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Tax-News Global Tax Topical Focus


As governments attempt to extract the maximum amount of feathers from the goose with the minimum amount of hissing, they are increasingly turning their attention towards the wealthiest few percent of society in their search for extra revenue - and top sports professionals are a particularly juicy target. So with the London Games in full swing, in this feature we take a look at how certain governments, legislatures and tax collectors are approaching this issue.


Sports stars present national tax authorities with a unique set of problems, and the taxman often has to (ahem) run ever faster to remain a step ahead. Not only can a professional sportsman command multi-million dollar salaries from the sports clubs which employ him, for example in the English Premier League or the NBA, but they can also earn many millions more from image rights, endorsements and other business activities. Then there are those sportspeople, like tennis players or track athletes, who aren't employed by anyone as such and give the taxman an additional headache by competing in competitions for days, weeks or even months at a time on foreign soil.


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Latest Tax News


'Millionaire Monitor' Grim Reading For UK Coalition

High taxation could force the UK's millionaires to move on to greener pastures, according to a new survey which also shows that confidence in the coalition government's economic policies is on the wane.
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Cyprus Popular Bank Due To Be Downsized

A substantial restructuring plan is to be put into effect in September to significantly cut the size of Cyprus's second largest lender, Cyprus Popular Bank, which requires a state bailout, having suffered substantial exposure to Greek non-performing loans.
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French High Frequency Trading Tax Enters Into Force

In addition to the entry into force of the Financial Transactions Tax, France has enacted a tax on high frequency trading, at a flat rate of 0.01%.
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Germany's Gabriel Seeks Tougher Action On Swiss Banks

Adding further fuel to the fire in an increasingly tense situation between the two countries, Germany's Social Democrat leader Sigmar Gabriel has called for tougher action to be taken against Swiss banks suspected of aiding German residents avoid taxes.
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Taiwan's Premier To Lead Free Trade Task Force

With President Ma Ying-jeou stressing at every opportunity that Taiwan faces international economic marginalization, unless it can play a role in the regional and bilateral free trade agreements that are being concluded in Asia, Premier Sean Chen has confirmed that he will lead a government task force to promote Taiwan's trade talks with its major trading partners.
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