Indian Tax Revenue Grew

August 11, 2009 Tax HavensTaxation in India  No comments

India’s tax receipts for the April to July period grew 3.27% from the previous quarter.

According to statements released by India’s Central Board of Direct Taxes, the net direct tax take increased to Rs 739.90 billion. This figure is comprised from a 2.6% growth in the intake of corporate tax and a 4.3% rise in personal tax collection. In exact figures, corporate taxes rose from Rs 415.98 billion to Rs 426.85 billion, and personal tax collection reached Rs 312.79 billion from Rs 304.86 billion. Securities Transaction Tax also experienced a 3.5% increase in net collection, in comparison to the corresponding period of the last financial year.

While still positive, the collection is lower than expected by the Indian government...

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Call for Capital Gains Tax in New Zealand

August 10, 2009 Taxation in New Zealand  No comments

The call has once again been sounded for the introduction of a Capital Gains Tax in New Zealand.

Installing a capital gains tax system could yield benefits of up to NZ$2.7 billion to the country, $1.36 billion of which will be in the form of direct tax revenue for the Government, according to Craig Elliffe, Auckland University tax policy and law professor.

Craig Elliffe said “People pay taxes because they believe other people pay taxes,” in reference to New Zealand’s current scheme of personal taxation. According to him, it is unfair that while one individual would see a tax bill of $38,000 on their $100,000 income, another would see no taxation on the equal income earned from a property sale...

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Germany to Bring Tax Talk to the Swiss

August 7, 2009 International Tax CooperationOffshore BankingTaxation in GermanyTaxation in Switzerland  No comments

Germany will start tax agreement negotiations with Switzerland later this month in an effort to combat the ever more prominent problem of tax evasion.

Germany is looking to make some headway with the problem of German nationals utilizing Swiss banking to avoid their full tax liabilities. According to Peer Steinbrueck, German Finance minister, Germans have a “triple-digit billion-euro amount” hidden away in offshore accounts throughout the world, and Swiss bank accounts make up a significant portion of this.

Germany and Switzerland will engage in rounds of tax agreement negotiations later in August. Most likely these will work towards the signing of an OECD created Tax Information Exchange Agreement (TIEA)...

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Australian Tax Office Gets Tough

August 6, 2009 Taxation in Australia  No comments

The Australian Tax Office launched their new program on the 6th of August aimed at ensuring compliance from Australian executives and wealthy.

The Australian Tax Office (ATO) has stated that they will be targeting the wealthy of Australia in a bid to increase tax compliance and tax revenues. The corresponding 2008-2009 program netted an extra A$44 million from 440 executive and director reviews and audits and over A$1 billion from 260 large business “comprehensive risk reviews”.

This year the search for compliance dodgers has expanded in its data-matching technologies and even has the ATO scouring news sources for information on company mergers, and reminding the involved directors to declare any benefits that they garner from such activity...

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San Marino Eyes OECD Grey List Removal

August 5, 2009 International Tax CooperationTax HavensTaxation in ItalyTaxation in San Marino  No comments

According to the San Marino Foreign Secretary, the nation expects to upgrade from its standing on the OECD Grey List by September.

In an effort to entice Italian companies to invest back into San Marino, along with draw it’s much relied upon tourist dollar, the nation racing to sign the necessary Tax Information Exchange Agreements (TIEA) to improve the view that the OECD takes of it.

San Marino was classed as a Blacklist nation by the OECD until 2003, due mostly to its alleged use by Italians for tax haven purposes. Increased international pressure for financial transparency, a Fitch rating downgrade and a forecasted 2010 budget deficit has now prompted San Marino officials to seek an improvement in its global financial standing...

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