The Finance Ministry of Germany has stated that it is opposed to the imposition of an EU-wide tax, in response to a suggestion by the Finance Ministry of Luxembourg. Ahead of the EU and Euro-zone Finance Minister Summit held on January 18th and 19th, Luc Frieden, Finance Minister of Luxembourg, called for a new tax to be instated across the whole of the EU. German officials quickly denounced the idea, claiming that the EU already has sufficient funds. The German Ministry also ... Read More

The first opinions and reviews have begun to be voiced, both internationally and within the UK, discussing details of a new tax on banking sector bonuses. As previously reported, on December 9th the Chancellor Alistair Darling in his Pre-Budget Report revealed that a new levy of 50 percent, will be charged on discretionary bonuses exceeding £25,000. The extraordinary levels of bonuses in the banking industry, especially during times of financial turmoil has already been the subject of political and economical disputes for ... Read More

Gordon Brown, UK Prime Minister, brought forward a suggestion at the G20 summit, to instate a global foreign currency transaction tax on banks (commonly referred to as a Tobin Tax). The idea created an almost immediate split of opinion within the G20. At the G20 Summit on November 7th, in St. Andrews, Scotland, the UK Prime Minister suggested banks be levied with a tax on their financial transactions. Gordon Brown made it clear that he wishes to see the burden of bank bailouts ... Read More

Negotiations between the proposed coalition of Germany’s Christian Social Union (CSU), Christian Democratic Union (CDU) and Free Democratic Party (FDP) have reached a framework for future tax cuts. Following a weekend of negotiations, statements were made on Monday the 19th of October, releasing some indications of Germany’s future tax direction. Much detail concerning the agreements reached and projections created during the negotiations has been kept secret, but clear indication has been made that all involved parties are dedicated to providing tax ... Read More

The newly elected German coalition featuring the Free Democratic Party (FDP) has refused to fund tax cuts for the nation with further debt increases. Germany’s 27th of September election saw creation of a Christian Democratic Union (CDP), Christian Social Union (CSU) and FDP coalition. While campaign promises of all parties have maintained that tax cuts would be a priority for the coalition, contentions arisen as to the matter of their funding. The newly formed coalition will undergo a final round of negotiations ... Read More

Since the April G20 summit, over 50 new TIEA agreements have been signed across the globe. The London G20 Summit, held on the 2nd of April this year, heralded an unprecedented wave of Tax Information Exchange Agreement (TIEA). In what was described as “revolutionary” by Angel Gurría, OECD Secretary-General, the number of completed TIEAs has almost doubled since their inception in late 2000. Since the G20 summit, and subsequent global push for greater tax transparency and compliance, the following 53 agreements have been ... Read More

The issue of taxation is growing to be a major deciding factor in the upcoming German elections. Tax cuts, tax overhauls, job cuts, falling balances and rising deficits, phrases that are being drawn out with progressively higher frequency in the face of the upcoming German elections. Increasingly attention is being focused on three major parties within the election: the Christian Democratic Union (CDU) headed by Chancellor Angela Merkel, the Social Democratic Party (SDP) headed by Franz Müntefering, and the Free Democrat Party (FDP) ... Read More