Category Taxation In Europe

Radical Transaction Tax Proposed in UK

August 28, 2009 Taxation in EUTaxation in UK  No comments

The idea for a new financial transaction tax in the UK has been floated by the chairman of Britain’s Financial Services Authority.

Lord Adair Turner, chairman of Britain’s Financial Services Authority (FSA), has proposed that the UK implement a tax on financial transactions, so as to detract from the appeal of wide-spread foreign currency speculation by financial institutions. The tax, which is often referred to as the Tobin Tax, would see a levy on capital flows. The rate of levy has not yet been discussed.

In its original form, the Tobin tax was envisioned as a global tax with it being implemented equally everywhere, as opposed to a selective number of nations...

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Canada to Follow US with UBS

August 27, 2009 International Tax CooperationOffshore BankingTaxation in CanadaTaxation in Switzerland  No comments

The Canadian Revenue Agency have announced that they will enter into discussion with Swiss bank UBS in regards to possible tax evasion information.

Following swiftly upon news that the US Government and UBS had reached a settlement in their offshore account tax evasion dispute, the Canadian Revenue Agency (CRA) has announced that they too will engage in discussions with UBS in regards to divulging information about Canadian national tax evaders.

On the 21st of August it was announced by Jean-Pierre Blackburn, Canadian National Revenue Minister, that the Canadian Government will approach UBS in an effort to uncover information about Canadians using offshore accounts with UBS to evade their tax liability. The meetings have been scheduled for the 2nd of September...

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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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