Monthly Archives March 2010

Thailand Growth Projection Increased

March 31, 2010 Taxation in Thailand

2757-Thailand-Bangkok-Government HouseThe Ministry of Finance of Thailand has revised its 2010 Economic Projections, now expecting the economy to grow by 4.5 percent, compared to the previous estimate of 3.5 percent made in December 2009.

The Thailand Ministry of Finance issued a press release on March 29th announcing the revised growth projections and positive future outlook for economic expansion. In the new Government estimate Thailand’s annual economic growth rate is expected to reach between 4 percent and 5 percent in 2010...

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New Zealand and Hong Kong Develop Cooperation

March 30, 2010 International Tax CooperationTaxation in Hong KongTaxation in New Zealand

Night Lights in Hong KongThe Governments of New Zealand and Hong Kong have signed a Closer Economic Partnership (CEP) agreement and engaged to begin negotiations for a Double Taxation Agreement (DTA) in October.

The Hong Kong Government showed its continued commitment to meeting international standards on taxation transparency and forming closer economic ties with economies worldwide by announcing on the March 29th the signing of its first CEP agreement outside of mainland China, and intentions to begin negotiations for a future DTA agreement with New Zealand...

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EP Pushes for Further Development Aid

March 29, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in EU

EU flag in the Guinness Book of Records 14.04.2009The European Parliament (EP) Member nations have passed a resolution committing to expand their efforts to assist poorer countries. Proposed measures included greater transparency in tax haven jurisdictions, a new tax on financial transactions, sharing of profit from the European Union Emissions Trading System (EUETS), a temporary debt repayment moratorium, and reducing remittance costs.

The European Parliament (EP) passed a tabled resolution on March 25th, which stated that it is the EU’s obligation to assist developing nations in recovering from the financial crisis. The resolution that received 283 in favor votes, 278 against, and 15 abstentions, forwarded several key suggestions for the aid of developing nations...

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UK Budget Announcement Delivered

March 26, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in UK

Alastair Darling in BirminghamChancellor Alastair Darling delivered the much anticipated 2010 UK Budget announcement on March 24th, introducing a raft of new taxation measures and confirming several propositions laid down in the 2009 Pre-Budget Report (PBR).

As was announced in the 2009 PBR, the Chancellor substantiated the long standing expectations that taxpayers with personal incomes of above GBP 150 000 will see marginal tax rates rise to 50 percent, and a restriction in pension tax relief. Inheritance tax allowances will be frozen at GBP 325 000 for 2010 and 2011. Alastair Darling also announced that from April 2011 National Insurance Contributions (NIC) will rise by an extra 1 percent.

As stipulated within the new Budget, on April 1st 2011 corporate tax rates for companies earning in excess of GBP 1...

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Tax Increases are Biggest Concern for UK Investors

March 25, 2010 Taxation in UK

Tax by definitionTax rate increases are now the biggest concern among UK investors for the 2010 year, followed by the possibility of increases to the top-marginal personal tax rates, the recession, the chance of a stock-market crash, inflation, and a possible credit rating downgrade for the UK.

On March 23rd the Association of Investment Companies (AIC) released the AIC Investor Confidence Index report, highlighting the concerns of general public and active investors across the UK. Nearly 45 percent of the 1,311 private active high-net-worth (HNW) investors surveyed stated that tax increases were their primary financial concern, and an additional 21 percent of the general public shared this sentiment...

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