France to Introduce Carbon Tax

September 14, 2009 Taxation in EUTaxation in France  No comments

An ambitious shift in taxation has been announced in France, loading levies on pollution while alleviating pressure in other taxation areas.

Nicolas Sarkozy, President of France, revealed plans on the 10th of September at a speech made in Culoz, for the introduction of a Carbon Tax in France. The Carbon Tax bill, which is slated to come into effect on the 1st of January 2010, will see an €17 levy imposed on each tone of carbon dioxide produced. The bill covers carbon emissions from petrol, gas and coal. No levies will be installed in electricity usage, as only 20% of France’s power production comes from non nuclear or renewable sources. Additionally, electricity produced in French power stations is already covered a Europe spanning carbon quota system.

If passed through parliament, Fra...

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France Wants Banks to Divulge Offshore Info

September 11, 2009 International Tax CooperationOffshore BankingTax HavensTaxation in France  No comments

The French Government is seeking a higher level of disclosure from French banks regarding transfers to offshore accounts and tax havens.

On the 11th of September, Eric Woerth, French Budget Minister, announced that the French Government will be stepping up its efforts to fight offshore tax evasion by demanding further assistance from French located banks. The government wants to see banks providing details and identities of account holders transferring money to offshore accounts and tax havens.

Provisions already exist within French law for authorities to request similar information from financial institutions. Although, the information that can currently be obtained is limited and often times considered to be inadequate in scope...

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Tax Information Exchange Agreement Update

September 10, 2009 International Tax CooperationOffshore BankingTax HavensTaxation in AustraliaTaxation in British Virgin IslandsTaxation in CanadaTaxation in Cayman IslandsTaxation in EUTaxation in FranceTaxation in GermanyTaxation in IrelandTaxation in LiechtensteinTaxation in MonacoTaxation in New ZealandTaxation in Turks & Caicos IslandsTaxation in UKTaxation in USA  No comments

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 signed.

United States – Monaco (8 September 2009)
Denmark – Turks & Caicos Islands (7 September 2009)
Netherlands – Antigua & Barbuda (2 September 2009)
Denmark – Gibraltar (2 September 2009)
Denmark – Anguilla (2 September 2009)
Germany – Liechtenstein (2 September ...

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Monaco and US Sign Tax Agreement

September 9, 2009 International Tax CooperationOffshore BankingTaxation in MonacoTaxation in USA  No comments

Monaco and the US signed a bilateral Tax Information Exchange Agreement on the 8th of September.

The Taxation Information Exchange Agreement (TIEA) between the city-state of Monaco and the US will allow each jurisdiction a greater set of capabilities in fighting cross border tax evasion. The agreement will allow either nation to request bank, tax and other information from the other jurisdiction on the grounds that there have already been reasonable attempts made to obtain it by other means. The agreement also extends to allow officials from one country to enter the other for the purpose of conducting necessary interviews. Although, these capabilities are restricted to a case by case basis and have absolutely no scope “information fishing”...

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OECD Forum Discusses Tax Transparency

September 8, 2009 International Tax CooperationOffshore BankingTax Havens  No comments

During the OECD Global Forum on Transparency and Exchange of Information further steps were taken to combat tax evasion, and completed steps were hailed as a stunning success.

The OECD Forum on Transparency and Exchange of Information, which took place in Mexico City on the 1st and 2nd of September, was aimed at discussing global progress regarding the implementation of international standards of transparency and exchange of tax information as set forward by the OECD created Model Tax Information Exchange Agreement (TIEA) and Article 26 of the OECD and UN Model Tax Convention.

The meeting paid praise to the actions and progresses made by jurisdictions worldwide in the area of combating tax evasion...

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