OECD Member Unemployment Up 2.1%

January 12, 2010 Taxation in EUTaxation in UKTaxation in USA

Handing original signed letter of Dominican Republic.The unemployment rate across the 30 countries of Organization for Economic Cooperation and Development (OECD) was 2.1 percent higher in November than one year ago, though the rate remains level with October, 2009.

The OECD released their latest composite of unemployment rates in a report published on January 11th. The publication shows that the unemployment reate in each member country rose in November, 2009 compared to the same period in 2008. Figures within the report show that unemployment amongst the 27 EU members of the OECD rose by 2.0 percent, to 9.5 percent. The rate amongst the 16 Euro Area nations also increased by 2.0 percent, to 10 percent. Unemployment amongst the OECD’s “Major Seven” nations rose to 8.5 percent from 6.5 percent in November, 2008...

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France to Battle Piracy with Taxes

January 11, 2010 Taxation in EUTaxation in France

BarcampParis7The French Government could soon begin to tax online advertising revenues to subsidize upkeep of the country’s cultural heritage and initiatives to reduce piracy.

The French Cultural Ministry has published a report suggesting a new tax on the online advertising revenues of companies established in the European Union, generated from the use of their services in France. The report, which was published in early January, recommends that a tax of no more than 2 percent be installed, and estimates that government revenues of up to €20 million could be garnered annually. Online internet giant Google will be one the hardest hit by the proposal, with an annual advertising revenues £720 million in France, leading to many dubbing the idea as the “Google tax”.

On January 9th French President Nico...

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Tax Amnesty Yields 10 000 Disclosures

January 8, 2010 Offshore BankingTaxation in UK

studying till the sun goes downNearly 10 000 UK nationals have opted to reveal their hidden offshore assets in the HM Revenue & Customs’ [HMRC] tax amnesty program.

The New Disclosure Opportunity (NDO), whose deadline closed on January 4th, is expected to result in £500 million retrieved in unpaid taxes and subsequent penalties over the next three years. The number of declarations is far below that of a similar scheme run by the HMRC in 2007, which yielded 45 000 disclosures. Yet according to HMRC statements, the department is not disappointed with the achieved results, as it has dealt with “more niche banks” with higher-asset base clients.

Having completed the initial steps of its NDO, the HMRC is promising to increase efforts into investigating tax evasion which utilizes offshore accounts to hide assets...

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Sarkozy Vows to Instate Carbon Tax

January 7, 2010 Taxation in France

Nicolas SarkozyFrench President Nicolas Sarkozy has vowed to amend and instate a new carbon tax in France, after his original attempt was deemed to be unlawful.

Speaking at the first cabinet meeting of 2010, on January 5th, Nicolas Sarkozy informed ministers that he intends to see a new carbon tax law implemented in the country and come into effect on July 1st. The tax is expected to raise €3.5 billion annually, which will be used to aid households in reducing energy consumption. If successful, the carbon tax laws will see France as the largest economy so far to implement a carbon levy.

The carbon tax laws were initially planned to come into effect on January 1st, but were deemed unlawful by the French Constitutional Council on December 29th, 2009...

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Irish Tax Revenues Fall by 19%

January 6, 2010 Taxation in Ireland

The Four CourtsIreland’s total tax collections fell by €7.7 billion to €33 billion in 2009.

Figures released by Ireland’s Department of Finance show that the country’s economy and tax revenues are still reeling from last year’s financial crisis, though the situation is experiencing marginal improvements. According to the Exchequer Statement released on January 5th, tax collections for the 12 month ending in December were 3.9 percent lower than the Department’s targets, and down by 19 percent compared to 2008. Although the Exchequer deficit for the year was lower than expected, at €24.6 billion.

In 2009 only Corporate Tax and Excise duty collections exceeded government projections, rising by 4.3 and 1.4 percent, respectively, though in comparison to 2008 the figures dropped by 23 and 13...

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