US President Barack Obama has proposed a new tax on financial institutions that could raise USD117 billion to repay the financial crisis bailout payouts. In a speech on January 14th Barack Obama announced his intention to instate the Financial Crisis Responsibility Fee (FCRF), a tax which would be levied on financial institutions with over USD50 billion in consolidated assets. Under the new tax applicable organizations would be taxed at a rate equal to 0.15 percent of their total assets less high-quality capital and ... Read More

Doug Shulman, US Internal Revenue Services (IRS) Commissioner, has admitted that he uses a tax consultant to prepare his annual tax returns, as he finds the tax system too complicated. In a television interview on January 10th Doug Shulman stated that he has used a tax consultant to prepare his tax returns for the last ten years. The Commissioner continued on to say that both he and President Obama are large proponents of simplifying the US tax code. Although when pressed further ... Read More

The Swiss bank UBS has issued a new Code of Conduct to its employees expressedly prohibiting them from assisting clients in any form of tax evasion. In an effort to restore its tarnished reputation UBS has publically announced that all its employees must be aware and follow the bank’s new Code of Conduct, which deals with several issues including cross border business, compliance with international tax laws, and client confidentiality. The 12 page document, which was released on January 12th, must be read ... Read More

The unemployment rate across the 30 countries of Organization for Economic Cooperation and Development (OECD) was 2.1 percent higher in November than one year ago, though the rate remains level with October, 2009. The OECD released their latest composite of unemployment rates in a report published on January 11th. The publication shows that the unemployment reate in each member country rose in November, 2009 compared to the same period in 2008. Figures within the report show that unemployment amongst the 27 EU members ... Read More

The French Government could soon begin to tax online advertising revenues to subsidize upkeep of the country’s cultural heritage and initiatives to reduce piracy. The French Cultural Ministry has published a report suggesting a new tax on the online advertising revenues of companies established in the European Union, generated from the use of their services in France. The report, which was published in early January, recommends that a tax of no more than 2 percent be installed, and estimates that government revenues of ... Read More