Greater attention needs to be paid to data security protocols employed by businesses and Governments, in order to ensure confidentiality and continued privacy. Corporations’ concerns for the safety and security of their private data and files are rising, amidst a continuing slew of cases of data theft, information loss and abuse. The issue was recently brought into media spotlight after a former supply chain executive for the international electronics firm Apple allegedly received USD 1 million in return for offering company data to ... Read More

The German Government is delaying its controversial nuclear power tax proposal, with Chancellor Angela Merkel indicating that a different option could be investigated to replace the levy. Debate has arisen over continued delays to a contentious plan by the German Government to instate a new tax on nuclear power plant operators, which is intended to raise an additional EUR 2.3 billion to ease the nation’s budget deficit. The Government had previously promised to finalize a proposal for the new tax by September, but ... Read More

Brazil showed signs of continued economic recovery in July, announcing an increase in its tax collections levels compared to both the previous month and the same month of 2009. In its latest federal tax report, released August 17th, the Brazilian Ministry of Finance announced that total tax collections in July reached BRL 67.97 billion (approx. USD 38.75 billion). The figure represents a 10.8 percent increase over July 2009, and 10.5 percent rise in comparison to June 2010. The total tax revenues for the ... Read More

Contrary to public opinion and political claims, tax breaks available to US corporations are not nearly as generous or fiscally draining as believed. In fact, the budgetary costs associated with providing tax preferences to individuals far outweigh those given to businesses. For the 2011 year the US Government budgeted an approximate USD 102 billion to cover national corporate tax break expenditures. However, according to a report Putting Corporate Tax 'Loopholes' In Perspective, published by the Tax Foundation, the figure is overshadowed by the ... Read More

A new tax could be instated in South Korea to pay for the potentially exuberant costs of one day reunifying the country with its Northern counterpart. In a speech commemorating the 65th anniversary of Korea’s liberation from Japanese occupation, Lee Myung-bak, President of South Korea, restated that reunification between North and South Korea will definitely come between. However, the process could cost as much as USD 1 000 billion, and fiscal steps need to be taken now to ensure its future economic viability. ... Read More

Silvio Scaglia, the thirteenths richest man in Italy, among 35 other high-profile individuals have been given a court date to defend themselves in the largest tax fraud case in Italian history, after months of legally dubious detention. On November 2nd thirty six individuals will begin trial proceedings in front of the Italian courts, facing allegations of tax fraud, conspiracy to commit tax fraud, and money laundering. The state prosecutor is contesting that the illicit actions were carried out by or under the approval ... Read More

Eastern European Governments will need to adopt new fiscal policy strategies in the near future, to adequately deal with a reduction in economic growth and a post-crisis international economic environment. The International Monetary Fund (IMF) has projected overall economic growth of approximately 3.3 percent for the countries of Eastern Europe in 2010, with a notable increase in all stability measures. However, according to Bas B. Bakker and Anne-Marie Gulde of the IMF European Department, Governments will need to embrace the fact that in ... Read More