Chance to Participate in Tax Amnesty Extended

December 1, 2009 Offshore BankingOffshore TaxationTax HavensTaxation in UK

Day 62The UK’s HM Revenue & Customs (HMRC) has announced that the deadline for their offshore investment tax amnesty program – New Disclosure Opportunity (NDO) – has now been moved forward to January 4th.

Originally the NDO program, which ran from September 1st, 2009, required offshore account holders to disclose their obligations before November 30th. Speculation concerning possible extensions to the tax amnesty circulated throughout the media in the last week before the deadline. On November 27th Dave Hartnett, HMRC’s Permanent Secretary for Tax, finally confirmed the updated timeline for the current tax amnesty...

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UBS Threatens to Leave Switzerland

November 30, 2009 Taxation in EUTaxation in Switzerland

UBSAs a new and unpredicted move, the media has discussed the possibility that UBS could relocate to outside of Switzerland.

Allegations have surfaced that during a speech given at a closed-door Zurich Business Club event on November 26th, Oswald Gruebel, Chief Executive of UBS, told an audience of prominent business figures that if the Swiss government creates too many new regulatory demands on major banks, UBS could relocate its headquarters to a more favorable jurisdiction. The chief reason behind such a move is the concern that the Swiss Government could force major banks to be reorganized as holding companies.

Such concerns arise as a result of continued discussions within the Swiss Government centering on providing an extra layer of protection for the national financial sector...

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Tax Amnesty Could Be Extended

November 27, 2009 Offshore BankingTaxation in UK  No comments

Day 62
The UK’s HM Revenue & Customs (HMRC) is expected to extend the due date for its tax amnesty program – New Disclosure Opportunity (NDO) – to January 4th.

The amnesty was initiated on September 1st and the original deadline was indicated to be November 30th, 2009. The new deadline is expected to be January 4th, 2010. Payments associated with the tax amnesty will be due by March 12th, 2010.

The HMRC estimates that there are currently 400,000 offshore bank accounts held by UK citizens, at least 20% of them are assumed to be avoiding their tax obligations. The amnesty provides the offenders with an opportunity to declare their offshore bank accounts, to fulfill their tax obligation, and face an additional penalty of only 10%...

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Gambling Taxes Increased

November 27, 2009 Taxation in Bulgaria  No comments

RouletteThe National Assembly of Bulgaria has approved the increase on all of the country’s gambling taxes to a unified rate of 15%.

On November 26th, the National Assembly of Bulgaria voted and approved amendments to the country’s Corporate Income Act, which will see levies on sports gambling, casino games, the lottery and any other gambling activity being taxed at 15% of their annual revenue. Also, quarterly taxes on gambling machines will be set at BGN 500 (approx EUR 250) , while a roulette table will attract a tax liability of BGN 22,000 (approx EUR 11,000).

Currently, sports gambling is taxed at a 10% rate, and all other types of gambling are levied at 12%. Quarterly taxes on gambling machines are currently set at BGN 300 and roulette tables are charged BGN 18,000...

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New Zealand’s Tax System is Unsustainable

November 26, 2009 Taxation in New Zealand  No comments

According to the Tax Working Group, a New Zealand Government sponsored think tank, the country’s tax system is unsustainable. The conclusion was presented in the summary paper of the Tax Working Group’s fifth meeting, published November 25th. Growth, fairness and integrity issues – were concluded to be the primary aspects of the problem.The meeting summary also stated that the country’s tax base needs to be broadened for these to be resolved.

The Tax Working Group is a New Zealand government initiated project, involving twelve private and academic sector taxation experts. According to Bob Buckle, Chairman of the Tax Working Group, the group “will consider topics like the fiscal framework, the structure of personal income tax, corporate tax, GST and the integrity of the tax system”.

The mee...

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