Latest Tax News



Hong Kong Reduces Taxes To Support Growth
02/02/2012
Hong Kong?s Financial Secretary, John C Tsang, has unveiled a 2012/13 Budget which proposes a wide range of tax concessions aimed at supporting businesses and individuals, who face a possible global economic slowdown.
US Senate Studies Options On 'Tax Extenders'
02/02/2012
During a recent hearing, the United States Senate Committee on Finance looked at the group of tax provisions requiring frequent annual renewal, commonly called the 'tax extenders', in the context of seeking longer term solutions and, thereby, providing tax certainty.
Europe Endorses 'Fiscal Compact'
01/02/2012
During the latest informal meeting of the European Council in Brussels, with its emphasis on growth-friendly fiscal consolidation and job-friendly economic growth, 25 of the 27 member states united on and endorsed plans for a fiscal compact, a treaty on stability and convergence in the Economic and Monetary Union.
Vale Scores Victory In Brazilian Tax Appeal
01/02/2012
Vale, the world's second largest mining company has won an injunction in a long-running court battle against the Brazilian tax authority relating to claims for billions of dollars in back taxes said to be due on its foreign-sourced income.
WTO Establishes Three Trade Dispute Panels
02/02/2012
The World Trade Organization has confirmed the creation of two panels to mediate on cases relating to Chinese anti-dumping and countervailing duties, and a third to examine Canadian support to local manufacturers of clean-tech products in cases brought by the European Union and Japan.
Manx Budget 'Will Not Undermine Economic Potential'
02/02/2012
Discussing the state of the Isle of Man economy, Chief Minister Allan Bell said that the local business community would need to work with the government as it attempts to consolidate the nation's financial position in its upcoming budget in order to exit strongly from the global recession.
Sarkozy Unveils Long-Awaited Fiscal Strategy
31/01/2012
With the presidential elections fast approaching, French President Nicolas Sarkozy has recently unveiled details of a last salvo of reform measures, designed to boost employment and reduce the deficit, including plans to increase by 1.6% in October the standard rate of value-added tax in France, and proposals for a financial transactions tax.
FTT 'Simply Madness' Says Cameron
01/02/2012
The mere consideration of a financial transaction tax is 'madness', the UK's Prime Minister has said.
Swiss Financial Market Regulation Praised
01/02/2012
According to the Swiss Federal Department of Finance, the Financial Stability Board has taken a positive view of the 'too big to fail' legislation in its peer review report on Switzerland.
US Treasury Aims To Lower FATCA Burdens
30/01/2012
During her remarks at the New York State Bar Association Annual Meeting, Acting Assistant Secretary for Tax Policy, Emily McMahon, indicated that regulations for the implementation of the provisions of the Foreign Account Tax Compliance Act are in the final stages of clearance at the United States Treasury and the Internal Revenue Service.
Liechtenstein's PM Welcomes Dawn Of New Tax Era
01/02/2012
Determined to portray a new and positive image of the Principality, Liechtenstein?s Prime Minister and Finance Minister Klaus Tschütscher has recently insisted that the age of so-called tax havens, jurisdictions deemed to be uncooperative in tax matters, is now over.
Sales Tax Rise 'Will Not Solve Japan's Fiscal Problems'
27/01/2012
In a study of fiscal trends in the country, the Cabinet Office has disclosed that the Japanese government would still not achieve its longer-term deficit reduction targets, even if its proposed consumption tax increases are able to be put into effect.
EU Modifies Derivatives Proposals
27/01/2012
In an effort to achieve a rapid agreement with the European Parliament, the European Council has adjusted its position on a draft regulation aimed at increasing transparency on all derivatives and reducing risk in the over-the-counter derivatives market.
Guernsey Remains Leader In Non-UK Listings
27/01/2012
Guernsey remains home to more non-UK entities listed on the London Stock Exchange than any other jurisdiction globally, according to figures from the market authority.
UK To Overhaul Executive Remuneration
31/01/2012
UK shareholders will be given more powers to block excessive pay proposals and payments for failure under new proposals from the Business Secretary, Vince Cable.
Danish Presidency's Fiscal Priorities Don't Include FTT
27/01/2012
Denmark?s Economic and Interior Affairs Minister Margrethe Vestager recently explained to the European Economic and Monetary Affairs Committee that the key priorities for the Danish Presidency of the European Union Council of Ministers are increasing surveillance of budgetary policies, and the economic and fiscal surveillance of eurozone member states facing serious financial instability.
Romney Discloses Tax Returns
27/01/2012
Mitt Romney, one of the two leading Republican contenders for the United States Presidency, has, following some pressure to do so, divulged his tax returns for the past two years that, as expected, show the low effective tax rates he pays.
Maltese Banking Sector Concerns IMF
27/01/2012
With public finances being given a clean bill of health, the International Monetary Fund in its latest assessment of Malta has warned that safeguards must be introduced to protect the Maltese banking sector.
Pakistan Eases CGT On Shares
31/01/2012
Pakistan?s Federal Finance Minister Dr Abdul Hafeez Shaikh has announced that the government is to ease the rules on capital gains tax in the hope of boosting investment and reviving trading volumes in the local stock market.