Monthly Archives March 2012

Main Finance Centers are in Europe, Asia and N.America

March 30, 2012 International Tax Cooperation

International Finance CenterThe most significant financial centers around the world are in Europe, Asia and North America, with London, New York and Hong Kong being ranked as the most important centers around the globe today.

The London based think tank the Z/Yen Group has published the latest edition of its biannual Global Financial Centers Index, which compiles the results of international studies and ongoing public surveys to gauge and rank the international significance of financial centers around the world.

According to the Z/Yen Group, financial centers around Europe and North America are currently the most competitive with the rankings of centers in both regions improving over the last year.

The authors of the report noted a drop in the rankings of financial centers in Asia, pointing to significant declines in...

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Swiss Regulator Calls for More Tax Transparency

March 29, 2012 Taxation in Switzerland

Focus on wealth management and money investing
BERN – Switzerland needs to consider new policies on the international exchange of tax information, if the country wants to maintain its position as a global leader in wealth management.

At its annual press conference, held on March 27th in Bern, the Swiss Financial Market Supervisory Authority (FINMA), stated that the country and national financial institutions needs to review its policies regarding exchanges of international tax information and embrace a greater levels of tax transparency.

According to the director of FINMA Patrick Raaflaub, who led the conference, Switzerland could lose its competitive edge as a destination for wealth management in the future, unless it can shake the negative image placed on the country in recent years following international allegations of tax evasion...

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US States Ranked by Bussiness Taxes

March 28, 2012 Taxation in USA

WASHINGTON, D.C. – New research has ranked each state in America based on the total tax liabilities faced by businesses in the regions, showing which areas of the country are most beneficial for different types of commercial operations.

The US based research organization the Tax Foundation has published a comprehensive new index of corporate tax liabilities in different states around USA, assessing each region by calculating the cumulative tax liabilities arising from corporate income tax, property tax, sales tax, capital stock tax, gross receipts tax, unemployment insurance tax, and any other state taxes applied on businesses.

The Tax Foundation also examined the effect of companies’ ages on their tax liabilities, factoring in any tax breaks that are available exclusively to newly establ...

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Transaction Tax Will Boost EU Budget

March 27, 2012 Taxation in EU

Transaction Taxes to Boost EU BudgetBRUSSELS – Countries of the European Union could soon reduce their contributions to the EU budget significantly if a new proposal by the European Commission for Financial Transaction Taxes is approved.

In a press release published late last week the European Commission revealed a revised proposal for a Financial Transaction Tax (FTT) in Europe, suggesting that two thirds of the revenues raised by EU countries through an FTT should be reserved and directly contributed to the EU budget, while the remaining third is to be retained by the government of the country which collected the tax. The contributed funds would offset the payments that EU countries are required to make to the EU budget annually.

According to preliminary calculation prepared by the European Commission, if the proposal is a...

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US Tax Breaks Cost USD 1 Trillion

March 26, 2012 Taxation in USA

Tax Breaks in the USAWASHINGTON, D.C. – New research shows that dropping each one of the 200 tax breaks currently available in the US tax system would allow the government to slash the tax obligations of individual taxpayers in the country.

Every year the US government misses out on over USD 1.1 trillion in additional tax revenues due to the about 200 tax breaks and allowances offered in the US tax system. The revenue lost to the tax breaks is nearly equivalent to the annual budget deficit seen by the USA every year, according to the latest research published by the non-partisan think tank the Congressional Research Center (CRC).

The CRC claimed that the 20 most utilized tax breaks account for nearly 90 percent of the US national tax expenditures...

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