February 7, 2012 | having difficulty Viewing this email? view THE online version

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Latest Tax-News Special Feature


Tax-News.com Global Tax Review - Tackling the Debt Crisis


As is to be expected, with the Eurozone crisis far from resolved, Greece teetering on the brink of bankruptcy, and the US once again facing a federal deficit in excess of a trillion dollars, fiscal developments in the European Union and the US have tended to dominate the tax headlines in recent weeks.


European leaders hope that their new 'fiscal compact', an outline of which was agreed by 25 of the 27 member states at the last meeting of the European Council on January 31, will be able to contain future crises by subjecting national budgets to an effective 'peer review' by the EU which will seek to ensure that tough new deficit limits are adhered to. It is due to be signed at the next meeting of the European Council in March.


According to President of the European Council Herman Van Rompuy, this new treaty "is all about more responsibility and better [budget] surveillance".


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Latest Tax News


China 'Bans' Airlines From EU Carbon Tax Scheme

The Chinese government has effectively banned Chinese airlines from participating in the European Union's Emissions Trading Scheme, which was extended on January 1, 2012 to flights using EU airspace.
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FTT Will Hit UK Revenues Even With Opt Out

David Cameron's refusal to sign a new European Union deal will not shield the UK from the impact of a financial transaction tax, Ernst and Young has said.
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Germany's FDP Eyes Saver Tax Relief

Germany's ruling Free Democratic Party has recently put forward the idea of raising the savers' tax-free allowance to compensate for a tax imposed on financial transactions.
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Swiss-German Tax Deal Under Threat

Social Democrat controlled states throughout Germany reportedly plan to block the bilateral tax agreement between Switzerland and Germany in the German Bundesrat, or upper house of parliament, during a crucial vote on February 10.
Read Full Story »


WTO Members Approve Pakistan Trade Aid

World Trade Organization member states have approved trade aid to be granted on an exceptional basis to Pakistan by the European Union to support the country in its recovery following massive floods in 2010.
Read Full Story »



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