The Informal Consultative Group (ICG), an OECD pilot group, has released a draft proposal and started consultations on implementation of procedures for international businesses to claim reductions in withholding rates as a result of tax treaties. The discussion paper Possible Improvements to Procedures for Tax Relief for Cross-Border Investors, released on February 8th, analyses the current problems faced by international portfolio investors when attempting to claim any fiscal benefits resultant from cross-border tax-treaties and laws. The document recommends that intermediate structures be created ... Read More

Marking one year since the outline of the Obama Administration’s Financial Stability Plan, Tim Geithner, US Secretary of the Treasury, has reviewed the outcomes of the scheme, reporting generally positive results with prospects even greater levels of economic and fiscal recovery. In his statement, issued on February 10th, Tim Geithner stated that the actions taken by the US Government during the financial crisis have worked well to restore the nation’s economic growth and financial stability. The recovery scheme has run at a much ... Read More

Putting an end to decades of rumors and speculation the Government of Ireland has finally introduced of a set of transfer pricing (TP) legislation. Ireland's historic lack of TP legislation came to an end on February 4th when relevant laws were introduced in the Irish Finance Bill 2010. Based on a recommendation from the European Commission, small and medium sized firms (with assets of less than €50 million or turnover of less than €43 million, and fewer than 250 employees) are exempt ... Read More

In his first statement to the Parliament of the year, New Zealand Prime Minister John Key has outlined the Government’s intentions to focus on fostering economic growth for the country, indicating that several changes will be made to the national fiscal system. At the first Parliament session of 2010, held on February 9th, John Key revealed the Government’s economic plans for 2010, emphasizing that attention will be paid to such issues as taxation, education, social services, resource and environmental issues, and constitutional ... Read More

The Australian Government will soon cease to operate the Bank Funding Guarantee Scheme (BFGS), which aided the stability of the country’s financial institutions during the most significant global economic contraction since World War II. Yesterday it was announced that from March 31st the Australian BFGS will be withdrawn, based on a recommendation from the Council of Financial Regulators. The scheme was established in October 2008 as a means of instilling a greater confidence in the Australian banking system by providing a guarantee on ... Read More