Singapore Keeping Taxes Competitve

March 10, 2010 Taxation in Singapore

Interactive Session - Low Carbon - World Economic Forum on East Asia 2009Lim Hwee Hua, Second Finance Minister of Singapore, delivered a speech reassuring national MPs that the Government is taking adequate measures to maintain a competitive and fair tax system.

The speech delivered to the Singapore Ministry of Finance’s Committee of Supply Debate 2010 on March 9th, was intended to address the issues raised by members of the Committee on situations faced by Singapore and its Government. Among other topics, the speech sought to quell the concerns of several Members of Parliament (MPs) regarding taxation matters, citing multiple instances which showed that the Singapore Government’s taxation system had already adequately addressed the issue.

In regards to treatment of national businesses, the Finance Minister said that the measures implemented to boost expan...

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New Economic Survey on Norway

March 9, 2010 Taxation in Norway

Government buildingsThe Organization for Economic Co-operation and Development (OECD) has released the Economic Survey of Norway 2010, which assesses the current economic position of the nation and potential courses of action to follow through the remnants of the global recession.

According to newly published report released March 8th, Norway had experienced a relatively mild contraction during the economic crisis. National unemployment is expected to peak at no more than 4 percent. The OECD projections claim that economic growth will remain strong in 2010 and improve further in 2011.

Norway’s current economic position has been attributed to the Government’s ability to implement significant budgetary stimulus measures and cutting the central bank interest rates by 450 basis points...

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EU Commisioner Wants to Implement Carbon Tax

March 8, 2010 International Tax CooperationTaxation in EUTaxation in SweedenTaxation in UK

the not-so-impossible dreamAlgirdas Semeta, Taxation Commissioner of the EU, has stated that he wishes to see a carbon tax instated across the entirety of the European Union, and will lead a review to make it happen.

The widely debated topic of Carbon Taxation has once again been brought up with the revelation that the European Commission (EC) will soon lead an inquiry about a possible EU-wide implementation of such a measure. In a statement made by Emer Traynor, spokeswoman for Algirdas Semeta, revision of the current Energy Taxation Directive was a priority issue for the Commissioner...

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New Figures Confirm Australia’s Continued Growth

March 5, 2010 Taxation in Australia

Financial crisis will hurt jobs, Swan warnsThe new National Account report, released by the Australian Government on March 3rd, shows that the country has continued its economic growth throughout the whole of the 2009 year, despite the contractions faced by advanced economies worldwide.

According to the December quarter figures, Australia’s GDP grew by 0.9 percent, bringing the yearly growth total to 2.7 percent. Comparatively, the Australian Treasury estimates claim that the world’s advanced economies as a group contracted by approximately 3.2 percent.

In a statement accompanying the release of the figures Wayne Swann, Treasurer of Australia, said that infrastructure spending, tax incentives and several other fiscal stimulus measures introduced by the Government jointly spurned growth by 0.2 percent for the December quarter...

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OECD Steps Up to Fight Bribery

March 4, 2010 International Tax Cooperation

National Flags of Member StatesThe Organization of Economic Cooperation and Development (OECD) has announced that from March 2010 it will begin to monitor its member states’ implementation of the newly established Good Practice Guidance on Internal Controls, Ethics and Compliance, the most comprehensive international business anti-bribery guidelines ever released by the organization.

On March 3rd the OECD announced that the 38 member-nations of the OECD’s Anti-Bribery Convention will begin to monitor the progress of participating jurisdictions in encouraging international businesses to adapt the anti-bribery measures. The newly released Good Practice Guidelines calls on businesses to implement clear and visible anti-bribery policies, and strict controls from corporate senior level staff...

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