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Congress Studies IRS's Treatment Of Charities 5/21/2012 The Oversight Subcommittee of the House of Representatives Ways and Means
Committee has held a hearing on current issues related to United States tax-exempt
organizations, including the compliance initiatives of the Internal Revenue Service related, in particular, to recent efforts for tax-exempt organizations to
design and implement good governance standards.
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US Senate Mulls Tax Reform For Tribes And Territories 5/18/2012 At a recent Senate hearing on the effect of possible tax reforms on Native Americans
and the United States territories - Puerto Rico, the US Virgin Islands, Guam,
American Samoa and the Northern Mariana Islands - Finance Committee Chairman Max Baucus pointed to the anomalies and complexities existing
in their current tax treatment.
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South Africa Consults On Retirement Savings Incentives 5/15/2012 Following the Minister of Finance Pravin Gordhan’s announcement in his 2012
Budget in February that the South African government is looking to provide incentives
for savings and the reform of the retirement industry, the National Treasury has
now published an overview consultation paper.
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HMRC Issues Electrician Amnesty Reminder 5/7/2012 HM Revenue and Customs has issued a reminder warning electricians that they have only a limited time left to register for a tax amnesty scheme that would allow them to pay any undisclosed tax owed.
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Australian Businesses To Benefit From Loss Carry Back Scheme 5/7/2012 Australia’s government is to introduce a new business tax relief with a ‘loss carry-back' initiative, designed to give businesses greater access to their legitimate tax deductions when making losses.
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Uganda Advised To Widen Tax Base 5/2/2012 During a speech to an African Tax Administration Forum workshop in Kampala,
the European Head of Mission Roberto Ridolfi has remarked that Uganda’s
tax base needs to be widened urgently in order to increase the government’s
revenues.
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US Congress Looks At Retirement Account Tax Reform 4/20/2012 The United States House of Representatives Ways and Means Committee has held a
hearing on possible modifications to tax-favoured retirement savings plans, including
employer-sponsored defined contribution plans and individual retirement accounts, which might be considered as part of comprehensive tax reform.
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Nigeria Achieves Notable Success With Free Trade Zones 4/12/2012 During a recent conference in Lagos, the Managing Director of Nigeria Export Processing
Zones Authority, Adesina Agboluaje, disclosed that almost NGN2.2 trillion has, so far, been invested in Nigeria’s free trade zones.
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Philippines Sees Tax Revenues Surge Early In 2012 4/9/2012 Despite rising government spending, the Philippines saw a much reduced PHP5bn budgetary deficit in the first two months of 2012, with the Bureau
of Internal Revenue achieving a significant rise in revenues.
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No New Taxes In Budget For Canadians 3/30/2012 The Canadian government has left tax rates on hold for another year in the 2012 Budget, announced by Finance Minister Jim Flaherty on March 29.
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Thailand Boosts Tax Incentives For Flood-Hit Companies 3/29/2012 In addition to other emergency measures to help companies and entrepreneurs affected
by Thailand’s recent floods, the Board of Investment will provide
further corporate income tax exemptions for businesses in the badly-affected Pathum
Thani and Ayutthaya provinces.
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US Senate Examines Renewable Energy Tax Incentives 3/30/2012 The Subcommittee on Energy, Natural Resources and Infrastructure of the Senate
Committee on Finance has held a hearing on how the recent and pending expirations
of key tax incentives affect the deployment of renewable energy facilities and
energy efficiency measures in the United States.
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EU Consults On State Support For Film Finance 3/21/2012 The European Commission has launched a consultation on the state aid criteria
it proposes to use to assess proposals from member states to provide tax relief and other concessions to film financiers.
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Singapore To Cash In On Gold Rush With Tax Break 3/20/2012 International Enterprise Singapore, the trade development agency, has
confirmed that Singapore plans to increase significantly its share of global trading
in precious metals, as a result of exempting gold and other precious metals from
goods and services tax.
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Moroccan Lawmakers Examine 2012 Finance Law 3/19/2012 The Moroccan finance ministry has announced that the country’s 2012 finance bill, providing for a number of key fiscal measures, has recently been submitted to the two chambers of parliament for examination in plenary session.
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Panel Makes UK Pension Tax Recommendations 3/15/2012 The UK's Office of Tax Simplification has released the initial findings of its review of pensioner taxation, identifying areas of the tax system causing older taxpayers the most difficulties.
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Australian Floods Declared Disasters For Tax Purposes 3/13/2012 The Australian government has declared the recent floods a disaster for tax purposes, thus making donations to relief funds tax deductible.
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Tax Simplification Body Reviews UK Share Schemes 3/14/2012 The Office of Tax Simplification has put forward its recommendations on UK tax advantaged share schemes, designed to encourage take up, and reduce the burdens on those offering the schemes.
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UK Fiscal Watchdog Praises HMRC Compliance Efforts 3/13/2012 HM Revenue and Customs secured an additional GBP4.32bn (USD6.77bn) tax yield over the past five years thanks to a major tax evasion initiative, according to figures from the National Audit Office, which also found
that HMRC had successfully reduced staff numbers and introduced a range of improvements
in its compliance work.
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Philippines Rejects IMF Call For New Taxes 3/9/2012 Presidential spokesman Edwin Lacierda has confirmed that, contrary to suggestions
by the International Monetary Fund, the Philippines will not be introducing any
new taxes in the near future.
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IoM Employment Tax Holiday Begins From April 3/7/2012 The Isle of Man's Economic Development Minister John Shimmin has highlighted the recent tax relief measure introduced to stimulate economic and employment growth on the island which will provide National Insurance Contribution exemptions for new hires.
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Indonesia Mulls Tax Breaks For 'Green' Car Makers 3/6/2012 Indonesia’s Minister of Finance, Agus D.W. Martowardojo, has disclosed that
his ministry is looking at the granting of tax incentives to encourage the production
of environmentally-friendly vehicles in the country.
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BC Corporate Tax Hike Possible 2/27/2012 British Columbia could hike the standard rate of corporate tax if the fiscal situation does not improve, the Finance Minister has warned in his 2012 Budget.
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US Announces USD3.6bn In Tax Credit Awards 2/28/2012 The United States Treasury Department has announced the award of USD3.6bn in New
Markets Tax Credits, which permit individual and corporate taxpayers to
receive a credit against federal income taxes for making equity investments in
vehicles known as Community Development Entities.
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CBI Issues UK Budget Wishlist 2/27/2012 Changes to the UK's tax system could help generate investment and stimulate growth, the Confederation of British Industry argues in its 2012 Budget submission.
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Obama Proposes Corporate Tax Cut 2/24/2012 The United States Treasury has issued a report presenting President Barack Obama’s
revenue-neutral proposals for corporate tax reform, cutting the tax rate to 28%
from the current 35% rate, but also closing loopholes used by corporations to reduce
their tax burdens.
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Tax Breaks Can Boost SME Funding, Says CBI 2/23/2012 The UK's small and medium-sized enterprises need improved access to more varied sources of finance, the Confederation of British Industry has said, suggesting the government introduce new tax incentives.
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Philippines Targets Higher Mining Tax Revenue 2/21/2012 The Finance Secretary Cesar Purisima has disclosed that the Department of Finance
is looking at how tax revenues can be increased, within the government’s
review of its mining sector policies in the Philippines.
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Switzerland Rules Out Changes To Family Tax Breaks 2/22/2012 Switzerland’s Federal Council has announced that it does not intend to
introduce tax incentives to promote the traditional family model of parents
staying at home to look after their children.
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UK Tax Tribunal Ruling Crucial To Company Car Schemes 2/16/2012 A recent tax court case offers a timely reminder for employers to check company car salary sacrifice arrangements, Deloitte has said.
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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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US Senate Studies Options On 'Tax Extenders' 2/2/2012 During a recent hearing, the United States Senate Committee on Finance looked
at the group of tax provisions requiring frequent annual renewal, commonly called
the 'tax extenders', in the context of seeking longer term solutions
and, thereby, providing tax certainty.
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UK Gives Commonwealth Games Athletes Tax Boost 1/30/2012 Athletes resident outside of the UK who compete at the 2014 Commonwealth Games will be exempt from income tax, the government has announced.
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UK Author Calls For Tax Breaks To Help New Writers 1/20/2012 A tax incentive would help give new writers a head start in publishing, one of the UK's leading authors has said.
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Isle Of Man Beckons Last Bids For 5* Casino Complex 1/23/2012 The Isle of Man's Department of Economic Development has said it continues to seek expressions of interest from entities interested in investing in the establishment
of the island's first five-star hotel and casino complex.
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UK Mulls Tax Breaks For Employee Ownership 1/19/2012 Continuing his attack on 'irresponsible capitalism' the UK's Deputy Prime Minister Nick Clegg has said that he wants to cut red tape and reform the tax system to encourage employee ownership.
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Raspberry Pi Balks At UK Tax Regime 1/17/2012 The UK's tax regime makes it far too expensive for an electronics company to manufacture in the country, the computer company Raspberry Pi has said, looking to Taiwan and China instead to produce its goods.
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Canada Releases Tax Expenditures Report 1/16/2012 The Canadian Department of Finance has released its 2011 Tax Expenditures and Evaluations report detailing the revenue impacts of federal tax measures.
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Obama To Propose 'Insourcing' Tax Breaks 1/13/2012 United States President Barack Obama has announced that he will put forward new tax proposals in the coming weeks designed to reward companies that choose to invest or bring back jobs to the United States, and to eliminate tax advantages for companies moving jobs overseas.
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Indonesia Extends Tax Incentives 1/10/2012 The Indonesian government has issued a revised regulation that will increase the
number of sectors which will be eligible for tax allowances, particularly those
in under-invested downstream industries that would reduce the country’s
imports of finished goods.
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Canada Examines Its FTZ Policies 12/30/2011 Canada is to consult on its foreign trade zone-like policies and programmes in an effort to ensure their international competitiveness.
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GBP1bn Tax Boost For UK Charities 12/29/2011 UK charitable donations could be 'turbo-charged' under new plans from a think-tank which include proposals for the introduction of a new tax relief.
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Clegg Warns Of Further Austerity For UK 12/30/2011 The UK government's 'economic rescue mission' is not yet over, the Deputy Prime Minister has said, warning that 2012 will pose further challenges.
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UK, Liechtenstein Agree Changes To LDF 12/26/2011 Changes to the existing tax deal between the UK and Liechtenstein are set to make the agreement more transparent and easier to use, HM Revenue and Customs has said.
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USD1bn Claimed In UK Film Tax Relief 12/19/2011 HM Revenue and Customs has released a summary of film tax credit take-up, showing that claims worth GBP645m (USD1bn) have been made since the scheme was introduced.
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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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Italy Suffers Another Austerity Budget 12/6/2011 Following the previous austerity budgets of the Berlusconi government earlier
this year, which had the target of bringing the Italian budget back into
balance by 2013, the new government, headed by Mario Monti, has now announced
a further package of measures in an attempt to provide additional reassurance that
the target will be reached.
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WTO Points To Thailand's Complex Tax, Tariff Structure 12/5/2011 A report from the Secretariat of the World Trade Organization, forming the
basis of the sixth review of the trade policies and practices of Thailand which
took place at the end of last month, points out, in particular, the complex and
time-consuming systems that exist for paying taxes and tariffs in the country.
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US Politicians Squabble Around Funding For Payroll Tax Cuts 12/5/2011 While both United States Democrat and Republican Parties have expressed a willingness
to extend, and even increase, the payroll tax cut which will otherwise expire
at the end of this year, they are poles apart on how the consequent reduction
in federal revenues should be funded.
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Canada Focussed On 'Jobs And Growth' 12/2/2011 The Canadian government will not stray from its current economic plan, Finance Minister Jim Flaherty has said, pledging that the next federal Budget will remain focused on jobs and growth.
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Austerity Continues For UK 12/1/2011 It may prove hard to avoid recession in the UK, the Chancellor of the Exchequer George Osborne has said, unveiling a package designed to ensure the government meets its fiscal targets in spite of seemingly gloomy economic prospects.
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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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IRS Chief Looks For Tax Simplicity 11/18/2011 In his remarks to the Harvey Kennedy School in Cambridge, Massachusetts, the United States Inland
Revenue Service Commissioner Douglas H. Shulman said that one of the greatest
impediments to effective tax policy implementation is complexity, and that, above
all, most taxpayers want tax code simplicity.
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CBI Recommends UK Fiscal 'Plan A Plus' 11/14/2011 The UK government needs to consider enhancing current deficit reduction plans, the Confederation of British Industry has said, stressing the need for reform of the country's tax credit regime.
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Business Heads Urge UK To Cut Tax 11/14/2011 While simple solutions do not exist for stimulating growth in the UK's economy, measures including the scrapping of the 50% rate of tax would have a disproportionately positive impact, a group of prominent businessmen has said.
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Germany Re-Assesses Home Energy Saving Incentives 11/11/2011 Germany’s mediation committee has begun its examination of government plans
to introduce tax incentives in Germany, designed to promote energy efficiency
improvements in the home.
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UK Film Tax Relief Extended 11/14/2011 The UK's film industry will be able to benefit from a targeted tax break until the end of 2015, under a scheme worth nearly GBP1bn (USD1.6bn) a year, Prime Minister David Cameron has announced.
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Czech Republic Launches New R And D Incentives 11/4/2011 The Czech government has announced a number of tax incentives for firms establishing
operations to engage in research and development in the Czech Republic.
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Philippines Issues Retirement Account Tax Regulations 11/4/2011 The new revenue regulations to implement the tax provisions of the Personal Equity
and Retirement Account Act have been issued by the Philippines Bureau of
Internal Revenue.
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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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Excise Duty Concession Lands Ireland In ECJ 10/31/2011 The European Commission has decided to refer Ireland to the EU's Court of Justice for failing
to correctly implement European Union rules on excise duties on fuel.
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Perry Reveals 'Cut, Balance and Grow' Plan 10/27/2011 US Presidential candidate, Rick Perry has revealed plans to reform the current tax system stating that, if elected, he will create new jobs and re-invigorate the US economy.
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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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IRS Praised For Health Law Implementation 10/26/2011 The United States Internal Revenue Service has successfully developed a
plan to implement the new tax provisions included in the Affordable Care Act,
according to a report released by the Treasury Inspector General for Tax Administration.
|
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Canada Consults On Disability Saving Plan Regulations 10/25/2011 The Canadian government is reviewing the Registered Disability Savings Plan, designed to help ensure the long-term financial security of children with severe disabilities.
|
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Cain Tweaks Tax Plan 10/25/2011 US Republican presidential candidate, Herman Cain has altered his proposal for a universal flat rate tax, dubbed the ‘9-9-9 Plan’.
|
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Chevron CEO Slams Obama's Proposed Energy Tax Reforms 10/24/2011 During a speech at the Peterson Institute for International Economics, John S.
Watson, Chairman and CEO of Chevron Corporation, has warned that the tax reforms
being proposed by President Obama would risk making United States energy more
scarce and expensive.
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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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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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South Africa Explores Carbon Tax Policies 10/20/2011 Within a white paper delineating South Africa’s climate change policy,
the government has called for a range of economic instruments, including market-based
instruments such as carbon taxes and emissions trading schemes, together with
tax incentives.
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US Congress Studies Charitable Giving Tax Incentives 10/20/2011 The United States Senate Committee on Finance held a hearing on October 18 to
consider the various proposals that have been made to alter the income tax treatment
of charitable giving by individual donors, to ensure that such donations are encouraged
in the most efficient way possible.
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Panel Urges Canada To Simplify Research Tax Credit 10/20/2011 With CAD5bn (USD4.95bn) offered at a federal level in research and development funding each year, Canada's government must implement a simplified and more focused approach to the aid, according to a new report that also argues changes to the tax credit system are needed.
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UK Non-Doms Urged To Plan Their Tax Affairs 10/19/2011 Non-domiciled individuals should seek advice on the UK tax system, as tax planning opportunities may remain available to them, a leading firm of chartered accountants has said.
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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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South Korea To Provide Electric Car Tax Breaks 10/14/2011 South Korea’s Ministry of Knowledge Economy has stated that the government
intends to offer tax incentives for buyers of electric cars, in an attempt to
increase further the country’s market for energy-efficient motor vehicles.
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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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Mexico Extends Tax Breaks For Export Companies 10/13/2011 Mexico’s President Felipe Calderón has announced the extension, to December 31, 2013, of the corporate tax breaks provided under the IMMEX scheme, which provides incentives for the country’s export companies.
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Japan To Give Corporate Tax Exemption In Disaster Region 10/13/2011 The Japanese government’s tax panel has approved the provision of a five-year
corporate tax exemption to businesses that invest in the earthquake and tsunami-hit
north-east of Japan.
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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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Japanese Tax Panel Proposes Disaster Tax Relief 10/10/2011 A government tax panel has proposed new measures to provide tax relief for individuals
and companies that were affected by the earthquake and tsunami in north-east Japan
earlier this year, as well as for those that create jobs or make investments in
the region.
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Hong Kong Extends Airport Charge Incentive 10/5/2011 The renewed scheme of airport charges for new routes, proposed by the Airport
Authority Hong Kong (AA) and gazetted on October 7, will come into force on
January 1 next year.
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Singapore Extends Green Vehicle Rebates 10/4/2011 Singapore’s Ministry of Finance has announced that the green vehicle
rebate scheme for new compressed natural gas and bi-fuel vehicles will be extended for another year to December 31, 2012.
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Thailand Considers Radical Tax Reforms 9/30/2011 In addition to recently-announced plans to increase national minimum wages and
reduce corporate income tax rates, and to provide a tax break for first-time home
buyers, Thailand’s Finance Minister, Thirachai Phuvanatnaranubala, has disclosed
that the new government is undertaking a review of the whole of the country’s tax
code.
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UK SME Investors Secure GBP100m In Tax Breaks 9/28/2011 Investors in the UK's small and medium size enterprises are set to benefit from tax breaks worth GBP100m (USD156m), after the European Commission gave the go-ahead for the government's plans to stimulate growth and job creation.
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German Energy-Saving Tax Breaks In The Balance 9/26/2011 The Green party (die Grünen) recently failed in its application in
the German Bundestag, or lower house of parliament, for a mediation committee
to be convened to resolve the ongoing tax dispute between the federal government
and the federal states regarding fiscal incentives to promote energy efficiency
in the home.
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Research Suggests Flaws In Obama's Jobs Act 9/26/2011 Research presented by the Tax Foundation has suggested that the proposed
policies within President Obama’s recently-announced USD447bn plan to create
additional jobs in a growing United States economy will have little, if any, impact.
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Business Chief Praises Swiss Tax System 9/26/2011 Underscoring the importance of taxation in a recent interview with KPMG Switzerland,
Peter Baumgartner, Director and Chairman of the Executive Committee of Swiss Holdings, the Federation of Swiss-based
multinational firms, stressed
the need to preserve the fiscal attractiveness of the Confederation.
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Luxembourg Unveils Energy Efficiency Tax Credits 9/21/2011 Luxembourg’s Finance Minister Luc Frieden and Housing Minister Marco
Schank recently unveiled key details of different fiscal measures designed to
encourage energy efficiency improvements in properties in Luxembourg.
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US Senate Considers Retirement Savings In Future Tax Reform 9/21/2011 The United States Senate Committee on Finance has held a hearing on the further
encouragement of retirement savings within any future reform to the country’s
tax code.
|
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South Africa Consults On Tax Allowances For Energy Efficiency 9/19/2011 On September 16, South Africa’s Department of Energy released, for
public comment in the subsequent 60 days, regulations that would provide a tax
allowance for energy efficiency savings.
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Liechtenstein Extolled As 'Attractive' Tax Location 9/15/2011 In a recent article, KPMG Switzerland praises the principality of Liechtenstein,
describing the state as ‘an attractive tax location' for both German and
Swiss businesses, following entry into force of its new tax law on January 1 of
this year.
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Portuguese Austerity Wins IMF Backing 9/14/2011 The International Monetary Fund has welcomed Portuguese authorities' efforts to consolidate
the nation's budget in the first review of the country's progress under a three-year financial assistance package.
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South Africa Urged To Improve IDZ Regime 9/12/2011 A paper from the South African Institute of International Affairs has suggested
the government needs to consider the provision of further incentives to investors
in the country’s industrial development zones to attract the necessary
foreign investment.
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Obama Presents Tax Cuts Package 9/12/2011 In an address to a joint session of the United States Congress, President Barack
Obama has proposed a USD447bn package of tax cuts and federal spending, with the
aim of creating additional jobs in a growing economy.
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South Korea Unveils Tax Revisions Bill 9/8/2011 South Korea’s Ministry of Strategy and Finance has unveiled its tax revision
bill, which will form the basis of the government’s policies and budget
for the next year, but, at the same time, has had to renounce a planned reduction
in income and corporate taxes.
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Brazilian Tax Breaks Target Telecoms Investment 9/7/2011 The Brazilian government is to forgo BRL4bn (USD2.4bn) in taxes in order to gain private sector investment to establish high quality broadband Internet connections nationwide.
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CRA Responds To Critical Ombudsman Report 8/26/2011 In response to a critical report slamming the complexities of Canada's Tax-Free Savings Account regime the government has pledged to be as flexible as possible in cases where a misunderstanding of account rules has occurred.
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UK Engineering Boss Calls For Corporate Tax Holidays 8/25/2011 Corporate tax holidays would provide a valuable boost to manufacturing, according to the head of a Glasgow-based engineering business, who has also outlined his support for plans to award the Scottish government powers to levy corporate tax.
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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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Indonesia To Lure Major Investors With Tax Holidays 8/17/2011 Indonesia’s Minister of Finance, Agus Martowardojo, has announced that long-awaited
regulations will be issued to introduce tax holidays, as well as revise the country’s
tax allowances, for new direct investments in selected industries.
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