US Tax Revenues Continue to Fall

February 24, 2010 Taxation in USA

Income taxUS tax authorities have seen a fifth consecutive quarter of declining tax revenues, with the October-December period registering a 4.1 percent fall in national collections.

According to the Rockerfeller Institute’s State Revenue Flash Report, released February 23rd, the US is experiencing continued drops in all three major tax sources. The report claimed that amongst the 46 states which had made their data for the period already available, the total tax collections for the October-December quarter equaled USD134.5 billion, compared to USD140.2 in the same period of 2008. If inflation is taken into account, the tax revenue drop rises to 4.8 percent. Corporate income taxes experienced the most significant decline with a 5.8 percent drop across all states, followed by a 4...

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Singapore Announces 2010 Budget

February 23, 2010 Taxation in Singapore

Singapore Supreme Court BuildingThe Singapore Minister of Finance has delivered the national budget for the 2010 financial year, proclaiming that the Government is setting its sights on creating a superior economy with higher skills, better jobs and rising incomes.

On February 22nd, Tharman Shanmugaratnam, Minister of Finance of Singapore, announced that the Government has accepted the recommendations of the Economic Strategies Committee (ESC) and set a course to foster the capabilities needed to positively transform the Singaporean economy over the next decade. The new Budget revolves around growing productivity levels by 3 percent annually for the next ten years and increasing real incomes by an estimated third over current levels.

The Singapore Government has announced several critical changes in the new Budget...

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More Germans Disclosing Hidden Funds

February 22, 2010 Offshore BankingOffshore TaxationTax HavensTaxation in GermanyTaxation in Switzerland

Swiss BankGerman nationals are declaring their hidden Swiss based assets in increasing numbers, after the Government disclosed its intention to purchase data on tax evaders with bank accounts in Switzerland.

The German Government has reported that its latest move in the fight against tax evasion is having a positive effect, with a sharply increased number of German nationals opting to voluntarily disclose their hidden bank accounts. Since the Government announced its intention to purchase information on 1 500 German tax evaders, an additional 3 021 voluntary declarations have been made to local tax authorities across the country. Four German states have already revealed that their combined disclosure holdings amount to €233 million.

On February 2nd the German Government announced its intention to ...

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NY Police Chief Jailed For Tax Fraud

February 19, 2010 Taxation in USA

Flat Stanley Has a Run in with the LawBernard Kerik, the former New York Police Commissioner, has been given a four year jail sentence after pleading guilty to eight separate felonies, including tax fraud and deceiving White House officials.

The US Prosecutor’s Office revealed on February 18th that Bernard Kerik has been given jail time after hiding USD255 000 he was gifted by a construction firm. It was alleged that in exchange for the gift Bernard Kerik contacted several government regulators to recommend the firm to receive government contracts; though he never disclosed the payments in his tax returns. He is currently confined to his residence, and the prosecution has recommended that the prison sentence begin immediately...

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France Creates Own Tax Blacklist

February 18, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in France

Christine Lagarde - World Economic Forum Annual Meeting Davos 2009Recently 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, royalties, and interest paid by a French entity to a beneficiary in a blacklisted country will be faced with a 50 percent tax...

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