China Sets New Tax Goals

March 17, 2010 Taxation in China

Chinatown Parade celebration of 60 years of the PRCThe Government of the People’s Republic of China (PRC) has set out five macro-level goals that will be upheld in its approach to taxation policy in 2010, and taxation authorities of all levels must also follow three new “transformations”, in order to best implement the new goals.

At the recently convened National Taxation Policy and Regulation Working Conference in Shenzhen, Xie Xuezhi, Deputy Administrator of the State Administration of Taxation (SAT), relayed the Chinese Government’s praise to national tax authorities in implementing tax policies and regulations in 2009. He said that in 2010 the Government intends to build upon the progress by implementing five new wide-reaching goals in tax policy implementation.

The new goals consist of sustaining the PRC’s stable and rapid ec...

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Good Economic Outlook for BVI

March 16, 2010 Taxation in British Virgin Islands

TortolaAnnual government corporate renewal fees collected in the British Virgin Islands (BVI) grew in 2009, as did the number of sea vessels registered in the first two months of 2010, leading the Government officials to extol a sense of optimism in the economic prospects for the 2010 year.

New figures from the BVIs’ Financial Services Commission (FSC) released on March 15th show that annual corporate renewal fees collection rose to more than USD 162.66 million in 2009, compared to USD 156.15 million in 2008. Despite the growing annual government corporate renewal fee collection, new-incorporations fee revenue dropped to USD17.22 million in 2009, compared to USD 22.47 million in 2008...

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Tobacco Taxes Rising Worldwide

March 15, 2010 Taxation in New ZealandTaxation in UKTaxation in USATaxation in Vietnam

cigaretteAccording to numerous political and anti-tobacco activists worldwide, taxes on cigarettes and tobacco products should be increased to raise Government revenues and deter smoking.

Several anti-smoking organizations across the world have released new reports claiming that a fresh round of tax increases needs to be seen on tobacco products, and Government officials across New Zealand, several US states, Vietnam and the UK are looking set to oblige. Although, the governments and anti-smoking groups are fighting for differing causes, with Governments citing budgetary shortfalls and the need for increased revenues as the reason for tax rises.

The Kansas Senate Taxation committee announced on March 10th that it had heard arguments in favor of increasing tobacco taxation by an equivalent of USD 0...

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State Sales Tax Increased in US

March 12, 2010 Taxation in USA

All Prices Include Sales Tax at Makeda CoffeeThe average US state sales-tax level has risen to an 5.468 percent, the highest since records began in 1982. The number of regions opting to raise their sales taxes has also reached record highs.

The 25th annual 2009 Sales Tax Rate Report, released on March 3rd by the tax software provider Vertex, shows that in an attempt to bolster state coffers and decrease the impact of a weakened economy, the states of California, Delaware, Minnesota, Massachusetts, North Carolina, Utah, Nevada and the District of Columbia increased state sales taxes in 2009. The report shows that no decreases were seen in other states of the US in 2009. The number of states raising their sales tax levels is also the highest on record, with only 4 increases occurring in 2008 and 1 in 2007.

The state sales tax increase ...

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Bahamas Out of Grey List

March 11, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in Bahamas

2008 Bahamian Government Buildings, Nassau, BahamasThe Commonwealth of the Bahamas has signed 7 more Tax Information Exchange Agreements (TIEA), bringing its total to 18, enough to be raised from the Organization for Economic Development and Cooperation’s (OECD) Grey List of nations.

On March 10th the OECD announced that the Bahamas, a small Caribbean island nation previously regarded as a tax haven and offshore banking center, has entered into TIEAs with Denmark, Finland, Greenland, Iceland, Norway, Sweden and the Faroe Islands. Having passed the OECD threshold of 12 implemented TIEAs, the Bahamas will now be considered a nation that has substantially implemented the internationally agreed upon standards on taxation transparency...

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