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Monday, November 03, 2010

MONTHLY GLOBAL TAX NEWS NEWSLETTER

Offshore Opportunities for Wealth Protection, Tax Management and Business Expansion

Welcome to the OCRA Worldwide Monthly Newsletter - the information source for international tax news and related developments. OCRA Worldwide's 200 staff supply professional offshore and international company incorporation and related services from 18 locations and its client base includes businesses, families and individuals and a growing portfolio of professional intermediaries.

For a full list of our offices click here.

If you are:

  • Trading or investing internationally
  • Seeking to establish an offshore company
  • A consultant on an international assignment
  • Seeking tax management solutions
  • Living or working away form your home country
  • A tax specialist seeking a professional supplier and partner

then you should be talking to us:

European Head Office:

OCRA (Isle of Man) Limited
Tel:   + 44 1624 811000
Fax:   + 44 1624 811001
Email:   ocra@ocra.com

Other Worldwide Offices:

OCRA (Hong Kong) Limited
Tel:   +852 2522 0172
Fax:   +852 2522 47202
Email:   hongkong@ocra.com.hk



THIS MONTH'S TAX NEWS HEADLINES

IoD Welcomes IR35 Review

26 October 2010 - The UK Institute of Directors has welcomed the news that the Office of Tax Simplification has begun to examine the controversial IR35 legislation, which affects millions of freelancers up and down the UK, but has urged the government to follow up its pledge to simplify the tax system by taking the OTS's findings seriously.

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US Fiscal Deficit Falls to USD1.3 Trillion

19 October 2010 - United States Treasury Secretary, Tim Geithner, and Office of Management and Budget Acting Director, Jeffrey Zients, have released details showing that the federal government’s deficit in the fiscal year 2010 was almost USD1.3 trillion, 9% less than in FY 2009.

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China Axes Foreign Companies' Tax Break

27 October 2010 - The Chinese Ministry of Finance has announced that foreign companies’ current tax exemptions on the 1985 urban maintenance and construction tax and the 1986 education surcharge will be removed as of December 1, 2010 under a Notice issued by the State Council.

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Lagarde Presents 2011 Finance Bill To Parliament

21 October 2010 - French Finance Minister Christine Lagarde and French Budget Minister François Baroin have presented to both the council of ministers and to parliament the country’s 2011 finance bill, providing for an unprecedented control of public spending and for a EUR9.5bn cut in existing tax breaks in 2011.

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Guernsey Funds Industry Resilient

26 October 2010 - Guernsey’s funds industry has shown resilience despite adverse market conditions, according to Lipper’s latest Guernsey Fund Encyclopedia.

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Brussels Mulls EU Taxes

22 October 2010 - In its recently published budget review, the European Commission highlights the growing need to generate new own resources for the European Union budget, and suggests, for example, the introduction of a financial transaction or financial activities tax - or even the introduction of a European value-added tax.

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USA To Dismiss Charges Against UBS

27 October 2010 - US prosecutors are seeking to dismiss criminal charges against UBS after the Swiss bank fulfilled its obligations under a deferred prosecution agreement struck last year.

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IOM Firms Permitted To List On HKEx

21 October 2010 - The Isle of Man government announced on October 18 that it had been notified by the Stock Exchange of Hong Kong that the territory has been accepted as an ‘approved jurisdiction’ for the purposes of the listing of its companies on that exchange.

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EU Fund Managers Reject Financial Tax

26 October 2010 - European fund managers have expressed 'serious concern' regarding the European Commission's 'flawed' proposal for a financial services tax.

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Clinton Repeats Call To Tax Pakistan's Wealthy

19 October 2010 - Not for the first time, Hillary Clinton, the United States’ Secretary of State, has pointed out that Pakistan, in order to pay, at least in part, for reconstruction after the recent floods, should ensure that the most affluent of its citizens pay their share of taxes.

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UK At Crossroads, Warns CBI

26 October 2010 - The UK is facing increasing competition as a destination for business investment and, although it is starting from a strong base, will need to work hard if it is to maintain its position, the Confederation of British Industry has said.

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DIFC Cuts Fees

13 October 2010 - The Dubai International Finance Centre recently announced a series of changes to its Registry of Companies fees.

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Mexico Compromises On Income Budget

25 October 2010 - The income portion of the Mexican government's 2011 budget has been approved by the lower house of congress but with some additional taxes and more lax deficit limits.

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Complexity Encourages Italian Tax Evasion

27 October 2010 - An Italian taxpayer group has suggested that Italy's high taxes and mind-numbing bureaucracy are to blame for growing rates of tax evasion and has called on the government to bring forward simplification proposals as a matter of priority.

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States Obstruct Indian GST

12 October 2010 The timetable for the introduction of India’s new goods and services tax is still under threat from continuing opposition in the states, where loss of fiscal autonomy is an issue still perceived as unresolved.

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Ryanair Hits Back In French Tax Dispute

19 October 2010 - Budget airline Ryanair has announced that it is to decamp its Marseilles Airport operations from January 11, 2011, following a dispute over the payment of French income taxes by its cabin crew and pilots.

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Netherlands To Cut Corporate Tax

11 October 2010 - Dutch Finance Minister Jan Kees de Jager has unveiled key details of the country’s 2011 tax plan, containing a number of fiscal measures designed to encourage entrepreneurship and innovation, and containing new rules designed to combat fraud and tax avoidance.

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Brazil Discounts Further Forex Tax Measures

27 October 2010 - Brazil's finance minister has ruled out ending the income tax exemption on investment returns on overseas holdings of local bonds.

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