US Leniency Program Nets 14,700

November 18, 2009 Offshore BankingTax HavensTaxation in USA  No comments

The US Internal Revenue Services (IRS) has announced that their voluntary tax disclosure program has resulted in over 14,700 submissions.

It was revealed on November 17th by Doug Shulman, IRS Commissioner, that the US tax disclosure leniency program has been met with “unprecedented success”. Describing the achievement he said, “To put it simply, this is a historic milestone for the nation’s hardworking taxpayers”.

In the wake of the US Department of Justice’s (DOJ) legal action against Swiss bank UBS, the leniency program has received an unparalleled number of submissions. Far surpassing the annual average of 100 voluntary submissions, the final number has even doubled the IRS’s initial estimate of 7,500 disclosures.

Those who apply for the voluntary disclosure program and agree to pay a...

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Business Leaders Want US Tax Credit for Electric Cars

November 17, 2009 Taxation in USA  No comments

The Electrification Coalition has called on the US Government to give tax credits to purchase of all-electric cars. The thirteen member group of prominent business leaders, which was launched on November 16th, has stated that they wish to see the US Government provide heavier subsidization to the electrification of the country’s fleet of cars.

At its launch in Washington D.C, the Electrification Coalition also released their Electrification Roadmap, which outlines its proposed plan to see 100 million fully electric cars on the roads of the US by 2030. It begins with the proposal to launch electrification projects in six to eight cities across the US. This is accompanied, ideally, by significant raises in subsidizes for electric car purchases, which now stand at a maximum of US$7,500...

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Netherlands to Reinvent Car Taxes

November 16, 2009 Taxation in Netherlands  No comments

The Netherlands government is looking to eliminate car sales and road-user taxes, replacing them with distance taxes, calculated from GPS-devices.

The Dutch cabinet passed legislation on November 13th that proposed to replace traditional annual road user charges and sales tax on cars with one system that will levy drivers based on distance driven. The new scheme will implement GPS-tracking devices in every car, which will record the driven distance, time of drive and time taken. The information will be automatically sent off and an appropriate bill will be sent out.

If passed by the Dutch parliament, the distance tax will come into effect in 2012, and begin charging at a base rate of €0.03 per kilometer...

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More Calls for UK Transaction Tax

November 13, 2009 Taxation in UK  No comments

The UK’s Trades Unions Congress (TUC) has called for the country to create a financial transaction tax.

According to statements released by TUC on November 11th the UK needs to begin taxing financial institutions in order to aid in repairing the damage done to the economy. TUC claims that this could be done with a 0.05% levy on some inter-institution financial transactions.

The TUC proposal would see a levy on transactions through the Clearing House Automated Payments System (CHAPS), a system used primarily by banks for making same day, irrevocable payments. The idea extends to equally levying any new system that arises and shares functional properties with CHAPS. According to TUC estimates, such a levy could have raised £37 billion in 2008...

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Liechtenstein Moves to OECD White List

November 12, 2009 International Tax CooperationTaxation in Liechtenstein  No comments

Liechtenstein has completed the necessary tax information agreements to be moved to the Organization for Economic Co-operation Development’s (OECD) “White List” of countries.

It was reveled on November 11th by Klaus Tschütscher, Liechtenstein Prime Minister, that the nation will be considered as adequately complying with the G20’s and OECD’s efforts to combat international tax evasion. By signing Tax Information Exchange Agreements (TIEA) with Belgium and Netherlands, Liechtenstein has brought their total agreement number to the required minimum of twelve to be judged as having substantially implemented the internationally agreed standard in exchange of fiscal information...

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