Category Taxation in Australia

Australian 3rd Quarter GDP Rose 0.2%

December 18, 2009 Taxation in Australia

Financial crisis will hurt jobs, Swan warnsNations across the globe are facing a period of contracting GDP figures, though Australia has reported another quarter of continued growth. The latest Australian National Account release shows that the country’s GDP figure rose by 0.2 percent during the previous quarter.

On December 16th, the Australian Bureau of Statistics (ABS) released the country’s National Account report for the September Quarter. The report figures show that the seasonally adjusted GDP figure rose by 0.2 percent compared to the June quarter, and 0.5 percent compared to the same quarter in 2008. The Australian Treasury estimates that the Government’s fiscal stimulus package added 0.4 percent to the September growth figure...

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Australia Updates Offshore Voluntary Disclosure Initiative

December 3, 2009 Offshore BankingOffshore TaxationTax HavensTaxation in Australia

Getting FleecedThe Australian Taxation Office (ATO) has announced an update to their Offshore Voluntary Disclosure Initiative (OVDI) for nationals with unreported income from offshore activities.

Amid a worldwide escalation of Government tax amnesties, Australia has joined the fray and offered its citizens an opportunity to volunteer up information regarding any unpaid tax obligations in relation to their offshore bank accounts.

In the OVDI program, only taxpayers with additional previously undeclared taxable incomes of greater than AUD20,000 will be forced to pay a penalty of 10% on the surplus income for that year. Additionally, information volunteers are also offered general interest concessions through the OVDI program...

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Tax Burden Dropped in OECD

November 25, 2009 Taxation in AustraliaTaxation in EUTaxation in IcelandTaxation in NetherlandsTaxation in SweedenTaxation in UKTaxation in USA  No comments

The tax burden, calculated as a ratio of tax receipts to Gross Domestic Product (GDP), faced by member countries of the Organization for Economic Cooperation and Development (OECD) fell by 0.5% in 2008.

According to the OECD’s “Revenue Statistics: 2009 Edition” report, published November 24th, the tax burden by its members has fallen as the worldwide financial crisis tolls global economies. The aggregate tax receipt-to-GDP ratio across the surveyed OECD nations in both 2007 and 2006 was 35.8%. Based on current provisional figures, this ratio has now fallen to an approximate 35.2% or 35.3%.

Mexico displayed the lowest tax burden with 21.1%, followed by Turkey and Korea at 23.5% and 26.6%, respectively. Denmark was ranked as the highest tax receipt to GDP ratio nation at 48...

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UK and Australia Seeking UBS Data

November 10, 2009 International Tax CooperationOffshore BankingTaxation in AustraliaTaxation in SwitzerlandTaxation in UK  No comments

Swiss bank UBS has confirmed that the governments of the UK and Australia, amongst others, are seeking information about possible tax evasion from their own nationals.

According to the notes within the UBS third quarter report, following the settlement of its case with the US Department of Justice and Internal Revenue Services, UBS began to receive request from other jurisdictions for similar information. The UBS report said that “In particular, the revenue services of the UK and Australia have served upon UBS and other Swiss and non-Swiss financial institutions providing cross-border wealth management services requests for information relating to such services that is located in the respective jurisdictions”...

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Tax Information Exchange Agreement Update

September 10, 2009 International Tax CooperationOffshore BankingTax HavensTaxation in AustraliaTaxation in British Virgin IslandsTaxation in CanadaTaxation in Cayman IslandsTaxation in EUTaxation in FranceTaxation in GermanyTaxation in IrelandTaxation in LiechtensteinTaxation in MonacoTaxation in New ZealandTaxation in Turks & Caicos IslandsTaxation in UKTaxation in USA  No comments

Since the April G20 summit, over 50 new TIEA agreements have been signed across the globe.

The London G20 Summit, held on the 2nd of April this year, heralded an unprecedented wave of Tax Information Exchange Agreement (TIEA). In what was described as “revolutionary” by Angel Gurría, OECD Secretary-General, the number of completed TIEAs has almost doubled since their inception in late 2000.
Since the G20 summit, and subsequent global push for greater tax transparency and compliance, the following 53 agreements have been signed.

United States – Monaco (8 September 2009)
Denmark – Turks & Caicos Islands (7 September 2009)
Netherlands – Antigua & Barbuda (2 September 2009)
Denmark – Gibraltar (2 September 2009)
Denmark – Anguilla (2 September 2009)
Germany – Liechtenstein (2 September ...

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