Austria Pushes for European Transaction Tax

September 7, 2009 International Tax CooperationTaxation in AustriaTaxation in EU  No comments

The Austrian government has voiced their opinion in favor of instating a Europe spanning transaction tax.

Following a meeting of the Austrian Council of Ministers, the Austrian government has voiced its full support of creating a financial transaction tax system spanning the entirety of Europe. The idea was floated to the Austrian government in a paper written by Josef Pröll, Austrian Finance Minister. The aim of the financial transaction tax would be to rein in speculation on the financial markets and create a more stable currency markets. As set forth by Josef Pröll, the transaction tax could generate €2 billion in Austria alone.

This is not the first time that the Austrian government has greeted the idea of a transaction tax, having received unanimous support for it when raised earl...

Read More

Cayman Islands Could Consider Taxes

September 4, 2009 Offshore BankingTax HavensTaxation in Cayman IslandsTaxation in UK  No comments

Budget deficits in the Cayman Islands are forcing the nation’s government to consider the introduction of taxes.

The Cayman Islands, which are undergoing a severe governmental budget deficit, are being encouraged to introduce taxes to its system by the British Government. Facing a budget deficit of US$82, the island nation has sought out loans to meet its financial obligations, such as pension and government worker payments. As it is a British Overseas Territory, the Cayman Islands require British Government approval before increasing their borrowing beyond 80% of its annual revenue.

In a letter dated the 27th of August addressed to McKeeva Bush, leader of the Cayman government,Chris Bryant, British Foreign Office Minister, denied the Cayman Islands permission to expand their borrowi...

Read More

Italy and San Marino Will Sign a Tax Accord

September 3, 2009 International Tax CooperationTaxation in ItalyTaxation in San Marino  No comments

Italy and Republic of San Marino will sign a tax accord by the end of September.

The announcement of the new tax accord between smallest European country Republic of San Marino and Italy was made last week by Italian Economy Minister Giulio Tremonti. This accord is part of an economical program of the governments of Italy and San marino to fight tax avoidance by citizens of these countries.

The third tax amnesty will begin in Italy in mid-September. At the same time the government of San Marino is planning to conduct an emergency census of it’s 31,000 citizens to eliminate foreigners, mainly Italians, claiming to live in San Marino where they enjoy low taxes and strict banking secrecy ...

Read More

France Targeting 3,000 Tax Evaders

September 2, 2009 International Tax CooperationOffshore BankingTaxation in FranceTaxation in Switzerland  No comments

French authorities are intensifying their search for tax evaders by brandishing a list of names, all suspected of using Swiss bank accounts for tax evasion purposes.

On the 30th of August it was announced by Eric Woerth, the French Budget Minister, that the French Government had obtained the names and account details of 3,000 French nationals who are suspected of using Swiss bank accounts to evade their French tax liability. Statements made regarding the list indicate that its information was attained by three banks who volunteered it up, along with the French government’s own investigations.

The list of names is surrounded in a shroud of secrecy, which has not yet been penetrated to reveal whose names are on the list, what banks gave up the information and whether it even originated fr...

Read More

UK State Inefficiency Eating Through Tax

September 1, 2009 Taxation in UK  No comments

New research shows that inefficiencies and waste within the United Kingdom’s public sector total almost half of it’s annual personal tax collection.

According to a research paper released by the Center of Economic and Business Research (CEBR) on the 23rd of August, inefficiency on the part of the UK public sector could be valued as high as ?58 billion. The research paper is based on information released quietly by the Office of National (ONS) Statistics on the 14th of August. The ONS information revealed that between 1997 and 2007 the productivity of the public sector in the UK had decreased by 3.4%. This lies in stark contrast to the market sector productivity, which had risen by 27.9%. Further, relative to the market sector, the cost of the public sector productivity had risen 30...

Read More