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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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...

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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...

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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 ...

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