October 23, 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

 

Topical Focus - Transaction Taxes

With the European Union - less than half of it at any rate - having reached a momentous agreement to forge ahead with a tax on financial transactions, in this article we give an overview of transaction tax initiatives past, present and future.

 

We tend to think of transaction taxes as a fairly new concept, something that has come along in the wake of the financial crisis in order to punish the bankers and tame the financial markets. They have, however, been around for a long time in one form or another. The stamp duty on share purchases is one of the United Kingdom's oldest taxes, having been in existence since the early 19th century. Indeed, in 2011, there were 40 countries with transaction taxes in place, and it is said that all told, they generated USD38bn in revenues.

 

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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

801 Reef Tower, Jumeirah Lake Towers, P.O. Box 62201, Dubai, United Arab Emirates
Tel: +971 4 448 6010 | Fax: +971 4 448 6011 | SovereignGroup.com |
dubai@SovereignGroup.com

 

 

Latest Tax News

 

Italy Looks For Pre-Election Tax Pact With Switzerland

Minister of the Economy Vittorio Grilli has disclosed that the Italian government is aiming to reach agreement on the proposed new tax treaty with Switzerland before the next Italian general elections, which are due in the spring of next year.
Read Full Story »

 

IBEC Warns Against Irish Labour Tax Hikes

'Anaemic' economic growth in Europe and heightened consumer worries have caused IBEC to lower its Irish growth forecasts, warning that the government must be careful not to hike taxes on employment.
Read Full Story »

 
 
 
Read more latest news »

Mexico Files WTO Dispute Over Chinese Textile Subsidies

Mexico has added to the current list of World Trade Organization disputes involving China, by requesting consultations concerning several measures allegedly taken by China to support the production and export of clothing and textile products.
Read Full Story »

 

Flaherty Introduces More Canadian Budget Legislation

Canadian Finance Minister Jim Flaherty has introduced another tranche of Budget legislation, aimed, he said, at building a strong economy, creating jobs and growth and enhancing the neutrality of the tax system.
Read Full Story »

 
 
 

 

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