 |
|
|
|
|
 |
|
Government Waters Down UK 'Sarbanes Oxley' Rule
27 May 2009
The UK government has watered down its plans to establish a statutory requirement for senior company officers to certify that adequate controls to prepare accurate tax computations are in place in the face of growing disquiet about the implications of the controversial proposals among tax executives.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden Advocates EU Carbon Tax
18 May 2009
Eco-friendly Sweden has underlined its intention to use its forthcoming EU presidency, which it will assume in July, to champion a tax on carbon in EU member states. A 20% carbon tax was imposed in Sweden in 1991, which alongside subsidies for eco-friendly improvements, allowed it to cut its carbon emissions by over 9% whilst maintaining strong economic growth.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Australian Budget '09: 'Improving Fairness In The Tax System'
14 May 2009
Australia's Rudd government has unveiled its 2009/10 Budget, announcing important new measures to improve the integrity of the tax system and protect the Commonwealth revenues needed to support jobs and invest in nation-building in the face of the global recession.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
EU Council Adopts Reduced VAT Directive
07 May 2009
The European Council has adopted a directive allowing, on a permanent basis, the optional use of reduced rates of value-added tax for certain labour-intensive local services, including restaurant services, for which there is no risk of 'unfair competition' between service providers in different member states.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Luxembourg's Outrage At German Finance Minister's Comments
11 May 2009
Fuelling the conflict within the European Union over the issue of tax havens, remarks made – once again undiplomatically – by Germany’s Finance Minister Peer Steinbrück, have received fierce criticism from neighbouring Luxembourg.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
'Marathon Man' Determined To Run Last Doha Mile
05 May 2009
The World Trade Organization General Council on April 30 agreed to reappoint the global trade arbiter’s Director-General, Pascal Lamy, for a second term of four years as from September 1, 2009.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Liechtenstein To Conclude DTAA With Luxembourg
27 May 2009
On May 22, the governments of Luxembourg and Liechtenstein announced their intention to enter into negotiations to conclude an OECD model convention on the avoidance of double taxation.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
UK Tax Freedom Day Falls On May 14
13 May 2009
Tax Freedom Day, or the day in the year when the average Briton has earned enough to pay his annual tax bill, falls on May 14 this year, according to independent think-tank the Adam Smith Institute.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
IMF Praises Canada's Economic Action Plan
27 May 2009
Canadian Finance Minister Jim Flaherty has welcomed the International Monetary Fund's annual review of Canada's economic developments and policies, which has endorsed the government’s Economic Action Plan.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
BVI Signs OECD Model Agreements With Nordic States
20 May 2009
The British Virgin Islands government announced this week the signing of bilateral tax information exchange agreements with the six Nordic countries, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden at the Icelandic Embassy in Copenhagen, Denmark, on May 18.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Bookies Win Battle Over Irish Betting Duty
27 May 2009
The government’s plans to double betting tax on Irish bookmakers in May were repealed at the eleventh hour. The Irish Finance Bill 2009, as amended by the Select Committee on Finance and the Public Service, included phrasing to rescind the proposed hike.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Obama Urged To Delay Panama FTA Over Tax Concerns
25 May 2009
The United States Congress is currently at odds with itself over the signed-but-not-yet-ratified US-Panama Free Trade Agreement, with anti-offshore hawk Senator Carl Levin insisting that the deal should not be ratified until issues surrounding the Latin American’s nation’s ‘tax haven’ status are resolved. However, the leading figures on the Senate Finance panel argue that the importance of the deal to the US economy overrides concerns about tax transparency, at least in the short-term.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
HK's Tax System Praised By OECD
15 May 2009
Hong Kong's Financial Services and the Treasury Bureau have welcomed an article by the Organization for Economic Co-operation and Development commending Hong Kong's transparent tax system and its efforts to comply with international standards on the exchange of tax information.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Glaxo And IRS To Square Up In International Tax Dispute
26 May 2009
British pharmaceutical firm GlaxoSmithKline (GSK) is gearing up for a multi-billion dollar tax fight with the US Internal Revenue Service in a keenly-watched case which could affect how multinationals structure their international affairs.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Low Tax Nations Absorb Obama's Tax Broadside
11 May 2009
While US business groups have been harshly critical of President Obama’s proposals to curb tax advantages for multinationals investing overseas, the low-tax jurisdictions which could suffer as a result of the reforms say it is still too early to fully assess their probable impact.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Hungary To Introduce Wealth, Property Tax
25 May 2009
Hungarian Prime Minister Gordon Bajnai (pictured) has announced that the tax burden on the country’s highest earners will be raised from 2010 to create room for a cut to the lowest income tax rate and a cut to payroll tax.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
OECD Warns Nations To Resist Protectionism
26 May 2009
With world trade volumes likely to shrink by as much as 13% in 2009 from 2008 levels, the Organization of Economic Cooperation and Development is urging governments to avoid protectionist measures and keep markets open in order to allow economies to benefit from the recovery when it comes.
Click here for full story »» |
 |
|
|
|
|
|
|
|
|
Dubai Deposits Protected Under New Law
22 May 2009
The United Arab Emirates Federal National Council announced on May 19 that it had agreed on a bill guaranteeing bank deposits. The bill will be applied at a federal level, and will provide guarantees for deposits in the low-tax emirate Dubai. The proposed law, which must be approved by parliament, will cover the AED1.25 trillion (USD340bn) the nation currently safeguards.
Click here for full story »» |
 |
|
|
|
|
|
|
|
Slowing Tax Receipts Drive China's Fiscal Revenue Down 13.6%
18 May 2009
Slowing tax income amid the global economic downturn have led China's total fiscal revenues in March to drop by almost 14% on last year's figures, the Ministry of Finance has announced.
Click here for full story »» |
 |
|
|
|
|
