Monthly Archives February 2010

Brazil Reports Significant Budget Improvement

February 26, 2010 Taxation in Brazil

To the groupThe Central Bank of Brazil has reported that the national budget surplus rose to BRL16.19 billion (approx. USD 8.8 billion) in January, a marked improvement over the previous month, and over the same period in 2009.

Signaling an economic recovery for the country, the Brazilian Government has announced that it has experienced the second highest budget surplus ever recorded in the month of January for the country. The surplus, which included revenues from the federal government, local governments and state enterprises, had increased to BRL16.19 billion (approx. USD 8.8 billion), compared to BRL7.36 billion (approx. USD 4.05 billion) indicated in January 2009, and compare to BRL276 million (approx. USD152 million) in December 2009...

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European Commission Refers Greece to Court

February 25, 2010 Taxation in EUTaxation in Greece

European flags flying in front of the BerlaymontGreece has been referred to the Court of Justice of the European Union, after the European Commission (EC) deemed a series of tax exemptions issued by the jurisdiction to be illegal.

On February 24th the EC released a statement referring Greece to the EU Court of Justice for breaking clauses within the Treaty on the Functioning of the European Union (TFEU). The EC claims that Greece broke EU legislations when it failed to comply with a decision passed by the Commission in July 2007, which ordered Greece to recover funds issued to businesses under the national tax exemptions.

The provision within the Greek national tax legislation, which was examined by the EC, allowed for businesses to deduct 35 percent from their taxable income, on the condition that the benefits would be used to fund n...

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US Tax Revenues Continue to Fall

February 24, 2010 Taxation in USA

Income taxUS tax authorities have seen a fifth consecutive quarter of declining tax revenues, with the October-December period registering a 4.1 percent fall in national collections.

According to the Rockerfeller Institute’s State Revenue Flash Report, released February 23rd, the US is experiencing continued drops in all three major tax sources. The report claimed that amongst the 46 states which had made their data for the period already available, the total tax collections for the October-December quarter equaled USD134.5 billion, compared to USD140.2 in the same period of 2008. If inflation is taken into account, the tax revenue drop rises to 4.8 percent. Corporate income taxes experienced the most significant decline with a 5.8 percent drop across all states, followed by a 4...

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Singapore Announces 2010 Budget

February 23, 2010 Taxation in Singapore

Singapore Supreme Court BuildingThe Singapore Minister of Finance has delivered the national budget for the 2010 financial year, proclaiming that the Government is setting its sights on creating a superior economy with higher skills, better jobs and rising incomes.

On February 22nd, Tharman Shanmugaratnam, Minister of Finance of Singapore, announced that the Government has accepted the recommendations of the Economic Strategies Committee (ESC) and set a course to foster the capabilities needed to positively transform the Singaporean economy over the next decade. The new Budget revolves around growing productivity levels by 3 percent annually for the next ten years and increasing real incomes by an estimated third over current levels.

The Singapore Government has announced several critical changes in the new Budget...

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More Germans Disclosing Hidden Funds

February 22, 2010 Offshore BankingOffshore TaxationTax HavensTaxation in GermanyTaxation in Switzerland

Swiss BankGerman nationals are declaring their hidden Swiss based assets in increasing numbers, after the Government disclosed its intention to purchase data on tax evaders with bank accounts in Switzerland.

The German Government has reported that its latest move in the fight against tax evasion is having a positive effect, with a sharply increased number of German nationals opting to voluntarily disclose their hidden bank accounts. Since the Government announced its intention to purchase information on 1 500 German tax evaders, an additional 3 021 voluntary declarations have been made to local tax authorities across the country. Four German states have already revealed that their combined disclosure holdings amount to €233 million.

On February 2nd the German Government announced its intention to ...

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