A new report has sparked fresh debate on the concept of the Government of Wales attaining partial tax varying powers from the UK Government. Proponents of the idea argue that tax devolution will bring a greater sense of fiscal responsibility and economic planning for the Welsh Government. The Welsh Assembly Government and the majority of political parties have welcomed the release of a new report by the Holtham Commission on the possible methods of bestowing greater tax revenue responsibilities to the Welsh Government. ... Read More

The Government of the British Crown Dependency of Jersey has released a new public consultation paper which examines possible tax changes to plug the Government's emerging budget gap. On June 21st the Government of Jersey released a public consultation paper dealing with the possible implementation of increased tax rates, with the ultimate aim of sustainably decreasing the current budget deficit without serious cuts to public services. According to Government estimates, an extra JEP 60 million of tax revenue will be needed annually ... Read More

The Australian Government is reminding tax payers of its current offshore income declaration initiative, which offers greatly reduced penalties in exchange for voluntary sharing of information. On June 1st the Government of Australia issued a media release urging tax payers with undeclared offshore incomes to utilize the current Voluntary Disclosure Initiative. Michael D’Ascenzo, Tax Commissioner of Australia, stated that the program will end on June 30th and concessional penalty arrangements will no longer be offered upon the initiative's completion. No indication was given ... Read More

Governments across the world are reporting higher occurrence of transfer pricing, and are subsequently increasing efforts to curb tax evasion through the method. Governments worldwide are becoming increasingly aware and focused on transfer pricing regulations. Several nations have recently announced that greater attention will be paid to the matter throughout tax audits conducted on multinational corporations throughout the 2010 and 2011 fiscal years. In a recent press release, the Ho Chi Minh City Taxation Department revealed heavy tax revenue losses due to illicit transfer ... Read More

The US Department of Justice (DOJ) has revealed its results and successes for the 2009 year in fighting tax fraud, scams and offshore tax evasion. On March 7th the US DOJ issued a press release detailing the "highlights" of its tax enforcement efforts for the 2009 financial year. Throughout the year the DOJ successfully defended the Inland Revenue Service (IRS) from USD 665 million in tax refund claims; collected in excess of USD 260 million from affirmative litigation actions; obtained 135 guilty ... Read More

The European Parliament (EP) Member nations have passed a resolution committing to expand their efforts to assist poorer countries. Proposed measures included greater transparency in tax haven jurisdictions, a new tax on financial transactions, sharing of profit from the European Union Emissions Trading System (EUETS), a temporary debt repayment moratorium, and reducing remittance costs. The European Parliament (EP) passed a tabled resolution on March 25th, which stated that it is the EU’s obligation to assist developing nations in recovering from the financial ... Read More

Chancellor Alastair Darling delivered the much anticipated 2010 UK Budget announcement on March 24th, introducing a raft of new taxation measures and confirming several propositions laid down in the 2009 Pre-Budget Report (PBR). As was announced in the 2009 PBR, the Chancellor substantiated the long standing expectations that taxpayers with personal incomes of above GBP 150 000 will see marginal tax rates rise to 50 percent, and a restriction in pension tax relief. Inheritance tax allowances will be frozen at GBP 325 000 ... Read More