January 15, 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.

 

 

Latest Tax-News Special Feature

 

International Real Estate

There has been no shortage of events in the area of real estate taxation across the world since our last news round-up on this subject, and, as before, two distinct trends continue: while Western governments are turning to property taxes to boost their coffers, certain Asian governments are using them to apply the brakes to surging property markets. 

 

Europe

 

Predictably, given the ongoing debt crisis and governments' need to rake in more cash, property taxes are on the rise in Europe.

 

Italy

 

In Italy, the local property tax, IMU, which had been scrapped under Silvio Berlusconi's administration, has been reintroduced to much consternation from property owners and those politicians opposed to Mario Monti's government. The tax has in fact been providing a major part of the increased revenue in the Monti government's "Save Italy" budget, which was approved at the end of 2011 and is designed to enable the country to reach fiscal balance by the end of 2013.

 

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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

 

 

Latest Tax News

 

Obama Wants Quick Congressional Decision On Debt Limit

Following on swiftly from the recent passage of the American Taxpayer Relief Act to avoid the major effects of the fiscal cliff, President Barack Obama and the Republican Party in Congress are already taking up rigid positions on the debate over the United States government debt limit and the necessary reduction to its fiscal deficit.
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NZ To Tighten Thin-Cap Rules

New Zealand's Inland Revenue has released proposals for reform of its thin capitalization rules, which aim at bolstering the taxation of highly leveraged investments made by non-residents.
Read Full Story »

 
 
 
Read more latest news »

Cyprus's Shiarly Defends Island's Tax Integrity

Determined to secure the island's future standing as a serious finance center and to secure an international bailout package, Cypriot Finance Minister Vassos Shiarly has vehemently rejected claims that Cyprus actively promotes money laundering and facilitates tax evasion, and has fiercely denied allegations of tax dumping.
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France Commits To Tax Incentives To Boost Foreign Investment

The French government has recently announced details of the key fiscal measures contained in the national pact for growth, competitiveness and employment, designed to improve the attractiveness of France as a location for foreign investors.
Read Full Story »

 
 
 

 

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