mARCH 20, 2012 | having difficulty Viewing this email? view THE online version

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Latest Tax News


US Taxpayer Makes USD25bn Profit From MBS Investments

The United States Treasury has announced the completion of the orderly wind down of its agency-guaranteed mortgage-backed securities portfolio, which it acquired as part of its response to the financial crisis, at an overall profit for taxpayers of USD25bn.
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German Cabinet Backs ESM Ratification

The German cabinet has recently approved legislation to ratify the treaty creating the European Stability Mechanism and backed a bill authorizing Germany to contribute to the ESM, thereby establishing the requisite domestic conditions for a new, permanent financing mechanism.
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Bermuda Banking Industry Resurgent

The Bermuda Monetary Authority has published statistics for the territory's banking industry during 2011, showing that total assets rose by 6% in Q4 2011 and 9.3% year on-year.
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EU Consults On State Support For Film Finance

The European Commission has launched a consultation on the state aid criteria it proposes to use to assess proposals from member states to provide tax relief and other concessions to film financiers.
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Channel Islands Fail To Overturn UK VAT Decision

The governments of the Channel Islands have announced their 'disappointment' at the findings of the UK High Court, in response to the islands' joint challenge to the United Kingdom government's decision to remove long-standing value-added tax concessions crucial to the islands' fulfilment industries.
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