mAY 15, 2012 | having difficulty Viewing this email? view THE online version

Welcome to the Tax-News weekly newsletter, carries topical headlines and features on international tax, legal, economics, business and investment issues.




Latest Tax-News Special Feature


Global Tax Topical Focus – Australian Budget

Faced with strengthening economic headwinds, plunging tax revenues and a wider-than-anticipated budget deficit, Australian Treasurer Wayne Swan has just performed that manoeuvre so familiar to politicians around the world faced with adverse circumstances at budget time – the u-turn.


Announcing the 2012-13 Budget in parliament on May 8, Swan surprised the business community and the political opposition by explaining that a planned cut to business tax rates will not go ahead as the government seeks to redirect projected mining tax revenue to help families and small businesses.


The Budget will redirect AUD33.6bn (USD33.9bn) across the economy, with AUD5bn earmarked for new payments to households, AUD714m to help companies compete, and AUD3.7bn for small business tax breaks. In addition, a new AUD3.6bn “Spreading the Boom” package will use proceeds from the controversial Minerals Resource Rent Tax (MRRT), which had been intended for a company tax cut, announced earlier this year.


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Latest Tax News


IRS Non-Resident Reporting Rule Questioned Again

The Treasury Department’s failure to provide sufficient answers about Internal Revenue Service regulations requiring United States banks to disclose interest paid to non-resident aliens has prompted the House of Representatives’ Ways and Means Oversight Subcommittee Chairman Charles Boustany to request additional information.
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EU's First EPA With African Countries Goes Into Effect

The interim Economic Partnership Agreement between the European Union and four Eastern and Southern African states, Mauritius, Madagascar, the Seychelles and Zimbabwe, went into effect on May 14, 2012.
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English Foreshadows 'Disciplined' NZ Budget

The 2012 New Zealand government Budget later this month will confirm the path back to surplus in 2014/15, despite lower than forecast tax revenue in the government financial statements in the nine months to March 31, Finance Minister Bill English has said.
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Bundesrat Blocks German Tax Cut Plans

Germany’s coalition government has failed to secure a majority for its EUR6bn (USD7.7bn) tax cut plans in the German Bundesrat, or upper house of parliament, despite predicted additional tax revenues of around EUR30bn by 2016, compared to the November 2011 tax estimate.
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South Africa Consults On Retirement Savings Incentives

Following the Minister of Finance Pravin Gordhan’s announcement in his 2012 Budget in February that the South African government is looking to provide incentives for savings and the reform of the retirement industry, the National Treasury has now published an overview consultation paper.
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