Category Taxation In Europe

Ireland Faces Tax Shuffle

August 25, 2009 Taxation in EUTaxation in Ireland  No comments

Ireland could see the balance of its taxation system reshuffled, creating new taxes and diminishing those already established.

Ireland may soon see a restructuring of its taxation system, if suggestions by Ireland’s Commission on Taxation to the Government are accepted. The Commission, which was created in 2008 to examine Ireland’s taxation structure, is expected to release a report by the 28th of August with its recommended taxation changes.

The report will feature 250 recommendations to the Irish government. Key changes within the report include the introduction of new taxes under the proviso that they are accompanied by reduction or complete removal of other taxes, leaving the final taxation liability of a household the same as it was before.

The Commission on Taxation is expected to ...

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Calls for Scrap of Irish Travel Tax

August 24, 2009 Taxation in EUTaxation in Ireland  No comments

Irish airline Ryanair has called for the scrapping of the Government’s €10 travel tax.

Ryanair has called for the abolishment of the Irish government’s €10 travel tax. According to Ryanair statements, passenger throughput at Dublin Airport fell by 10% in the month of July, equating to a 215,000 passenger drop in one moth. Throughout May the incoming passenger numbers fell by 18%, or approximately 150,000 visitors. Ryanair places blame for these repeated falls on the government’s travel tax.

Stephen MacNamara, Communications Chief for Ryanair, stated in a news release “Ireland’s most important market declined by 23% as UK visitors abandon Ireland due to the Irish Government’s €10 tourist tax which they are asked to pay in addition to the UK Government’s £10 Air Passenger Duty.”

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UBS US Case Agreement Revealed

August 20, 2009 International Tax CooperationOffshore BankingTaxation in SwitzerlandTaxation in USA  No comments

The US Senate and the Swiss bank UBS, have revealed details of their tax evasion case agreement.

An end has come to the long running legal dispute between the Inland Revenue Service (IRS) and UBS, an agreement has been reached, the details of which have now been revealed. The data behind 4,450 accounts held by US residents with UBS will be handed over to the IRS, all connected with tax evasion suspicions. Current IRS valuations of assets held in the accounts are at approximately US$18 billion, if valued at their peak over the last six years. No word has yet come from the IRS as to penalties that will be charged to any found to be evading tax, although, no possibility of a new leniency programs has yet been voiced by the IRS...

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EU to Fight VAT Tax Evasion

August 19, 2009 Taxation in EU  No comments

The European Union has called for steps to be taken by its member states in order to fight Value Added Tax fraud.

In an effort to reduce Value Added Tax (VAT) fraud, the European Union has urged its member states to increase inter-jurisdiction cooperation. In an effort to foster this, the European Commission has proposed a new set of protocols under which information can be shared between countries within the European Union.

The primary development in the proposition is the establishment of Eurofisc. This is a proposed system under which its member states will be able to quickly share taxation information. The aim is to create a system whereby taxation fraud is reacted to in a timely manner and also prevent the proliferation of future tax fraud schemes...

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British Virgin Islands to Reach OECD White List

August 17, 2009 International Tax CooperationOffshore BankingTaxation in British Virgin IslandsTaxation in New Zealand  No comments

The British Virgin Islands now have the twelve Tax Information Exchange Agreement signatures required to achieve ranking on the OECD “white list” of countries.

The British Virgin Islands will soon join the ranks of 47 countries that the Organization for Economic Cooperation and Development (OECD) has deemed to have “substantially implemented the internationally agreed tax standards”. The move comes with the signing of the 12th Tax Information Exchange Agreement (TIEA) for the British Virgin Islands, the partner of which was New Zealand.

At the signing ceremony, Ralph O’Neal, Premier of the British Virgin Islands, said “The conclusion of this TIEA demonstrates the commitment of both the BVI and the New Zealand governments to the OECD principles of transparency and effective exchange...

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