Apr 7, 2010
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 [...]
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
Dec 21, 2009
On December 18th, 2009, the European Free Trade Association (EFTA) released the fourth report covering state aid granted in Iceland, Lichtenstein and Norway, for the period between 2004 to the end of the 2008 year. The paper was prepared in co-operation with European Commission and includes comparisons with countries of the EU. A total of [...]
On December 18th, 2009, the European Free Trade Association (EFTA) released the fourth report covering state aid granted in Iceland, Lichtenstein and Norway, for the period between 2004 to the end of the 2008 year. The paper was prepared in co-operation with European Commission and includes comparisons with countries of the EU.
A total of €2,234.88 million was granted in state aid across the three surveyed countries in 2008, indicating an overall increase in grants across the countries. 98.9 percent of this amount ... Read More
Nov 25, 2009
The tax burden, calculated as a ratio of tax receipts to Gross Domestic Product (GDP), faced by member countries of the Organization for Economic Cooperation and Development (OECD) fell by 0.5% in 2008. According to the OECD’s “Revenue Statistics: 2009 Edition” report, published November 24th, the tax burden by its members has fallen as the [...]
The tax burden, calculated as a ratio of tax receipts to Gross Domestic Product (GDP), faced by member countries of the Organization for Economic Cooperation and Development (OECD) fell by 0.5% in 2008.
According to the OECD's "Revenue Statistics: 2009 Edition" report, published November 24th, the tax burden by its members has fallen as the worldwide financial crisis tolls global economies. The aggregate tax receipt-to-GDP ratio across the surveyed OECD nations in both 2007 and 2006 was 35.8%. Based on current provisional ... Read More
Nov 20, 2009
The Icelandic Government gave final approval to tax reforms and announced that the implementation of the new system will begin January 1st, 2010. Initial tax reforms plans were announced on June 18th 2009, which consisted of restructuring of personal taxes from the current flat-rate to a three tier system, along with increases in capital gains, [...]
The Icelandic Government gave final approval to tax reforms and announced that the implementation of the new system will begin January 1st, 2010. Initial tax reforms plans were announced on June 18th 2009, which consisted of restructuring of personal taxes from the current flat-rate to a three tier system, along with increases in capital gains, VAT and tax-free exemptions.
Beginning in 2010 Iceland will replace its lat-rate personal tax rate of 24.1% with a three tiered system. Those earning less than ISK200,000 ... Read More
