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Latest Tax-News Special Feature


Tax-News Global Trade


Given that politicians, central bankers and economic commentators frequently tell us that we are in the grip of the worst economic and financial crisis since the 1930s, it is not surprising to see countries turning to protectionism in an attempt to insulate their industries from foreign competition.


It is now four years since the venerable Wall Street bank Lehman Brothers went bust after over-indulging in sub-prime mortgages, paralyzing the entire banking system and choking formerly prosperous economies. The reality of a much-feared double dip recession is now taking hold in many countries, especially in Europe where, Germany aside, growth has been almost non-existent. Things could be a lot worse however, and while a lurch towards trade protectionism is to be expected under such circumstances, the principles of free trade have not yet been fatally undermined.


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Latest Tax News


Eurozone Poised To Take Imminent Fiscal Action

Insisting that a 'crucial point' has been reached in the euro crisis, Luxembourg's Prime Minister and Eurogroup President Jean-Claude Juncker recently underlined the need for eurozone heads of state and government to take further decisions in the coming days to stem the debt crisis.
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Committee To Review Taxation Of Indian IT Sector

India's Prime Minister Manmohan Singh has set up a committee to review the taxation of development centres and the information technology sector and to complete plans for the introduction of Safe Harbour provisions.
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China Publishes Regulation To Relax QFII Rules

Following on from the expansion of the Renminbi Qualified Foreign Institutional Investor scheme in Hong Kong in April this year, the China Securities Regulatory Commission has now issued revised regulations to ease the operation of the domestic Qualified Foreign Institutional Investor programme for foreign institutional investors.
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US House Backs Cancellation Of IRS Reporting Rule

As an amendment to the Red Tape Reduction and Small Business Job Creation Act, the United States House of Representatives has approved a cancellation of the up-coming Internal Revenue Service rule requiring US banks to report interest paid on deposits to non-residents.
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Philippines Begins Study For FTA With EU

As part of the European Commission's developing negotiations towards trade treaties with the individual ten countries within the Association of Southeast Asian Nations, the Philippines has begun a study into a possible free trade agreement with the European Union.
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