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Tax Rates Inch Up In EU27 5/25/2012 In its 2012 edition of the publication 'Taxation trends in the European
Union', Eurostat, the statistical office of the European Union, highlights
the observed increase in value-added tax rates, corporate tax rates and top personal
income tax rates in 2012, among the twenty-seven European Union member states.
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Australian Air Tax To Hit NZ Holidaymakers 5/25/2012 The latest hike in Australia's passenger movement charge will cost New Zealanders an additional NZD12.4m (USD9.3m) this year alone, a measure described by tourism bosses as a 'slap in the face' for the industry.
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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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CBI Urges Corporate Tax Powers For Northern Ireland 5/24/2012 A lower corporation tax rate would give Northern Ireland's economy a 'shot in the arm', the head of the Confederation of British Industry Northern Ireland has said, calling for power to set the rate to be devolved.
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Norway Updates 2012 Budget 5/23/2012 The Norwegian finance ministry has recently published details of the country’s revised 2012 fiscal budget, in which the government emphasizes the need for fiscal constraint.
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Brazil Provides New Fiscal Stimulus 5/24/2012 The Brazilian government has announced a package of tax measures worth around USD1bn to stimulate growth in key economic sectors, to ensure the nation meets this year's growth target of 4.5%.
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Dutch Report Substantiates Need For Austerity Budget 5/21/2012 The Dutch government has recently presented to parliament the Annual Financial
Report for 2011, pointing to ‘disappointing’ economic growth and
to a shortfall in fiscal revenues last year, and confirming the need for the
additional fiscal measures adopted by the Dutch parliament on April 26.
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Slovakian Lawmakers Back Fico's Austerity Programme 5/21/2012 Following weeks of debate, the Slovakian parliament has finally adopted by 82
votes to 53 the government’s austerity programme, designed to reduce the
budget deficit from 4.8% currently to below 3% of gross domestic product in 2013, and containing plans to increase taxes on the rich and on banks as well
as providing for savings of around EUR1.5bn (USD1.9bn).
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Boehner Warns Of Looming 'Fiscal Cliff' 5/18/2012 With the prospect of a further stand-off between the Democrat and Republican parties
later this year over the United States government statutory debt limit, House
of Representatives Speaker John Boehner has returned to his mantra
of spending cuts with no tax increases.
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St Lucia Eyes Income Tax Cuts, After VAT Implementation 5/16/2012 The government of Saint Lucia has outlined new tax measures in its
latest Budget to shift the tax burden from
direct to indirect taxes.
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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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Belgian Residents Stifled By Hollande's Tax Plans 5/15/2012 Over 100,000 Belgians will be affected by French President-elect François
Hollande’s plans to increase the taxation of secondary residences in France,
according to Belgian newspaper La Libre.
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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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Hungary To Abolish Bank Tax 5/11/2012 The Hungarian government has announced plans to halve the country’s bank
tax in 2013, before subsequently abolishing the levy in 2014.
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Spain 'Confident' 2012 Budget Plans Will Spark Growth 5/10/2012 Spain’s Secretary of State responsible for Budget and Expenditure Marta
Fernandez Curraz has recently defended the country’s budgets for 2012, insisting
that they are based on discipline and fiscal consolidation, to enable the government
to confidently overcome the crisis.
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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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Australian Budget Scraps Planned Business Tax Cuts 5/10/2012 A planned cut to business tax rates will not go ahead in Australia, as the government seeks to redirect projected mining tax revenue to help families and small businesses in the face of ongoing disputes with opposition parties.
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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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Indonesia Imposes Export Tax, Restrictions On Mineral Ore Exports 5/7/2012 The Indonesian government is to place a tax on the export of certain raw minerals, as
well as banning their export by mining companies that have not agreed plans for
local processing in the country.
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China Introduces CorporateTax Breaks For IT 5/7/2012 To encourage innovation in information technology and industrial technical
upgrading, China’s State Administration of Taxation
has announced preferential corporate income taxes for producers of software and
integrated circuits.
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France Begins Examination Of Hollande's Election Tax Package 5/8/2012 Following the upcoming legislative elections in June, French lawmakers are to
convene during an extraordinary session in July to examine a bill containing the
fiscal pledges outlined by President-elect François Hollande during his
election campaign, expected to increase the fiscal burden on households in France
to the tune of around EUR14bn (USD18.26bn).
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Merkel Set For Battle On Tax Cut Plans 5/8/2012 Ahead of a crucial vote in the Bundesrat, Germany’s upper house of
parliament, German Chancellor Angela Merkel has warned the federal states not
to block the government’s EUR6bn (USD8bn) tax cut plans, aimed at combating
fiscal drift in the country’s income tax law.
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Russia Hikes Gas Tax, Rethinks Luxury Tax 5/4/2012 The Russian government has confirmed proposals to hike the tax paid by natural gas extractors, hitting both the majority state-owned Gazprom as well as private ventures.
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Tax Guidance Issued For Foreign Ships Visiting Australia 5/4/2012 The Australian Taxation Office has recently issued guidance on the tax requirements
that must be met by foreign-based ship owners and charterers carrying passengers,
livestock, mail or goods shipped in Australia.
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Spanish U-Turn Sees VAT Rise In 2013 5/4/2012 Marking a dramatic about-turn, the Spanish government has confirmed plans to introduce
a ‘notable’ rise in value-added tax and to increase special taxes imposed on alcohol and tobacco next year.
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Dutch PM Confirms Bank Tax Rise 5/2/2012 The caretaker Prime Minister of the Netherlands Mark Rutte has confirmed that the country's proposed bank tax will be increased as part of the government's latest budget agreement, designed to reduce the deficit to 3% of gross domestic product next year.
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Dutch Lawmakers Unite On Austerity Budget 5/1/2012 Despite the recent collapse of Mark Rutte's minority coalition government and
ensuing panic on the already anxious markets, the Dutch parliament has finally adopted
the country’s budget package, designed to reduce the budget deficit to
3% of gross domestic product in 2013, and providing for savings of around
EUR12bn (USD15.9bn) next year.
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Taiwan's Cabinet Tweaks Final CGT Structure 4/30/2012 Taiwan’s Finance Minister Christina Liu has confirmed the government has
agreed the final structure of the new capital gains tax, that it intends
to impose on profits made from trading in shares and bonds.
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Greek Conservatives Pledge Sweeping Tax Cuts 4/27/2012 Unveiling details of his economic programme in Athens recently, ahead of the May
6 elections, Greece’s New Democracy conservative leader Antonis Samaras
pledged to reduce taxes and to increase spending on low pensions, while at the
same time ensuring that the ambitious deficit reduction targets agreed with international
moneylenders are met.
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Swiss Parliament Adopts Tax Deal With Austria 4/25/2012 Switzerland’s Federal Council has recently adopted the text of the
withholding tax agreement with Austria.
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USVI, Puerto Rico Look For Rum 'Cover Over' Extension 4/24/2012 Legislation has been introduced into both the United States Senate and the House
of Representatives to extend the 'cover over' of the excise tax on rum for Puerto
Rico and the US Virgin Islands.
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Committee Scrutinizes UK Top Tax Rate Cut 4/23/2012 The UK tax authority, HM Revenue and Customs, should publish a new assessment on the likely impact of lowering the UK's top rate of income tax, a group of lawmakers has said, warning that the costs and benefits of the measure are both highly uncertain.
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Canadian Province To Introduce HST 4/23/2012 The Canadian province of Prince Edward Island will move to a harmonized sales tax system from April next year, with the government expected to table a package of legislative reforms later this year.
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Taiwan Mulls Reduced Tax Rate For Expatriates 4/20/2012 It is likely that the government will propose measures to attract foreign professionals
and other white-collar managers to Taiwan, on the instigation of the Taiwanese
Premier Sean Chen.
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China Replaces Airport Tax With New Fee 4/18/2012 China’s Ministry of Finance has issued a notice confirming that, while the
previous airport tax has been abolished, air passengers will now have to pay an
equivalent fee to finance a newly-constituted Civil Aviation Development Fund.
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Swiss Bankers Welcome Tax Deal With Austria 4/18/2012 The Swiss Bankers Association has recently taken note of the signing
of the bilateral tax agreement between Switzerland and Austria, and has welcomed
the fact that the Confederation’s strategy for tax conformity, defined
over two years ago, has now been substantiated with a third European country
following the agreements signed with the UK and with Germany.
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Hong Kong, Indonesia DTA Comes Into Force 4/17/2012 It has been announced that the agreement for the avoidance of double taxation, signed between Hong Kong and Indonesia on March 23, 2010, came into force
on March 28 this year, after the completion of ratification procedures on both
sides.
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Obama's Buffett Tax Fails To Pass Through US Senate 4/18/2012 Despite pressure from President Barack Obama, the Democrat Party-led United States
Senate has been unable to advance his proposed ‘Buffett Rule’ tax
measure in the face of Republican Party opposition.
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South Africa Consults On Long-Term Insurers' CGT 4/18/2012 With regard to the proposals announced in the South African 2012/13 Budget in
February this year, the National Treasury has released for public comment details
on how increased capital gains tax rates will be applied to long-term insurers.
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Details Provided Of Taiwan's Proposed CGT 4/17/2012 Taiwan's Finance Minister Christina Liu has announced the structure
of the new capital gains tax that the government will impose on profits made from trading in shares, bonds and derivative products, such as futures and options.
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Hong Kong, Spain DTA Enters Into Force 4/16/2012 The agreement for the avoidance of double taxation, signed between Hong
Kong and Spain on April 1 last year, came into force on April 13, after the completion
of ratification procedures on both sides.
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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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Czech Cabinet Unites On Austerity Package 4/13/2012 Following months of internal conflict, the Czech cabinet has finally adopted the
comprehensive savings programme agreed by the coalition parties, containing a
raft of savings measures and planned tax rises aimed at consolidating the country’s
finances.
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Sarkozy Outlines Ambitious Campaign Tax Plans 4/13/2012 France’s outgoing President Nicolas Sarkozy has recently unveiled details
of his election proposals aimed at creating ‘a strong France’, and
containing a raft of tax measures, intended to attract voters.
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Osborne 'Shocked' By UK Tax Dodging 4/13/2012 George Osborne has admitted to being 'shocked' by high levels of tax avoidance amongst the UK's wealthiest people, hinting at his support for a so-called 'tycoon tax'.
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Full Steam Ahead For Swiss-Austrian Tax Deal 4/13/2012 Austria’s Finance Minister Maria Fekter is due to meet her Swiss counterpart
Eveline Widmer-Schlumpf in Bern on April 13, to sign a bilateral tax agreement
between the two countries aimed at resolving the outstanding issue of undeclared
Austrian money held in the Confederation’s banks, according to the Swiss
Finance Ministry.
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Taiwan's CGT Unlikely To Affect Small Retail Investors 4/12/2012 Following a further meeting of the government’s tax reform committee, Taiwan’s
Minister of Finance Christina Liu has indicated that the proposal on a new capital
gains tax on stock exchange profits is likely to be presented to the Executive
Yuan shortly, but would also then need to be passed through the Legislative Yuan.
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HMRC Could Investigate Apple's UK Tax Affairs 4/11/2012 Just days after it emerged that Amazon was under investigation by the UK taxman, Apple has come under fire for its payment of just GBP10m in UK corporate tax.
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Committee To Review Indian E-Refund Proposals 4/11/2012 A committee is to review India's e-refund system for the reimbursement of tax paid on taxable services used for the export of goods.
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Germany's SPD Rejects Revised Swiss Tax Deal 4/12/2012 Sigmar Gabriel, leader of Germany’s Social Democrats, has once again
reiterated his party’s intention ‘to stop’ the Swiss tax deal
in the Bundesrat, where the coalition lacks the necessary majority, despite the
recent signing of a Supplementary Protocol to the agreement, aimed at appeasing
both the German opposition parties and the federal states, as well as the European
Commission.
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France's Hollande Unveils 'Vast' Tax Reform Plans 4/11/2012 Bernard Cazeneuve, spokesman for the French Socialist presidential candidate
François Hollande, has recently unveiled details of Hollande’s tax
reform plans, designed to simplify and to make more transparent the current tax
system, and to create greater fiscal justice in France, reflecting true Republican
values.
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CIOT Expects UK-Swiss Tax Deal Re-Write 4/11/2012 Changes to the Swiss-German tax treaty could lead to higher charges for UK holders of undeclared Swiss bank accounts, the Chartered Institute of Taxation has warned.
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UK Opposition Attacks New Tax Year Changes 4/10/2012 The Labour party's Ed Balls has slammed the latest round of tax and benefit changes to hit UK taxpayers, arguing that families with children are set to lose over GBP500 a year.
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Hong Kong-Japan DTA Comes Into Effect 4/6/2012 The governments of Japan and Hong Kong have exchanged notes and agreed that the
double taxation agreement between the two countries entered into force on
April 1, 2012.
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German Lawmakers Adopt Updated DTA With Turkey 4/5/2012 The German Bundestag, or lower house of parliament, has recently adopted the federal
government’s bill pertaining to the bilateral double taxation agreement with Turkey, signed in Berlin by German Finance Minister Wolfgang Schäuble
and his Turkish counterpart Mehmet Simsek on September 19, 2011.
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US Now Has OECD's Highest Corporate Tax Rate 4/3/2012 On April 1, the long-awaited day arrived when, following a marginal net corporate
tax reduction by Japan, it could be said that the United States has the highest
corporate tax rate amongst the countries in the Organization for Economic Co-operation and Development.
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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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Slovakia's Fico Eyes End To Popular Flat Tax 3/30/2012 Tasked by Slovak President Ivan Gasparovic with the role of forming a new government,
Slovakia’s recent election victor Robert Fico has announced plans to abolish
the country’s flat tax and to reintroduce a progressive system of taxation.
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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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Cantor Proposes US Small Business Tax Cut 3/23/2012 The United States House of Representatives Majority Leader Eric Cantor has introduced the Small Business Tax Cut Act of 2012, aimed at helping small
businesses to grow and to hire new workers.
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Australian Parliament Passes Mining Tax 3/23/2012 Australia’s controversial Minerals Resource Rent Tax has made it through parliament after a long battle with the opposition.
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GOP Budget Provides US Tax Cuts 3/22/2012 The Republican Party’s 2013 budget, proposed by the House of Representatives
Budget Paul Ryan (R – Wisconsin), which reduces government spending to curb
its fiscal deficit and debt levels, also includes the framework for a revenue-neutral
reform of the United States tax code.
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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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Indian Budget Signals Further Reform Delays 3/20/2012 India’s 2012 Budget has been unveiled, including a raft of tax measures designed to signal progress in the implementation of a direct tax code and a goods and services tax regime.
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Ireland To Extend Betting Tax To Online Bookies 3/15/2012 Ireland's online bookmakers will soon be liable to a transactions tax, bringing the country's internet gambling regime in line with that imposed on high-street shops.
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Chile Looks To Raise Corporate Tax 3/16/2012 Chile is to make permanent next year the 20% corporate income tax rate which was temporarily imposed last year but reduced to 18.5% this year,
as part of a comprehensive tax reform package, due to be outlined in April.
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Thailand Shelves VAT Hike 3/16/2012 Thailand’s Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong
has said that the government has no intention of increasing the country’s
value added tax rate.
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Families To Lose Most From UK Tax Changes 3/15/2012 Households with children are set to lose the most from the UK's forthcoming tax and benefit changes, the Institute for Fiscal Studies has said.
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Germany Defends VAT Rules For Art 3/14/2012 Germany’s State Minister for Culture Bernd Neumann has recently underlined
his grave concerns regarding the European Commission’s request that Germany
apply the full rate of value-added tax to the supply of works of art and
collectors’ items.
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Swiss 'Flat Taxes' Under Attack 3/14/2012 During recent federal and cantonal votes, the Swiss canton of Appenzell Ausserrhoden in the north of Switzerland voted in favour of abolishing the flat rate
of tax currently benefiting wealthy foreigners.
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Deputy PM Backs UK 'Tycoon Tax' 3/13/2012 The UK's Deputy Prime Minister Nick Clegg has voiced his support for a 'tycoon tax', with a minimum tax rate enshrined in legislation to make sure everyone pays a 'fair share'.
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Sarkozy, Hollande Lock Horns On Taxation 3/14/2012 With just a month and a half to go before the start of the elections, French presidential
candidates Nicolas Sarkozy and his Socialist rival François Holland have
once again crossed swords on the key battleground issue of taxation.
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US Lawmakers Mull Small Business Tax Reforms 3/13/2012 The House of Representatives Committee on Ways and Means has held a hearing to
examine how the United States tax code affects closely-held businesses, and how and under which sets of rules
such firms should be taxed within any future tax reform.
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China Adds Tax Incentives For 'Green' Vehicles, Ships 3/9/2012 China’s State Administration of Taxation and the Ministry of Finance
have jointly disclosed that tax rates will be cut to encourage further energy
conservation and environmental protection through the increased use of vehicles
and ships with low emissions or those utilizing green energy resources.
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German Hotel Industry Defends Reduced VAT 3/8/2012 The German hotel industry has recently vehemently defended the reduced 7% rate
of value-added tax accorded to overnight services in the sector.
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Swiss Lawmakers Raise Foreigners' Flat Tax 3/9/2012 The Swiss Council of States has recently voted by a large majority in favour of
plans to increase the flat rate of tax currently benefiting wealthy foreigners
in Switzerland.
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Germany 'Modifies' EU-Contested Swiss Tax Deal 3/9/2012 Germany and the European Commission have reportedly resolved their differences
over the bilateral German-Swiss withholding tax deal aimed at preventing tax evasion.
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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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IMF Spells Out San Marino's Fiscal Challenges 3/8/2012 With San Marino adopting tax transparency, the territory now faces significant challenges in stabilizing the country's banking system and implementing structural tax reforms to provide stable tax revenues, the International Monetary Fund says.
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Noda Hopes To Deal With Opposition On Tax Hike 3/8/2012 The Japanese Prime Minister Yoshihiko Noda has confirmed, in a news conference
with foreign journalists, that he still hopes to have fruitful discussions with the
parliamentary opposition, led by the Liberal Democratic Party, on the government’s
plan to raise the country's consumption tax from 2014.
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Australian Govt Introduces New Superannuation Reforms 3/8/2012 New legislation amending Australia's superannuation tax rules will make the system simpler and fairer, the minister in charge has said.
|
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CII Calls On India To Cut Coal Duty 3/6/2012 The Indian government should consider a reduction in customs duty on non-coking coal, the Confederation of Indian Industry has said.
|
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Brazil Introduces New IOF Tax Changes 3/6/2012 Brazil announced its decision on March 1, to expand the scope of its financial
transactions tax, IOF, on short-term loans and bonds.
|
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Cypriot VAT Hike Takes Effect 3/5/2012 An increase to Cyprus's value-added tax rate came into effect
on March 1, 2012, as part of a package adopted in December to speed progress towards European Union fiscal retrenchment targets.
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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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'Cut 50% Tax Rate', SMEs Tell UK Chancellor 3/6/2012 The sooner the UK's top rate of income tax is scrapped, the better, a group of small and medium-sized enterprise leaders have told the Chancellor of the Exchequer.
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Philippines Advised To Scrap Airline Taxes 3/2/2012 Following a study by Oxford Economics, the International Air Transportation Association has pointed out the benefits that would accrue to the Philippines economy,
if the government was to remove taxes imposed on foreign airlines.
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China To Expand VAT Pilot To Beijing 3/5/2012 Following the beginning of China’s pilot scheme to replace the existing
business tax on the country’s service sector with value-added tax in Shanghai on January 1 this year, it has been confirmed that it will
be extended to Beijing, commencing on July 1.
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French Lawmakers Pass 2012 Collective Budget 3/2/2012 The French National Assembly has definitively adopted during a new reading the
government’s 2012 supplementary finance bill, a text which had previously
been rejected by the Senate, and providing notably for a rise in the standard
rate of value-added tax and for the introduction of a financial transactions
tax in France.
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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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France's Hollande Eyes 75% Tax Rate 3/1/2012 French Socialist candidate for the Elysée François Hollande has recently announced plans if elected to introduce a top rate of income tax
in France of 75%, imposed on income in excess of EUR1m (USD1.3m) a year.
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Fiji's Tax Cuts Under IMF Microscope 2/28/2012 The International Monetary Fund warned that while Fiji's recent budget was particularly growth-friendly, the tax changes could threaten the revenue base and therefore further offsetting measures may be required to ensure deficit targets are met going forward.
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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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French Senate Rejects 2012 Finance Bill 2/27/2012 The French Senate has recently rejected the country’s 2012 supplementary
finance bill, a text adopted by the French National Assembly during its first
reading on February 21.
|
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EU Opens FTA Talks With Armenia 2/27/2012 The European Union has confirmed its decision to launch negotiations with Armenia towards
a deep and comprehensive free trade area to boost bilateral trade
and investment ties.
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UK Tax Revenues Below Expectations 2/28/2012 Growth in the UK's tax revenues was significantly lower than forecast, largely due to a fall in value added tax and weak self-assessment receipts.
|
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US Slaps Duties On Korean Power Transformers 2/28/2012 The US Department of Commerce has announced the introduction of anti-dumping duties following an investigation into South Korean large power transformers.
|
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Romney Proposes Across-The-Board Tax Cuts 2/24/2012 Following President Obama’s corporate tax reform proposals, Mitt Romney,
one of the leading Republican presidential candidates, issued his own proposals
to kick-start United States economic growth by cutting tax rates, broadening
the tax base and providing for tax simplification.
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Isle Of Man Lures Another Gaming Company 2/23/2012 The Isle of Man government has welcomed the successful application of TWLV for
a license to operate a new online bingo site from the island.
|
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French Unions Up The Ante On Internet Tax 2/23/2012 The French union of national daily newspapers has called for a tax to
be imposed on stakeholders in the digital economy, notably Internet service
providers, search engines, portals, and manufacturers, and for the product
of the tax to be redistributed among editors of the written press.
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