The New Zealand Government has released its 2010 Budget. The announcement outlines various changes to the taxation system, putting to rest months of media speculations surrounding New Zealand's tax future. On May 20th the New Zealand Government revealed its national budget for the year 2010. The latest budget aims to reduce the impact of last year’s recession while introducing a range of fiscal stimulus measures and providing a solid base with which the Government can maintain control of the nation’s economy. The Budget announcement ... Read More

Governments of emerging Asian economies have been warned to be ready for sudden increases in investment capital inflows, and prepare appropriate policy responses. On May 18th the Asian Development Bank (ADB) released its annual Asian Capital Markets Monitor report, which investigates the performance and outlooks for the equity, bond and currency markets in emerging economies. According to the report, several factors have cumulatively increased the risk of Asian economies facing sudden high levels of investment capitals, leading potential destabilization of currency and financial ... Read More

The Hong Kong Inland Revenue Department (IRD) and the State Administration of Taxation (SAT) of the People’s Republic of China recently held a public conference, where both administrations demonstrated a commitment to collaborating on issues surrounding transfer pricing (TP) and associated taxation matters. The conference was intended to provide insights into both administrations’ legislative perspectives and increase certainty surrounding transfer pricing and tax avoidance issues for cross-border business. At the conference the IRD emphasized its acceptance and attempts to closely follow the Organization ... Read More

The legislation governing taxation of interest earned on bonds and certificates of deposit (CD) held by foreign investors carrying out business in Vietnam have changed, resulting in a greatly increased tax burden. The Government of Vietnam recently released Circular 64, a new piece of legislation taking effect on June 7th and altering the tax treatment of the interest earned on bonds and CD held by overseas investors. Under the new regulations, interest earned will be subject to a 10 percent level of taxation. ... Read More

According to new data publicized by the US Tax Foundation, Tax Freedom Day (TFD) will fall on May 17th in the US, if calculations take into account the scale of the country’s currently low tax collections and extensive Government budget deficit. On May 13th the US Tax Foundation, an independent body aiming to educate taxpayers on national taxation matters, issued a statement drawing attention to the US Federal Budget deficit and its effect on the date of the TFD. Kail Padgitt, the author ... Read More

Details are emerging about the possible upcoming changes to UK tax system, following the creation of a new coalition Government between the Conservative Party and the Liberal Democrats. Despite both parties varying pre-election promises, a concise picture is beginning to emerge about possible alterations to taxes in the near future. Following the UK’s May 6th General Election the Conservative Party and Liberal Democrats formed a coalition. The two parties are now attempting to consolidate their differing economic and taxation policies. Currently, the discussion ... Read More

The Australian Government has released its national budget for the 2010-2011 financial year. The tax system changes and spending cuts detailed within the new budget are expected to return the Government spending to a surplus within two years. On May 11th the Australian Government publicized the 2010-2011 Commonwealth Budget, which “further strengthens the economy and secures future growth.” According to a statement released alongside the Budget, strict adherence to the planned stipulations will result in net Government debts peaking at 6.1 percent of ... Read More