March 12, 2013 | 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.

 

 

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Tax Developments in Switzerland


This feature looks at recent tax developments in Switzerland since the turn of the year, including proposals in the areas of value-added tax, stamp duty, gambling taxes and “sin” taxes, as well as issues of wider importance surrounding the country’s special tax regimes and banking secrecy.

 

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Latest Tax News

 

France To Further Tighten Fiscal Screws In 2014

French Prime Minister Jean-Marc Ayrault has recently announced that the Government will have to identify a total of EUR5bn (USD6.5bn) in new savings for 2014, within the framework of its 2014 Budget.
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Call To Speed Up African Tripartite FTA Negotiations

The Government of Zambia has called on the three African regional economic communities - the East African Community, the Common Market for Eastern and Southern Africa and the Southern African Development Community - to speed up their free trade agreement negotiations.
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Australian Govt Urged To Close Tax Loopholes

The Australian Council of Social Service has called on the Government to tackle what it says are AUD6bn worth of tax loopholes at the next federal Budget.
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Accessible Gibraltar QROPS Launched For Smaller Portfolios

In response to strong market demand from individuals with pension assets of less than GBP75,000 (USD111,500), Castle Trust Group has introduced a second Qualifying Recognized Overseas Pension Scheme - the Equus Silver Retirement Annuity Trust Scheme - registered in and managed from Gibraltar.
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France Delays VAT Hike On 'Personal Services'

French Finance Minister Pierre Moscovici, Budget Minister Jérôme Cahuzac and Minister of Trades Sylvia Pinel have recently announced that the planned rise in the reduced rate of value-added tax currently benefiting certain "personal services" is to take effect from July 1, later than initially intended.
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Sovereign Group

Offshore Companies Owning UK Residential Property Need To Take Urgent Action

 

Earlier this year the UK Government announced far-reaching proposals to change the way that non UK companies which owned UK residential property would be taxed. Previously these companies, like non UK resident individuals, had not been liable to pay Capital Gains Tax (CGT). Under the new proposals this would change and those companies would now be subject to CGT, broadly calculated on the difference between the acquisition value and the disposal value.

 

There are many companies who acquired UK property many years ago so their base value for CGT purposes will be very low. On resale of the property those companies are going to face a very heavy tax bill.

 

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Contact

Sovereign Trust (Hong Kong) Limited
Suites 1601-1603, Kinwick Centre
32 Hollywood Road, Central
Hong Kong

Telephone Number: +852 2542 1177
Fax Number: +852 2545 0550
E-mail: hk@SovereignGroup.com

 

 

 

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