October 9, 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

 

Malta Shipping Review 2012/13

With its location in the heart of the Mediterranean Sea, a centuries old maritime tradition and a respected and favourable regulatory and tax regime for shipping, it is no surprise that Malta has developed one of the world's largest ship registers in modern times, and in the face of stiff competition from other prominent maritime nations.

 

Vessel registration under the Malta flag and the operation of the Maltese ships is regulated by the Merchant Shipping Act, a law based in the main on United Kingdom legislation, subsequently revised and amended in 1986, 1988, 1990, 2000 and 2010. The main legislation is also supplemented by a comprehensive set of rules and regulations. Malta is additionally a party to most of the major International Maritime Conventions and Malta-flagged ships are obliged to strictly adhere to the provisions of these international conventions. By the end of 2011, a total of 5,830 ships were registered under the Maltese Merchant Shipping Act, for a total of 46.6m tonnes. There were also 300 super yachts registered in Malta at the end of 2011, representing 19% growth over 2010.

 

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Latest Tax News

 

Breakthrough Claimed On EU FTT

The European Commission has announced that a breakthrough was made in the latest meeting of European Union finance ministers that will allow a financial transaction tax to be rolled out on the basis of enhanced cooperation.
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Hungary Unleashes Fresh Wave Of Austerity

Hungary's Economy Minister György Matolcsy has recently unveiled details of a new fiscal adjustment package totalling HUF397bn (USD1.8bn), designed to ensure a budget deficit of below 3% of gross domestic product next year.
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Brazil Announces Tax Breaks For Car Industry

Brazilian Finance Minister, Guido Mantega has announced that the nation will offer new tax breaks to boost car manufacturing industry investment in environmentally-friendly technology from next year.
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Spain To Miss Deficit Target Again

Spain looks set to miss its budget deficit target again this year, despite a raft of austerity measures and a recent agreement with all 17 Spanish regions to rein in their own budget gaps.
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Austria's SPÖ Defends Wealth Tax Motion

Ahead of its upcoming party conference, Austria's Social Democrats have unveiled details of their wealth tax plans, aimed at redistributing wealth in Austria.
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