JULY 3, 2012 | having difficulty viewing this email? view the online version

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Tax-News.com carries topical headlines and features on international tax, legal, economics, business and investment issues.

 

 

 

Latest Tax-News Special Feature

 

Staring Over the Fiscal Cliff

Can a deeply divided United States Congress, in an election year, pull the iron out of the fire and agree on a key tax and spending bill that will save America from toppling over the so-called 'fiscal cliff' next year?

 

January 1, 2013, the date that the US reaches the fiscal cliff, is so described because this is when a plethora of temporary tax cuts, tax credits and other tax breaks are due to expire, and more than USD1 trillion in spending cuts will automatically kick in, in a dual shock to the already fragile US economy. Unless, of course, Congress can agree on a new 'tax extenders' package before the end of the year.

 

The possible tax increases include, not only the expiry of the 'Bush tax cuts', the Alternative Minimum Tax 'patch' and the payroll tax reduction, but also a halving of the child tax credit and a return of estate tax to 2001 levels. Furthermore due to the failure of the bipartisan deficit reduction committee to reach any sort of agreement last year, automatic spending cuts of USD1.2 trillion are also scheduled to be imposed.

 

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Latest Tax News

 

German Lawmakers' Green Light To Fiscal Compact

Germany's Bundestag (lower house) and Bundesrat (upper house) have recently voted in favour of the fiscal compact and the European Stability Mechanism by a two-thirds majority, sending out a strong signal to the country's European partners that Germany stands firmly united behind Europe.
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HMRC Writes Off Over GBP5bn In Unpaid Taxes

The UK tax authority HM Revenue and Customs wrote off almost GBP5.2bn in taxes last year, according to a report from the National Audit Office, which details how the department has sought to stabilize the pay-as-you-earn system.
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Luxembourg Provides Update On OECD-Compliant DTAs

Luxembourg's Finance Minister Luc Frieden has provided an update as regards the status of negotiations on double tax agreements conforming to the Organization for Economic Cooperation and Development's model convention on transparency and information exchange.
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EU-Korea Trade Soars Under FTA

European Union Commissioner for Trade Karel De Gucht has recently underscored the importance of the European Union-Korea Free Trade Agreement in terms of boosting trade and reducing duties, one year after its signature.
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China Approves Mainland ETFs On Hong Kong-Listed Stocks

On June 29, 2012, Hong Kong's Securities and Futures Commission welcomed the China Securities Regulatory Commission's approval of two exchange-traded funds to be listed on the Shanghai and Shenzhen stock exchanges that will invest directly in Hong Kong listed stocks, each tracking a Hong Kong stock index.
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