efforts should continue to build upon the
tax revenue base to reverse poor revenue performance witnessed last year.
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Guernsey Accepts Low Value Consignment Relief Ruling 4/9/2012 Guernsey's Policy Council has confirmed that it is not in Guernsey's best interests
to appeal the decision of the High Court in London, which ruled that the United
Kingdom's decision to revoke a generous value-added tax relief solely for the
Channel Islands was consistent with European Union law.
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Channel Islands Will Not Appeal UK VAT Ruling 4/6/2012 The Jersey government has decided not appeal the decision of the High Court in
London, which ruled that the United Kingdom government's decision to revoke Low-Value
Consignment Relief (LVCR), a value-added tax concession, for the Channel Islands
was consistent with European Union law.
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China To Quadruple E-Commerce Sales By End-2015 3/29/2012 The Chinese Ministry of Industry and Information Technology has released a Five
Year Plan which foresees e-commerce sales quadrupling to RMB18 trillion in the period to the end of 2015.
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Retailer Departs Guernsey Over VAT Relief Blow 3/29/2012 British high street store retailer HMV has announced that it will close its warehousing and
distribution operations based in Guernsey following the confirmation from the UK government
that it will remove Low-Value Consignment Relief for packages imported from the Channel
Islands from April 1.
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Channel Islands Fail To Overturn UK VAT Decision 3/21/2012 The governments of the Channel Islands have announced their 'disappointment' at
the findings of the UK High Court, in response to the islands' joint challenge to the United Kingdom government's decision to remove long-standing value-added tax concessions crucial
to the islands' fulfilment industries.
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Philippines Will Not Cancel VAT On Oil 3/19/2012 Despite political and transport industry pressure following further increases
to the domestic price of oil products, the Philippines government has insisted
that the 12% rate of value-added tax on oil products will remain.
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High Court Hears Channel Islands' LVCR Challenge 3/13/2012 A two-day hearing at the High Court in London began on March 13, 2012, to hear the arguments of lawyers representing the Channel Islands in their challenge to the scheduled removal of the United Kingdom's Low-Value Consignment Relief for the islands' fulfilment industries from April 1, 2012.
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Bermuda Announces 2012 Budget 3/5/2012 Bermuda's Finance Minister Paula Cox has released the territory's budget for 2012, containing
a number of tax measures to boost tax revenues and employment.
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VAT Hike Hits Ireland's Retail Sales 3/5/2012 Irish retail sales fell by 3.7% in the wake of January's value-added-tax hike, prompting small business leaders to call on the government to re-think its strategy.
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Obama Unveils Internet 'Bill of Rights' 2/28/2012 President Barack Obama has unveiled a United States 'Consumer Privacy Bill
of Rights' as part of a comprehensive blueprint to protect individual privacy
rights and give users more control over how their information is handled on
the internet.
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Italian Tax Inspectors Blitz Courmayeur 2/22/2012 Tax inspectors from the Italian Revenue Agency have again taken to making spot
checks, this time at Courmayeur, to check whether its shops, restaurants and bars,
even those on the ski slopes of Mont Blanc, are issuing the necessary tax receipts.
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Isle Of Man Banking Deposits Fall 6.4% In 2011 2/20/2012 The Isle of Man government has published a report on the territory's banking sector
and its performance during 2011.
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Hungary's PM Defends Controversial Fiscal Strategy 2/13/2012 Hungary’s Prime Minister Viktor Orban has recently defended the central
aspects of his government’s fiscal policy, in particular the special tax
imposed on international retail chains, on telecommunications operators, on
insurance companies and on banks.
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Jersey's Investment Strategy Paying Dividends 2/9/2012 The contribution of Jersey Enterprise, the government's inward investment agency has been highlighted in a recent report
coinciding with the agency's name change to 'Locate Jersey' and formulation of a plan for future policy.
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Trade Barriers Hindering African Growth 2/10/2012 As African leaders pursue negotiations towards a continental free trade area by
2017, a new report released by the World Bank has noted that African nations are
losing out on billions of dollars in potential trade earnings every year because of restrictive barriers to regional trade.
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UAE To Hike Tax On Tobacco 2/6/2012 The UAE has proposed a nationwide tax on tobacco products and its derivatives in an attempt to reduce the sale of cigarettes across the Emirates.
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Reform Of Philippine 'Sin Taxes' Gets Closer 2/6/2012 The implementation of the proposed bill to reform alcohol and tobacco taxes, which
is a top priority for the Philippines government while it continues its policy
of not introducing new taxes, has come a step closer with its formal filing
in parliament.
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Guernsey Pursues Financial Services Commission Overhaul 1/23/2012 The Guernsey Financial Services Commission has formed a team to be supported by Ernst and Young to undertake an overhaul of
the functioning of the Commission in its regulation of financial services entities
to provide cost efficiencies against the background of the increasing regulatory workload.
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Italy Confirms Anti-Evasion Cash Transaction Limit 1/20/2012 As presaged within the anti-tax evasion provisions of the Italian government’s
recent ‘Save Italy’ budget, the Ministry of the Economy and Finance
has issued the relevant procedures to give effect to the restriction of using
cash to transactions of less than EUR1,000.
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EU Issues E-Commerce Action Plan 1/18/2012 As part of the European Union’s Digital Agenda and the Single Market Act,
and in response to the request from the European Council to submit a roadmap for
the completion of the Digital Single Market, the European Commission has adopted a Communication presenting targeted initiatives aimed at doubling
the share of e-commerce in retail sales by 2015.
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China Lifts VAT On Vegetable Distribution 1/16/2012 To combat food price inflation, the Chinese Ministry of Finance has announced its decision to retroactively exempt the distribution of vegetables from value-added tax.
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Monti Seeks To Squash Italian Tax Evasion Culture 1/12/2012 The Italian tax authority has very publicly embarked on a raid of Cortina d'Ampezzo, one of Italy's most exclusive ski resorts, to demonstrate that Mario Monti's new government is taking a hard-line approach to tax evasion by actively challenging individuals and service sector companies that historically have significantly under-declared earned income.
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Indiana Reaches Sales Tax Agreement With Amazon 1/10/2012 Mitch Daniels, Governor of the US state of Indiana, has announced that the state has reached an agreement with Indiana’s largest online retailer, Amazon.com, Inc., to begin collecting Indiana sales tax on internet purchases - the fourth state to reach such an agreement with the online retail giant.
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NZ Smokers Face New Tax Rise 1/10/2012 New Zealand witnesses another rise in taxes on cigarettes, in a move that the government claims will increase the numbers of people quitting the habit.
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French Court Clears Soda Tax, VAT Hike 12/30/2011 The French government has received approval from the nation's Constitutional Court to forge
ahead with plans to introduce a tax on sugary beverages, and to increase the concessionary
value-added tax rate currently in place on some services sectors.
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UK To Retain 'Uncompetitive' VAT Rate On E-books 12/27/2011 The UK Treasury has confirmed that it will not follow its European peers in slashing the value-added tax rate it places on electronic books sold on the Internet, commonly known as e-books, following recent decisions by the governments of France and Luxembourg, which may establish them
as domiciles of choice for Internet e-book retailers in Europe.
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Channel Islands To Challenge UK Tax Decision 12/22/2011 The governments of Jersey and Guernsey have announced they intend to launch legal challenges
to the United Kingdom's decision to exclude the Channel Islands from value-added
tax exemptions on low-value goods, under Low Value Consignment Relief.
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Nigerian 2012 Budget For 'Jobs And Growth' 12/15/2011 Nigeria’s President Goodluck Jonathan, during his announcement of the Federal
Government’s 2012 Budget proposals on December 13 to the National Assembly
in Abuja, said that their prime objective was, 'not only to create jobs,
but also to lay a solid foundation for sustainable economic growth'.
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Don't Add More Misery To Ireland's VAT Hike, Retail Group Says 12/5/2011 With a value added tax hike already confirmed for the upcoming Budget, the Irish government must be careful not to hit the struggling retail sector still further, Retail Ireland has said.
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US Congress Grapples With Online Sales Tax Quandary 12/2/2011 The United States House of Representative Committee on the Judiciary
held a hearing on November 30 on the limitations on states’ authority
to collect sales taxes on e-commerce, and received conflicting advice from such
internet businesses as Amazon.com and eBay Inc.
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UK Austerity 'The New Normal', Think Tank Says 11/25/2011 It is unrealistic to expect an instantaneous and painless economic recovery in the UK, a new report has said, arguing that a consistent and transparent tax environment is a fundamental characteristic of a dynamic growth economy.
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Russian WTO Accession Terms Published 11/16/2011 The World Trade Organization has published comprehensive details of the tax and trade commitments made
by Russia as part of its accession bid, due to be deliberated upon at the WTO Ministerial Plenary in December at which Russia is tipped to be granted membership to the global trade
body.
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Healthspan To Challenge UK LVCR Decision 11/15/2011 Healthspan, one of the largest product distribution companies in Guernsey, has
announced that the company will launch a legal challenge to the UK government's
decision to unilaterally remove the Channel Islands' eligibility for Low Value
Consignment Relief.
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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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Costa Rica Targets Corporate Tax Irregularities 11/10/2011 Over the past two months the Costa Rican tax authority has closed more than 50 businesses around the
country for various tax irregularities including late payment of tax and failure
to provide receipts to customers.
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UK Deals Tax Blow To Channel Islands 5/1/2012 The UK government has announced that from April 1, 2012, Low Value Consignment Relief will no longer apply to goods sent to the UK from the Channel Islands.
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US Senators Seek To Protect Online Retailers 11/8/2011 A bipartisan 'Sense of the Senate' Resolution has been introduced
in an attempt to counteract efforts within the United States Congress, and by
some states, to impose sales taxes on out-of-state online retailers.
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China Pilots Change From Business Tax To VAT 10/28/2011 An executive committee meeting of China’s State Council has announced the
approval of a pilot scheme to replace the existing business tax on the country’s
service sector with the value added tax which is currently imposed on manufacturing
companies.
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Through WTO, US Seeks Information On China’s Internet Restrictions 10/25/2011 The United States Trade Representative Ron Kirk has announced that, under World
Trade Organization rules, he is seeking detailed information on the trade
impact of Chinese policies that may block US companies’ websites in China.
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Record Number Of Regional Headquarters In Hong Kong 10/24/2011 According to the results of an annual survey released by Invest Hong Kong and the Census and Statistics Department, the total number of overseas and Mainland
Chinese parent companies running business operations in Hong Kong has recorded
its highest level to date, as, in particular, did the number of those operating regional headquarters.
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Jersey Clarifies Position On UK LVCR Review 10/19/2011 Jersey Treasury Minister Phillip Ozouf has dismissed speculation that the Jersey government is ready to accept the loss of the UK's Low Value Consignment relief scheme, a tax break which has benefited the local economy, in return for the UK's approval of its 'zero-ten' corporate tax regime.
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Uncertain Future For LVCR 10/18/2011 The UK's tax exemption offered to Channel Island exporters of low-value goods
may be rescinded within months as the UK government looks to implement its Budget
pledge to 'level the playing field' between Channel Island-based distributors
and retailers in the UK.
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Hungary's 2012 Budget To Phase Out 'Crisis Taxes' 10/19/2011 Hungarian Economy Minister Gyorgy Matolcsy has recently submitted to parliament
the government’s 2012 budget bill, providing for a gradual phasing out of
the crisis taxes levied on the country’s telecommunications, energy and
retail sectors since 2010.
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Tax Breaks Announced In Trinidad And Tobago Budget 10/17/2011 The government of Trinidad and Tobago has proposed to introduce a five-year temporary corporate tax rate of 10% for companies that have sought capital-market funding through an Initial Public Offering on the Trinidad and Tobago SME Market.
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EU Adopts Consumer Rights Directive 10/12/2011 The European Council has adopted the Consumer Rights Directive, that will establish new rules
on consumer rights to protect online shoppers, and boost consumer confidence in
buying cross-border in other European Union member states.
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Australia's Big Wine Brands Call For Tax Changes 9/28/2011 Two of Australia’s largest wine companies, Treasury Wine Estates and Premium Wine Brands, have made submissions to the government’s October Tax Summit, calling for the end of Wine Equalization Tax, which they believe is causing damage to the industry.
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UK In Turkey To Talk Trade 9/28/2011 Several of the UK's top firms, together with the Business Secretary Vince Cable, are in Turkey to boost trade links and secure business deals, with a view to doubling bilateral trade by 2015.
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Canada, Kuwait Sign FIPA 9/28/2011 Canada and Kuwait have inked a Foreign Investment Promotion and Protection Agreement, designed to promote bilateral trade and investment.
|
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UK Banking Set For Radical Shake-Up 9/13/2011 The UK's banking sector is set for a major shakeup, as the Independent Banking Commission announces plans for a far-reaching ring fence in a report endorsed by the government.
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UK VAT Amnesty Deadline Approaches 9/8/2011 VAT rule-breakers have until September 30 to register to pay what they owe
under an HM Revenue and Customs amnesty campaign.
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Australian Retail Inquiry Focusses On GST 9/8/2011 The public hearings of the Australian Productivity Commission’s inquiry into the future of the Australian retail industry continued this week, with bricks and mortar retailers feeling strongly about internet retailers benefiting from the the low value threshold for goods and services tax purposes.
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Amazon Barters To Delay California's Online Sales Tax 9/7/2011 Following the entry into force on July 1 this year of California's online sales
tax, and the company’s attempt to arrange a referendum in the state for
its repeal, Amazon has made a further move to obtain a reprieve from the new tax
for a period of three years.
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MEPs Analyze Barriers To European E-Commerce 9/6/2011 Analysing consumer behaviour and the interaction between consumers and businesses
in the digital environment, a study requested by the Committee on Internal Market
and Consumer Protection of the European Parliament identifies a number of
barriers to e-commerce and a more integrated European digital market.
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Business Braced For Sales Tax Chaos In BC 9/5/2011 British Columbia's decision to scrap the harmonized sales tax system has provoked a mixed reaction from the business community, but opinion is largely unanimous that businesses and the government alike must think about making the transition back to the provincial and general sales tax regime as smooth as possible.
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Australian Retailers Attack Low-Value Import Exemption 8/11/2011 The Productivity Commission faces a clear choice between securing Australian jobs and giving a taxpayer-subsidized handout to overseas retailers and international shipping companies. That is the view of the Australian National Retail Association following the recent release of the Commission’s draft report on the globalization of the retail industry.
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Carbon Tax To Add Insult To Injury For Australian Retail 8/10/2011 Retail industry body the Australian Retailers Association has said that 83% of retailers are expecting consumers to spend less as a result of the country’s proposed carbon tax.
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UK Considering Future Of LVCR VAT Concession 8/9/2011 The UK government has been given the go ahead to abolish Low-Value Consignment
Relief by the European Commission, and may do so by the end of the year,
it has emerged.
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Report Examines GST Exemption On Australian Imports 8/5/2011 The Australian Productivity Commission’s draft report, on the structure and performance of the country's retail industry has just been published, and examines the current exemption from GST and duty for imports valued below AUD1,000 (USD1,046).
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FinCEN Issues Prepaid Access Final Rule 7/29/2011 The Financial Crimes Enforcement Network, of the United States Department
of the Treasury, has issued its final rule that amends its Bank Secrecy Act regulations
relating to prepaid access products.
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UK Bank Ring Fence Proposals Criticised 7/25/2011 The UK's Treasury Committee has set out a series of questions it wishes the Independent Commission on Banking to address regarding a number of concerns that have been raised about its proposal to ring-fence retail banking, including its effect on the competitiveness of UK banking and the cost of credit to business.
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Indian GST Takes Step Forward 7/22/2011 The Indian government has appointed Sushil Modi, a senior member of the Bharatiya Janata Party, to head a panel to look at implementing the single goods and services tax (GST).
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Fosters In Line For Tax Windfall 7/22/2011 Following the recent announcement from the Australian-based Fosters Group that it had successfully concluded its long-running Ashwick tax litigation, the company is now considering the implications and looking at reviewing its dividend options.
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Hungary Adopts 'Hamburger Tax' 7/18/2011 Eager to generate additional tax revenues and to reverse
increasingly unhealthy dietary trends, the Hungarian parliament, where Prime Minister
Viktor Orban’s conservative party currently holds a two thirds majority,
has recently voted in favour of a new tax on unhealthy foodstuffs.
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Amazon Seeks Referendum On California's Online Sales Tax 7/14/2011 Following the entry into force on July 1 this year of California's online sales
tax, Amazon is already trying to arrange a referendum for its repeal.
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China Begins To Tax Online Retailers 7/4/2011 The tax authority in Wuhan, a city in central China, has become the first in the
country to impose taxes on the turnover of an online retail store.
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