October 18, 2011 | having difficulty Viewing this email? view THE online version

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US Tax Developments - Stimulating the US Economy

In recent weeks, efforts to stimulate the US economy have centred on two major pieces of tax legislation introduced into the United States Congress, both having the avowed intention of boosting job creation; but there is considerable doubt whether the proposals will achieve their sponsors' desired outcomes.

 

On October 6, Senators John McCain (R - Arizona) and Kay R. Hagan (D - North Carolina) introduced the bipartisan Foreign Earnings Reinvestment bill to help reinvigorate the American economy by offering American multinationals the chance to temporarily bring back overseas earnings to the US at an effective tax rate of 8.75% through a temporary dividends received deduction of 75%. Companies which increase their domestic "qualified payroll" by at least 10% in 2012 would qualify for a lower effective earnings repatriation rate of 5.25%.

 

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Latest Tax News

 

Canada, EU Edge Closer To Trade Deal

Canada and the European Union are holding a ninth round of talks on a free trade agreement, with the negotiations described by the Canadian government as the most significant trade initiative in fifteen years.
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Brazilian Car Import Tax Hike Concerns WTO Members

Japan is said to be leading a chorus of protest at the World Trade Organization against a protectionist measure announced by Brazilian authorities in September to shield the nation's car manufacturing and car assembly industry from cheap foreign imports.
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Hungary's 2012 Budget To Phase Out 'Crisis Taxes'

Hungarian Economy Minister Gyorgy Matolcsy has recently submitted to parliament the government's 2012 budget bill, providing for a gradual phasing out of the crisis taxes levied on the country's telecommunications, energy and retail sectors since 2010.
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Political Problems Persist For KORUS FTA In Seoul

South Korea's main opposition Democratic Party remains implacably opposed to the passing of the South Korea-United States free trade agreement through parliament, and is continuing to demand its renegotiation.
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