OECD Reviews Economic and Tax System of Finland

April 8, 2010 Taxation in Finland

Finnish National ParliamentThe Organization of Economic Cooperation and Development (OECD) has released its bi-annual Economic Brief of Finland, with an assessment of the country’s economy and tax system and recommendations for changes.

According to the newly published report, Finland was one of the OECD-member nations most effected during the global economic downturn, and, although, it had fared relatively well coming out of the contraction, economic changes must now be made. The proposed changes in the tax system will ensure enhanced tax efficiency and future economic sustainability. Among other recommendations, the OECD suggested a broadening of the tax system, with increases to Value Added Tax (VAT) and a shift of reliance away from corporate and personal taxes towards property taxes...

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Australia Signs Eight Tax Agreements

April 7, 2010 International Tax CooperationTaxation in AustraliaTaxation in BahamasTaxation in Cayman IslandsTaxation in MonacoTaxation in Turks & Caicos Islands

Sydney Opera House by nightThe Australian Government has signed eight new bilateral Tax Information Exchange Agreements (TIEA) in a concentrated effort to enhance global tax transparency and reduce offshore tax evasion.

On April 6th-7th Senator Nick Sherry, Assistant Treasurer of Australia, announced the signing of TIEA agreements with The Cayman Islands, The Bahamas, Belize, Dominica, Grenada, Saint Lucia, Monaco, and the Turks and Caicos Islands. With the signing ceremonies complete, the TIEAs will be implemented upon the completion of legal ratification by both signatories. The new agreements raise Australia’s TIEA total to 22.

Explaining Australia’s pursuit to expand its TIEA network, Nick Sherry said, “As Chair of the Global Forum on Transparency and Exchange of Information, Australia is playing a leading rol...

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OECD and COE to Amend International Tax Treaty

April 7, 2010 International Tax CooperationOffshore BankingOffshore TaxationTaxation in BelgiumTaxation in FranceTaxation in IcelandTaxation in ItalyTaxation in NetherlandsTaxation in NorwayTaxation in SweedenTaxation in UKTaxation in USA

Council of Europe - 60 years oldAn agreement has been reached by the Organization for Economic Cooperation and Development (OECD) and the Council of Europe to amend the Convention on Mutual Administrative Assistance in Tax Matters (CMAAT).

On April 6th the OECD and Council of Europe released a media statement announcing that the CMAAT will be updated in order to bring it up to currently agreed upon standards of international tax transparency. The Convention, opened for signing in 1988, is an international framework which provides facilitation of multinational exchange of fiscal information. The Convention will be updated to reflect modern internationally agreed upon standards in tax transparency and exchange of fiscal information...

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US Tax Freedom Day on April 9

April 6, 2010 Taxation in USA

2007 California Corporate Tax, shows penaltyApril 9th, the 99th day of 2010, has been calculated as the date on which the US as a nation has earned enough income to finance its annual Government tax burden and start working for itself.

In its yearly calculation the Tax Foundation has announced that the 2010 Tax Freedom Day (TFD) will fall on April 9th. The date, which may change yearly, is calculated based on the latest US total national income figures and annual tax liabilities faced by taxpayers, and aims to illustrate the hypothetical point at which earners have collected enough income to satisfy their annual taxation obligations. According to the Tax Foundation the total average effective tax rate across all states in the US for the year 2010 is 26.90 percent...

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Governments Worldwide Planning to Tax Banks

April 1, 2010 International Tax CooperationTaxation in EUTaxation in FranceTaxation in GermanyTaxation in UKTaxation in USA

Christine LagardeGovernments worldwide are giving increasing indication that they will soon begin to instate some form of financial transaction tax or bank levy in an effort to bolster national budgets, reduce financial speculative activity and provide fiscal reserves for future bailouts and financial crises.

Public pressure and media attention has helped the idea of a new set of bank taxes rise from a short discussion at the 2009 G20 Pittsburg Summit to a key consideration for major economies worldwide. France, Germany and the UK have all recently come forward announcing their principal support for various forms of new financial taxes, while the International Monetary Fund (IMF) has stated that it would be justifiable for banks to carry a heavier taxation burden.

On March 31st at a joint press conference ...

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