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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Ireland Faces Tax Shuffle

August 25, 2009 Taxation in EUTaxation in Ireland  No comments

Ireland could see the balance of its taxation system reshuffled, creating new taxes and diminishing those already established.

Ireland may soon see a restructuring of its taxation system, if suggestions by Ireland’s Commission on Taxation to the Government are accepted. The Commission, which was created in 2008 to examine Ireland’s taxation structure, is expected to release a report by the 28th of August with its recommended taxation changes.

The report will feature 250 recommendations to the Irish government. Key changes within the report include the introduction of new taxes under the proviso that they are accompanied by reduction or complete removal of other taxes, leaving the final taxation liability of a household the same as it was before.

The Commission on Taxation is expected to ...

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Calls for Scrap of Irish Travel Tax

August 24, 2009 Taxation in EUTaxation in Ireland  No comments

Irish airline Ryanair has called for the scrapping of the Government’s €10 travel tax.

Ryanair has called for the abolishment of the Irish government’s €10 travel tax. According to Ryanair statements, passenger throughput at Dublin Airport fell by 10% in the month of July, equating to a 215,000 passenger drop in one moth. Throughout May the incoming passenger numbers fell by 18%, or approximately 150,000 visitors. Ryanair places blame for these repeated falls on the government’s travel tax.

Stephen MacNamara, Communications Chief for Ryanair, stated in a news release “Ireland’s most important market declined by 23% as UK visitors abandon Ireland due to the Irish Government’s €10 tourist tax which they are asked to pay in addition to the UK Government’s £10 Air Passenger Duty.”

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Speech Gives Australian Tax Hints

August 21, 2009 Taxation in Australia  No comments

Indications to possible outcomes of the current Australian tax review were given on the 20th of August by Ken Henry, Australian Treasury Secretary.

In his speech to the Australian Industry Group, Ken Henry gave indications as to the direction of some changes to the Australian taxation system that will take as a result of its current review procedure.

Significant attention was given to the concept of changing Australia’s future taxation system to maximize its efficiency and improve incentives for investment. The key point indicated by Ken Henry was the possibility of shifting taxation arrangements to increase the competitiveness of equity investments over debt investments, both from local and international business...

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UBS US Case Agreement Revealed

August 20, 2009 International Tax CooperationOffshore BankingTaxation in SwitzerlandTaxation in USA  No comments

The US Senate and the Swiss bank UBS, have revealed details of their tax evasion case agreement.

An end has come to the long running legal dispute between the Inland Revenue Service (IRS) and UBS, an agreement has been reached, the details of which have now been revealed. The data behind 4,450 accounts held by US residents with UBS will be handed over to the IRS, all connected with tax evasion suspicions. Current IRS valuations of assets held in the accounts are at approximately US$18 billion, if valued at their peak over the last six years. No word has yet come from the IRS as to penalties that will be charged to any found to be evading tax, although, no possibility of a new leniency programs has yet been voiced by the IRS...

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