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Latest Tax-News Special Feature
In the autumn of 2000 the Maltese government passed legislation enabling online betting centres to be set up in the country, and this legislation, coupled with provisions from the Income Tax Act written specifically for international companies, made Malta an attractive location for casino and sportsbook operations. Malta became the first EU member state to regulate internet gaming in May 2004 with its Remote Gaming Regulations under the Lotteries and Other Games Act 2001.
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UK Chancellor George Osborne has announced a number of initiatives designed to crack down on tax avoidance amid mounting criticism of 'aggressive' tax planning by multinational corporations.
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From December 1, China's State Administration of Taxation has included the Tianjin municipality, and Zhejiang (including Ningbo city) and Hubei provinces, as the final step this year in the expansion of its value added tax pilot scheme.
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Tom Price, Chairman of the Republican Policy Committee, and a member of the House Ways and Means and the Budget Committees, has introduced a bill in the United States House of Representatives opposing the operation of another country's financial transaction tax on American financial markets.
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In a newspaper article, William Gale from the Brookings Institution has suggested that the only way to get the United States Congress to implement tax reform and longer-term fiscal consolidation may well be "to go over the fiscal cliff."
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Pier Luigi Bersani, General Secretary of the Democratic Party and newly-elected leader of the Italian centre-left for the forthcoming general election, has suggested that a tax on the property held by the country's wealthiest citizens could be imposed so as to lighten the burden of the new local property tax on first residencies.
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