An agreement has been reached by the Organization for Economic Cooperation and Development (OECD) and the Council of Europe to amend the Convention on Mutual Administrative Assistance in Tax Matters (CMAAT). On April 6th the OECD and Council of Europe released a media statement announcing that the CMAAT will be updated in order to bring it up to currently agreed upon standards of international tax transparency. The Convention, opened for signing in 1988, is an international framework which provides facilitation of multinational exchange ... Read More

Governments worldwide are giving increasing indication that they will soon begin to instate some form of financial transaction tax or bank levy in an effort to bolster national budgets, reduce financial speculative activity and provide fiscal reserves for future bailouts and financial crises. Public pressure and media attention has helped the idea of a new set of bank taxes rise from a short discussion at the 2009 G20 Pittsburg Summit to a key consideration for major economies worldwide. France, Germany and the UK ... Read More

Hong Kong is heralding a new era of taxation transparency and cooperation, having signed three bilateral tax agreements and provided definite indications that it intends to amass the 12 required to be warranted a place on the Organization for Economic Development and Cooperation’s (OECD) list of nations adequately implementing international tax standards. The Hong Kong Government began the week with the signing of three separate Comprehensive Agreements for the Avoidance of Double Taxation (CDTA) with the Netherlands, Brunei and Indonesia. The signings, combined ... Read More

Recently released documents have revealed that the French Government has drawn up a list of 18 nations which it deems to not have adequately complied with international taxation and fiscal standards. French organizations carrying out financial transactions with any of the listed jurisdictions will be faced with significant punitive tax measures. In a document signed by Christine Lagarde, Economy Minister of France, and Eric Woerth, Budget Minister of France, and made public on February 16th, the Government announced that dividends, service fees, ... Read More

The French Government could soon begin to tax online advertising revenues to subsidize upkeep of the country’s cultural heritage and initiatives to reduce piracy. The French Cultural Ministry has published a report suggesting a new tax on the online advertising revenues of companies established in the European Union, generated from the use of their services in France. The report, which was published in early January, recommends that a tax of no more than 2 percent be installed, and estimates that government revenues of ... Read More

French President Nicolas Sarkozy has vowed to amend and instate a new carbon tax in France, after his original attempt was deemed to be unlawful. Speaking at the first cabinet meeting of 2010, on January 5th, Nicolas Sarkozy informed ministers that he intends to see a new carbon tax law implemented in the country and come into effect on July 1st. The tax is expected to raise €3.5 billion annually, which will be used to aid households in reducing energy consumption. If ... Read More

Increasing fiscal transparency was an important issue in the economic and political spectrum of the 2009 year. With only a few weeks remaining in 2009, December happened to be one of the most active month of the passing year, with Governments around the globe completing efforts made in negotiations of Double Taxation Agreements (DTA) and Tax Information Exchange Agreements (TIEA). In an unprecedented step, Switzerland wishes to cease ratification of its DTA with France in protest at the French authorities' handling of account ... Read More