Switzerland Fared Well in Recession

March 24, 2010 Taxation in Switzerland

International Monetary Fund [oct 25]Switzerland has weathered the international financial and economic crisis well compared to other developed economies, due to the Swiss Governments appropriate expansionary policies, strong public finances, and financial regulatory regimes.

As part of its annual member-state review, the International Monetary Fund (IMF) has released a report evaluating and praising the actions taken during the financial crisis by the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) as appropriate, and regards the economic performance of the country as good with a positive future outlook.

Despite its relatively high dependence on the financial market, Switzerland experienced only a 1.5 percent contraction in GDP in 2009, and the IMF expects a 1...

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Hong Kong Signs Multitude of Tax Agreements

March 23, 2010 International Tax CooperationTaxation in AustriaTaxation in FranceTaxation in Hong KongTaxation in NetherlandsTaxation in Switzerland

Hong Kong night sceneryHong Kong is heralding a new era of taxation transparency and cooperation, having signed three bilateral tax agreements and provided definite indications that it intends to amass the 12 required to be warranted a place on the Organization for Economic Development and Cooperation’s (OECD) list of nations adequately implementing international tax standards.

The Hong Kong Government began the week with the signing of three separate Comprehensive Agreements for the Avoidance of Double Taxation (CDTA) with the Netherlands, Brunei and Indonesia...

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US and UK are Biggest Offshore Deposit Locations

March 22, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in Cayman IslandsTaxation in GermanyTaxation in IrelandTaxation in NetherlandsTaxation in SwitzerlandTaxation in UKTaxation in USA

Bank of International Settlement BaselThe US, UK and the Cayman Islands have been found to be the most popular locations for private non-resident deposits, representing nearly USD 2 trillion of worldwide investments, according to a newly issued report. Seeing the lack of availability of compiled data on offshore holdings, the report quantifies offshore deposits on a country-by-country basis.

In a report released on March 19th, Global Financial Integrity (GFI) revealed that worldwide private non-resident deposits held in secrecy jurisdictions has escalated to approximately USD 10 trillion. The GFI’s Privately Held, Non-Resident Deposits in Secrecy Jurisdictions report analyzed raw data from the Bank Of International Settlements (BIS) (an international organisation fostering international monetary and financial cooperation, a...

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International Tax Transparency Reviews Start

March 19, 2010 International Tax CooperationTaxation in AustraliaTaxation in CanadaTaxation in Cayman IslandsTaxation in EUTaxation in GermanyTaxation in IndiaTaxation in IrelandTaxation in MonacoTaxation in Norway

Globalforum 2009The international fight against cross-border tax evasion has taken a step forward with the initiation of a peer review group which aims to assess the progress made by nations in implementing internationally agreed standards of tax transparency.

On March 18th the Organization for Economic Cooperation and Development (OECD) announced the initiation of the first step in the most extensive and through international tax transparency assesment process that has ever been undertaken. Eighteen nations from the 91 participating members of the Global Forum on Transparency and Exchange of Information will soon undergo extensive analysis to determine the adequacy of their efforts to implement internationally agreed upon taxation standards, such as the effectiveness of the bilateral Tax Information Exch...

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Australia Makes Several Tax Changes

March 18, 2010 Taxation in Australia

NSW slashes $3 billion - deficit $917MThe Australian Government has made alterations to the Goods and Service Tax (GST) legislation, aiming to improve compliance and lower taxpayer costs. In an effort to raise taxpayer certainty, the Government has also cut over 100 provisions within the tax laws, which had previously allowed the Commissioner of Taxation an indefinite time period within which to amend a taxpayer’s tax assessment.

In a media statement released on March 17th, Nick Sherry, Assistant Treasurer of Australia and Senator for Tasmania, announced the introduction of a bill which will make compliance with Australia’s GST laws more affordable and easier...

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