Category Taxation in South America

Financial Transaction Tax in Brazil

August 26, 2009 Taxation in Brazil  No comments

In the face of falling revenues, Brazil’s governing coalition are looking to implement a new tax on financial transactions.

Facing a financial situation not dissimilar to governments worldwide, Brazil’s leading coalition in Congress will attempt to instate a new financial transaction tax, to offset its own falling revenues and increased spending. The government will attempt to push through a bill which will see a 0.1% tax implemented on all financial transactions. The tax, if accepted, will see an extra BRL12 billion in the Government’s coffers per year. The extra money is intended to finance Brazil’s healthcare system...

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Cayman Islands Reach White List Status

August 18, 2009 Offshore BankingTaxation in Cayman IslandsTaxation in New Zealand  No comments

With its twelfth Tax Information Exchange Agreement signed, the Cayman Islands will be now be placed on the OECD white list of countries.

The Cayman Islands and New Zealand signed a Tax Information Exchange Agreement (TIEA) on the 13th of August. This agreement brings the total for the Cayman Islands to twelve, enough to be considered by Organization for Economic Co-Operation and Development to be part of the jurisdictions that have substantially implemented the internationally agreed tax standards, otherwise known as the “OECD White List”.

The announcement came on the same day as news of the British Virgin Islands also reaching white list status...

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San Marino Eyes OECD Grey List Removal

August 5, 2009 International Tax CooperationTax HavensTaxation in ItalyTaxation in San Marino  No comments

According to the San Marino Foreign Secretary, the nation expects to upgrade from its standing on the OECD Grey List by September.

In an effort to entice Italian companies to invest back into San Marino, along with draw it’s much relied upon tourist dollar, the nation racing to sign the necessary Tax Information Exchange Agreements (TIEA) to improve the view that the OECD takes of it.

San Marino was classed as a Blacklist nation by the OECD until 2003, due mostly to its alleged use by Italians for tax haven purposes. Increased international pressure for financial transparency, a Fitch rating downgrade and a forecasted 2010 budget deficit has now prompted San Marino officials to seek an improvement in its global financial standing...

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UK and Turks & Caicos Islands Sign Tax Information Agreement

July 27, 2009 Tax HavensTaxation in EUTaxation in Turks & Caicos IslandsTaxation in UK  No comments

The United Kingdom and the Turks & Caicos Islands have signed a Tax Information Exchange Agreement (TIEA) on the 21st of July.

The TIEA was signed in a London ceremony at the Commonwealth Office by Andrew Allen, the Acting Director Overseas Territories Directorate Foreign and Commonwealth Office, and The Honourable Royal Robinson, Deputy Premier and Minister for Health and Finance of the Turks and Caicos Islands.

The Tax Information exchange Agreement creates a means by which an extensive range of information can be requested by a government from the corresponding signing government. The agreement is based on the TIEA forms created by the OECD Global Forum Working Group on Effective Exchange of Information (“the Working Group”)...

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