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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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Chile Announces Tax Reform Plan 5/2/2012 Chilean Finance Minister, Felipe Larrain has confirmed a package of measures that
aims to improve income distribution, and fund education reforms, whilst maintaining
Chile's competitiveness. This is to include the elimination of import duties from 2015, setting the nation apart from the rest of Latin America.
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HMRC Will Not Appeal Stamp Duty Ruling 5/3/2012 The UK tax authority, HM Revenue and Customs, will no longer seek to impose Stamp Duty Reserve Tax on the issue of shares to depositary receipt issuers and clearance services outside the European Union following a recent legal ruling.
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EP Committee Seeks Wider FTT Net 4/30/2012 The Economic and Monetary Affairs Committee of the European Parliament has
said in a recently adopted resolution that the European Commission’s proposed
financial transaction tax should be better designed in order to capture more traders
and to make evading it unprofitable.
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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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Schäuble Eyes EU Tax On Shares 4/4/2012 Given the ongoing staunch opposition from certain countries to the idea
of a financial transactions tax in Europe, German Finance Minister Wolfgang Schäbule
has put forward an alternative proposal, starting with a tax
imposed on the stocks and shares of companies listed on the stock exchange.
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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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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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Juncker Seeks Alternatives To FTT 3/29/2012 During a recent conference in Brussels, Luxembourg’s Prime Minister and
Eurogroup President Jean-Claude Juncker expressed his reservations regarding
the idea of a tax on financial transactions, advocating instead that an alternative
be examined.
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Schäuble Concedes FTT Doomed To Failure 3/28/2012 In a shock announcement just ahead of a crucial euro zone finance ministers’ meeting in Copenhagen, German Finance Minister Wolfgang Schäuble has finally conceded that Franco-German plans for the introduction of a European tax imposed on financial transactions are doomed to failure.
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Schäuble Eyes 'Extended' Stock Market Tax 3/27/2012 German Finance Minister Wolfgang Schäuble has recently conceded that there
is little chance of a financial transactions tax at European Union level,
and has therefore advocated instead the introduction of an extended stock market
tax.
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Netherlands Seeks 'Alternatives' To FTT 3/26/2012 The Dutch finance ministry has recently confirmed government plans to ask the
European Commission to examine the idea of ‘alternatives’ to the introduction
of a financial transactions tax in Europe.
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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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EU Divided Over FTT 3/15/2012 Despite months of ongoing discussions, Europe remains divided and seemingly
no further forward on the controversial issue of a financial transactions tax.
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London Mayor Urges Closure Of Stamp Duty Loophole 3/12/2012 London's Mayor Boris Johnson has called for the closure of a stamp duty loophole he says is costing the Exchequer GBP1bn (USD1.6bn) a year.
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Irish Tax Revenues Ahead Of Target 3/8/2012 Irish tax revenues rose considerably in January and February, largely due to delayed corporation tax receipts and the technical reclassification of some income tax revenue.
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Coalition In Talks To Scrap UK's Top Tax Rate 3/8/2012 There is a 'very broad understanding' within the coalition that the UK's top rate of income tax will be scrapped, the Business Secretary has confirmed. His hopes to see a mansion tax introduced may however be hit by new research showing that the case for the levy is far weaker than it at first appears.
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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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Malaysian Budgetary Efforts Stunted By Economic Slowdown 2/16/2012 The International Monetary Fund has said Malaysia surpassed fiscal consolidation targets in 2011 as a result of better-than-budgeted revenue performance and efforts to broaden the tax base. The IMF has warned, however, that the government may be required to rein in austerity measures at the cost of consolidation as the economy slows in 2012.
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Ireland Publishes 2012 Finance Bill 2/13/2012 The Irish Finance Bill 2012, introduced on February 8, 2012, proposes extensive
changes to the nation's tax regime, including a hike in the headline value-added tax rate to 23%, and targeted tax amendments to improve the competitiveness
of the country's financial services industry.
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Switzerland Steps Up Plans To Abolish Stamp Duty 2/13/2012 The Committee for Economic Affairs and Taxation of the Swiss National
Council has recently announced that it has adopted a bill providing for a revision
of the federal law on stamp duty.
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FTT 'Simply Madness' Says Cameron 1/31/2012 The mere consideration of a financial transaction tax is 'madness', the UK's Prime Minister has said.
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Clegg Rocks Coalition Boat On Taxes 1/31/2012 The UK's tax system cannot go on as it is, the Deputy Prime Minister Nick Clegg has said, reiterating his commitment to a mansion tax and calling on the Chancellor to accelerate plans to raise the tax free threshold.
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Hong Kong Plugs Its Private Equity Advantages 1/20/2012 In a speech at the Asia Private Equity Forum 2012 in Hong Kong, the Financial
Secretary, John C. Tsang, confirmed that private equity is an important component
of Hong Kong's asset management business, as Asia has become a magnet for venture
capital investment, largely on the back of developments in mainland China.
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Bankers Outline Priorities For Swiss Financial Centre 1/18/2012 Vice-President of the Swiss Private Bankers Association Christoph Gloor
has recently urged the Confederation’s federal administration and financial
market supervisory authority FINMA to refocus their attentions on strengthening
the competitiveness of the Swiss financial centre and on improving market access.
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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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UK Will Block 'Tobin' Tax 1/10/2012 The UK's Prime Minister has again signalled his intention to block plans for a European Union-wide 'Tobin' tax, arguing that current plans are not 'sensible'.
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Irish Tax Revenues Grow For First Time In Three Years 1/9/2012 Higher income tax and stamp duty revenues helped boost the Irish Exchequer's coffers in 2011, but overall receipts were still lower than originally projected.
|
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Osborne Slates FTT Plans 12/27/2011 The European Commission's plans for a financial transaction tax would have a substantial impact on the UK's revenues, the Chancellor has said.
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CAI Slams Boycott Of Irish Household Tax 12/20/2011 Ireland's taxpayers should not boycott the new Household Charge, regardless of any legitimate concerns they may have about it, Chartered Accountants Ireland has said.
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Bermuda Publishes Pre-Budget Report 12/19/2011 The Bermuda government is considering a number of tax measures for the 2012 Budget, to continue to consolidate the territory's fiscal finances, and reinvigorate economic growth and encourage job creation, according to a pre-budget report from the island's Finance Minister, Paula Cox.
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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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Noonan Delivers Tax Changes In Irish Budget 12/8/2011 Irish Finance Minister Michael Noonan has delivered a comprehensive austerity budget comprised largely of tax measures designed to raise almost EUR2bn (USD2.7bn) in additional revenue.
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Switzerland To Abolish Issuance Stamp Duty 12/7/2011 Following careful examination of its fiscal priorities, Switzerland’s
Federal Council has decided to abolish the stamp duty on the issuance of corporate capital and improve the tax system for married couples.
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Irish Tax Revenues Up, But Some Targets Not Met 11/7/2011 The Irish government had taken almost EUR2bn (USD2.74bn) more in taxes at the end of October than in the same period last year, with the new pension levy performing particularly well. However, many of the government's targets have not been achieved.
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Hong Kong Announces Record Tax Collections 11/4/2011 Chu Yam-yuen, Hong Kong’s Commissioner of Inland Revenue, in his introduction
to the 2010-11 Annual Report of the Inland Revenue Department, considered
that tax collections during the year were 'most encouraging', climbing
to a record high of HKD209bn, an increase of HKD30bn from the previous
year.
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Labuan Gives Tax Incentives For Oil And Gas Trading 11/2/2011 At the launch of the Global Incentives for Trading programme and the newly-formed
Labuan International Trading Commodity Company, the Director-General of
Labuan Financial Services Authority Encik Ahmad Hizzad Baharuddin announced
that a range of incentives have been initiated to attract oil and gas traders
to Malaysia.
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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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Labuan Attracts Captive Insurance Business 10/21/2011 Its Chief Executive Officer David Kinloch has said that the attractions of the
Labuan International Business and Financial Centre for captive insurance
companies are increasingly being recognized, and the sector is expected to expand
significantly next year.
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China To Provide Further Support To Small Business 10/14/2011 Following a meeting of China’s State Council, chaired by Premier Wen Jiabao,
financial and fiscal measures were identified to try and provide additional support
to small and micro businesses.
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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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IMF Backs Australian Tax Policy 10/10/2011 The International Monetary Fund has endorsed the Australian government's tax policies in its latest review of the country's economy.
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Saint Kitts And Nevis Committed To Deficit Reduction 10/10/2011 Amid pressure to rapidly reduce the territory's debt, Denzil Douglas, the Prime Minister of Saint
Kitts and Nevis has reassured taxpayers that the government's decision to reduce the rate of stamp tax payable on transfers of land or property will not result in a loss
of revenue for the government.
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Irish Tax Revenues Still On The Up 10/6/2011 Ireland's latest economic figures make for largely positive reading, with tax revenues at end-September up 8.7% on last year, an achievement attributed to the new universal social charge and the introduction of the controversial pension funds levy.
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India Reconsiders Securities Transaction Tax Cut 10/3/2011 The Indian Finance Ministry is reportedly looking at reducing or even abolishing the securities transaction tax. This should please investors who have to pay the tax on a share transaction whether they have made any profit or not.
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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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SVG Looks To Maintain Competitiveness 9/1/2011 Following
economic contraction in 2010, the government of Saint Vincent and the Grenadines plans to implement reforms to enhance
the territory's attractiveness to international investors to combat its deficit, adding to tax reforms announced earlier in the year.
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Tax Policy Crucial To Irish Recovery, Say Accountants 8/29/2011 The Irish government must be more innovative in its tax policy, repair pension policy and signal that the low rate of corporate tax is here to stay, according to the country's leading accountancy bodies.
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Rise In Indian Indirect Tax Collections 8/11/2011 India’s Central Board of Excise and Customs has just released its latest analysis of indirect tax collections in the country, showing that despite a slowdown in industrial output, there has been an increase in revenue from indirect tax.
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China Issues RMB Bond In Hong Kong 8/12/2011 The Chinese Ministry of Finance has confirmed that a tender of RMB15bn in sovereign bonds will be held on August 17 through Hong Kong's Central Moneymarkets
Unit.
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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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Switzerland Mulls Abolition Of Stamp Duties 7/7/2011 Switzerland’s federal tax administration has recently examined the potential
impact of abolishing stamp duty in the Confederation, and has published a study in
which it analyzes the three types of levy in terms of their effect on the attractiveness
of Switzerland as an economic location and in terms of their efficiency.
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Ireland Legislates For Civil Partnership Tax Rights 6/13/2011 Ireland is to amend its tax legislation to provide registered civil partners with the same treatment as married couples in relation to key taxes.
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Chilean SMEs Reminded Of Tax Breaks 6/10/2011 Chilean small and medium sized enterprises should take greater advantages of the tax breaks available to them, Finance Minister Felipe Larraín has said.
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Irish Tax Receipts Up, But Corporate Receipts Plunge 6/3/2011 In spite of weaker than expected figures, Ireland's tax revenues increased year-on-year, bolstered in large part by additional tax measures brought into effect at the beginning of the year.
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HMRC Consults On Tax Avoidance Schemes 6/2/2011 The UK's crack down on tax avoidance continues, with three new consultations launched, designed to tackle high risk tax avoidance schemes, combat road vehicle value-added tax evasion, and amend the capital allowances system in relation to plant and machinery.
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Irish Finance Bill Introduces Tax Changes 5/24/2011 The Irish government has released its latest Finance Bill, which is to give effect to a series of recently announced measures, including changes to research and development tax credits, the introduction of a second reduced rate of VAT, and the imposition of a controversial pension fund levy.
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Ireland Clarifies Pension Levy 5/16/2011 Facing mounting criticism of its plan to finance a major new jobs package through a temporary levy on pension funds, the Irish government has released a series of 'questions and answers' providing further details on the nature of the scheme.
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Hong Kong Issues Over 2m Tax Returns 5/5/2011 At a press conference, Hong Kong’s Commissioner of Inland Revenue, Chu Yam-yuen,
said that the Inland Revenue Department is sending out 2.05 million 2010-11
individual tax returns from May 3.
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Hong Kong Recommends Checks When Trading In RMB Securities 5/2/2011 Hong Kong’s Securities and Futures Commission has reminded investors
to find out from their intermediaries details regarding settlement methods, fees
and charges and other processes for their transactions when trading renminbi
securities in the secondary market.
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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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Italy's Local Tax Changes Get Parliamentary Approval 3/8/2011 After months of political wrangling, the Italian government has succeeded, in
a parliamentary vote of confidence, in obtaining approval for reforms that will transfer
fiscal powers directly to the country’s local authorities.
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Hong Kong's Accountants Say Budget Lacked Business Measures 3/1/2011 In the opinion of the Hong Kong Institute of Certified Public Accountants,
the government's budget for 2011/12, as announced on February 23, is solid in
tax measures for helping out families but weak in strengthening business competitiveness.
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Hong Kong Budget Splashes The Cash 2/24/2011 A buoyant economy has boosted tax revenues in Hong Kong to such an extent that
the Financial Secretary, John C Tsang, in his 2011-12 budget, was able to
allocate more resources to the provision of education, health and social welfare
services, and to restraining the inflation in property prices.
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Opposition Mounts To UK Carbon Policy 2/17/2011 The EEF, a UK manufacturers' organization, has condemned the government's plans for a carbon price floor, stressing they have 'unintended consequences of increasing costs for manufacturing...with no indication of how these will be mitigated'.
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SVG Budget Focuses On Property Tax 2/3/2011 Prime Minister and Finance Minister of Caribbean territory Saint Vincent and the
Grenadines, Dr Ralph Gonsalves has detailed a number of increases to taxation
in the territory in his 2011 Budget.
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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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Revenue Revises Proposals For Mandatory E-Filing 1/28/2011 The Irish Revenue has revised the scope and timing of the next phase of the mandatory e-filing/payment project in the light of feedback received from a recent consultation exercise.
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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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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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Ireland's Revenue EUR500m Ahead of Target 12/7/2010 An unexpected surge in corporation tax receipts for November has put the Republic on track to meet its fiscal goals for 2010, reports the Department of Finance.
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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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Bollywood Bemoans Indian Taxes 11/26/2010 Indian Ministers and officials have suggested that they will re-examine the tax burden faced by the Indian film industry in Goa, following a tongue-lashing by one of Bollywood's veteran filmmakers.
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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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Stamp Duty Promises In Victorian Election Campaign 11/22/2010 The present Labor government in Victoria, Australia, and its opposition, the Coalition
led by the Liberal party, have clashed on their respective stamp duty promises
in the campaign for the state elections to be held on November 27.
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Turks And Caicos Face UK Tax Overhaul 11/3/2010 Acting Governor of the Turks and Caicos Islands, UK Member of Parliament Mark Capes, has confirmed that the UK government is progressing plans to implement reform of the islands' tax system.
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Firms To Pursue UK Stamp Duty Claims 10/29/2010 PricewaterhouseCoopers Legal LLP was today (October 28) granted a group litigation order by the High Court in the UK to bring together actions for the recovery of potentially unlawfully levied 1.5% stamp duties.
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Jersey Budget Hits Consumers Not Companies 10/26/2010 Jersey's Treasury Minister, Phillip Ozouf has published proposals for the island’s
forthcoming budget, which is expected to include an increase to the island’s
Goods and Services Tax to 5%.
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Australia Looks At Taxation Of Islamic Products 10/20/2010 The Chairman of Australia’s Board of Taxation, Dick Warburton, has released
a discussion paper on the Board's review of the taxation treatment of Islamic
finance, banking and insurance products.
|
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Cyprus Treaty Provides New Capital Gains Rules 10/15/2010 The protocol amending the 1998 tax treaty between Russia and Cyprus includes special provisions related to real estate investment.
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Hong Kong Promoted As Asset Management Centre 10/6/2010 In his speech to the Hong Kong Investment Funds Association’s annual conference,
the Secretary for Financial Services and the Treasury, Professor K C Chan, emphasized
Hong Kong’s role as an asset management hub for the Asian region.
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LSE Urges Fiscal Support For SMEs 9/28/2010 In response to the UK government’s green paper on ‘financing a private
sector recovery', the London Stock Exchange has presented a number of recommendations
to ensure support for high growth small- and medium-sized enterprises,
entities that it has urged are crucial to 'ensuring a successful economy'.
|
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Philippines Government Wants Changes To REIT Rules 9/16/2010 The Philippines’ Finance Secretary, Cesar Purisima, has said that he will
be proposing amendments to the legislation approving the establishment of real
estate investment trusts, in order to ensure that they are not used purely
for their tax incentives.
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Singapore's Tax Collections Stable In 2009-10 9/7/2010 The Inland Revenue Authority of Singapore, in its annual report, said that,
despite a 2% contraction in the country’s economy in 2009, a buoyant property
market sustained tax revenues which, at a total of SGD29.9bn in 2009/10,
were 0.2% higher than in the previous fiscal year.
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Singapore Attempts To Rein In Property Market 9/1/2010 Amidst fears that the property market could be overheating, Singapore’s
government has announced immediate measures aimed at maintaining price stability,
while also saying that it will continue to monitor the situation closely and will
introduce additional measures if required later.
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Share Trading Dip Hits UK Tax Revenues 8/17/2010 A dramatic decline in share trading volumes on the London Stock Exchange means that the UK government is collecting far less in share trading tax at a time when it needs all the additional revenue it can get.
|
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Italy Endorses Local Tax Reforms 8/10/2010 The government has approved the text of a legislative decree to give effect to
the proposed Italian fiscal decentralization reforms.
|
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Ireland's Fiscal Consolidation On Track 7/15/2010 In an Article IV Consultation with Ireland the International Monetary Fund concluded that the government had stayed on course towards its
consolidation goals, but much remained to be done.
|
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Singapore Consults On Income Tax Act Changes 7/1/2010 Singapore’s Ministry of Finance will be conducting a public consultation,
until July 19, 2010, on proposed legislative amendments to the Income Tax Act.
|
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BIR Approves Philippines' REIT Tax Incentives 6/24/2010 The Philippines’ Bureau of Internal Revenue has approved draft
rules and regulations, including tax provisions, for the establishment of real
estate investment trusts.
|
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Switzerland Improves Group Financing Conditions 6/24/2010 In a bid to improve the Swiss financial centre and to create jobs in Switzerland
in the area of internal group financing activities, interest paid out between
companies of the same group will in future be exempt from withholding tax and
stamp duty.
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Bahamas Budget Seeks New Revenues 6/10/2010 Bahamas Prime Minister, Hubert Ingraham has released details of numerous
tax proposals in his 2010 budget that aim to increase tax revenues for the government
as it attempts to rein in its drifting deficit.
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NSW Slashes Stamp Duty 6/10/2010 Turning deficit into surplus, the New South Wales government has announced a budget which includes stamp duty cuts totaling AUD140m (USD117m), including Australia's first 0% tax, for off-the-plan purchases worth up to AUD600,000 (USD0.5m).
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Irish Family Businesses Mitigate Tax 5/10/2010 2009 saw a marked increase in intra-family business transfers, with family businesses bringing forward
transfers to mitigate future tax bills in light of proposed changes to inheritance tax, gift tax and capital gains tax relief in Ireland, according to an accountancy firm.
|
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China Mulls Property Tax Structure 5/6/2010 An annual tax on property ownership to be piloted in four of China’s largest cities this year may be different from the expected property tax.
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Hong Kong Tax Revenue Falls 5/7/2010 The Commissioner of Hong Kong’s Inland Revenue Department, Chu Yam-yuen
has announced that tax collections fell by 6% in the 2009-10 financial year, with
a substantial decrease in profits tax being partly offset by a rise in stamp duty
and property tax.
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Australian Property Sector Welcomes Tax Plans 5/4/2010 While it considers that there were many positives for the property industry from
the Henry tax review and the Australian government’s announced tax programme,
the Property Council of Australia has called on the government to clarify
its plans for a second wave of tax reforms, particularly in relation to inefficient
property taxes.
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Hong Kong May Extend Property Stamp Duty Increase 4/23/2010 In a speech at the Legislative Council, the Financial Secretary, John C Tsang,
has said that the government will keep a close watch on the state of Hong Kong’s
property market and will extend property taxes if necessary to reduce property
speculation.
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