Monthly Archives August 2009

Tax Looms as Battleground for German Elections

August 31, 2009 Taxation in EUTaxation in Germany  No comments

The issue of taxation is growing to be a major deciding factor in the upcoming German elections.

Tax cuts, tax overhauls, job cuts, falling balances and rising deficits, phrases that are being drawn out with progressively higher frequency in the face of the upcoming German elections. Increasingly attention is being focused on three major parties within the election: the Christian Democratic Union (CDU) headed by Chancellor Angela Merkel, the Social Democratic Party (SDP) headed by Franz Müntefering, and the Free Democrat Party (FDP) who are currently the preferred coalition partner to CDU.

Germany faces a progressively worsening economic situation, its id facing a public sector deficit of 4...

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Irish Commission on Taxation Released

August 28, 2009 Taxation in EUTaxation in Ireland  No comments

The Irish Government’s Commission on Taxation has released its report reviewing the Irish taxation system and its subsequent recommendations.

Today, the Commission on Taxation handed its report with over 250 recommendations regarding Ireland’s financial taxation system to Brian Lenihan, Minister of Finance. Due to errors in its indices, the 600 page report will not be made available to the public until early to mid-September. The report was originally requested to be complete on the 20th of September but has been completed ahead of the initial schedule.

Among others, the main recommendations include the introduction of water tax and increased carbon taxes...

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Radical Transaction Tax Proposed in UK

August 28, 2009 Taxation in EUTaxation in UK  No comments

The idea for a new financial transaction tax in the UK has been floated by the chairman of Britain’s Financial Services Authority.

Lord Adair Turner, chairman of Britain’s Financial Services Authority (FSA), has proposed that the UK implement a tax on financial transactions, so as to detract from the appeal of wide-spread foreign currency speculation by financial institutions. The tax, which is often referred to as the Tobin Tax, would see a levy on capital flows. The rate of levy has not yet been discussed.

In its original form, the Tobin tax was envisioned as a global tax with it being implemented equally everywhere, as opposed to a selective number of nations...

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Canada to Follow US with UBS

August 27, 2009 International Tax CooperationOffshore BankingTaxation in CanadaTaxation in Switzerland  No comments

The Canadian Revenue Agency have announced that they will enter into discussion with Swiss bank UBS in regards to possible tax evasion information.

Following swiftly upon news that the US Government and UBS had reached a settlement in their offshore account tax evasion dispute, the Canadian Revenue Agency (CRA) has announced that they too will engage in discussions with UBS in regards to divulging information about Canadian national tax evaders.

On the 21st of August it was announced by Jean-Pierre Blackburn, Canadian National Revenue Minister, that the Canadian Government will approach UBS in an effort to uncover information about Canadians using offshore accounts with UBS to evade their tax liability. The meetings have been scheduled for the 2nd of September...

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Financial Transaction Tax in Brazil

August 26, 2009 Taxation in Brazil  No comments

In the face of falling revenues, Brazil’s governing coalition are looking to implement a new tax on financial transactions.

Facing a financial situation not dissimilar to governments worldwide, Brazil’s leading coalition in Congress will attempt to instate a new financial transaction tax, to offset its own falling revenues and increased spending. The government will attempt to push through a bill which will see a 0.1% tax implemented on all financial transactions. The tax, if accepted, will see an extra BRL12 billion in the Government’s coffers per year. The extra money is intended to finance Brazil’s healthcare system...

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