International News
Bundesrat Blocks German Tax Cut Plans
Wednesday, 16 May 2012Germany's coalition government has failed to secure a majority for its EUR6bn (USD7.7bn) tax cut plans in the German Bundesrat, or upper house of parliament, despite predicted additional tax revenues of around EUR30bn by 2016, compared to the November 2011 tax estimate.
Read full storyPutin Backs Ratification Of WTO Commitments This Year
Monday, 14 May 2012Russia's new President, Vladimir Putin has dismissed calls to delay the nation's accession to the World Trade Organisation.
Read full storySpain 'Confident' 2012 Budget Plans Will Spark Growth
Friday, 11 May 2012Spain's Secretary of State responsible for Budget and Expenditure Marta Fernandez Curraz has recently defended the country's budgets for 2012, insisting that they are based on discipline and fiscal consolidation, to enable the government to confidently overcome the crisis.
Read full storyItaly, Switzerland Agree To Tax Talks
Friday, 11 May 2012Following the recent positive developments with regard to the tax treaties between Switzerland and various European Union member states, a meeting held on May 9 between Swiss and Italian officials has agreed to the establishment of a working group to resolve the outstanding tax problems between their two countries.
Read full storyHungary To Abolish Bank Tax
Friday, 11 May 2012The Hungarian government has announced plans to halve the country's bank tax in 2013, before subsequently abolishing the levy in 2014.
Read full storyBelgian Residents Stifled By Hollande's Tax Plans
Wednesday, 16 May 2012Over 100,000 Belgians will be affected by French President-elect François Hollande's plans to increase the taxation of secondary residences in France, according to Belgian newspaper La Libre.
Read full storyHMRC Expands RTI Pilot
Friday, 11 May 2012HM Revenue and Customs has announced the addition of a further 310 employer schemes to its Real Time Information pilot, which launched last month.
Read full storyAustria's 'Historic' Stability Pact Signed
Monday, 14 May 2012The Austrian finance ministry has announced the recent signing in Vienna of the agreement on the Austrian Stability Pact 2012 between the Austrian federal government, states and municipal authorities.
Read full storyGibraltar Proposes Law Change To Offer UK QROPS
Tuesday, 15 May 2012The Gibraltar government has published a Bill that would amend the territory's legislation to allow local practitioners to offer Qualifying Recognised Overseas Pension Schemes under a regime compliant with new rules set by the UK tax authority, HM Revenue and Customs.
Read full storySwiss Asset Managers Slam 'Incoherent' Financial Centre Strategy
Thursday, 17 May 2012During its general assembly in Zurich, the Swiss Association of Asset Managers criticized the government's 'white money strategy', a new financial market policy geared towards the management of taxed assets, calling instead for a coherent strategy for the Swiss financial centre.
Read full storyIRS Non-Resident Reporting Rule Questioned Again
Wednesday, 16 May 2012The Treasury Department's failure to provide sufficient answers about Internal Revenue Service regulations requiring United States banks to disclose interest paid to non-resident aliens has prompted the House of Representatives' Ways and Means Oversight Subcommittee Chairman Charles Boustany to request additional information.
Read full storyTurks And Caicos Takes Strides Towards Self-Rule
Friday, 11 May 2012The provisional Governor of the Turks and Caicos Islands, Ric Todd, has released a report detailing progress made towards fundamental reforms to the island's frameworks to prevent corruption, and correct fiscal imbalances, deemed necessary before the islands are returned to self-rule by the UK government.
Read full storyParliamentary Committee Approves Philippines 'Sin Tax' Reform
Friday, 11 May 2012The Ways and Means Committee of the Philippines House of Representatives has approved an amended version of the bill to reform the existing 'sin taxes' on alcohol and cigarette products.
Read full storyFunds In Line For French Tax Refunds
Monday, 14 May 2012France is facing tax refund claims of EUR4bn (USD5bn) from savers and institutional investors after the European Court of Justice ruled in favour of investments funds from Belgium, Germany, Spain and the United States in a tax case - a ruling which could have ramifications for other European Union member states.
Read full storyChina Plugs Its Tax Help For SMEs
Tuesday, 15 May 2012China's Minister of Finance Xie Xuren, at a seminar, has emphasized the support that should be given by pro-active fiscal policies to the development of small and medium-sized enterprises in the country.
Read full storySan Marino Urged To Consider New Economic Model
Monday, 14 May 2012Despite a 15% decline in tax revenues in San Marino over the past two years, authorities have been able to maintain a comparatively low deficit. However, the most significant challenges relate to the stability of the nation's banking sector, which has suffered capital flight as tax transparency initiatives gain ground, a new International Monetary Fund report says.
Read full storyRussian Beer Tax Hikes Slash Industry Profitability
Monday, 14 May 2012Beer manufacturer Carlsberg has reported that its pre-tax profits for its Russian business has all but evaporated during the first few months of this year, on the back of steep alcohol tax hikes introduced at the start of 2012.
Read full storyHong Kong Still Sees Problems On Mainland Services
Friday, 11 May 2012Secretary for Commerce and Economic Development, Gregory So, has replied to a question in the Legislative Council regarding the tax and procedural difficulties being experienced by the Hong Kong services sector in developing business in Mainland China.
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