Framework for German Tax Cuts Reached

October 21, 2009 Taxation in Germany  No comments

Negotiations between the proposed coalition of Germany’s Christian Social Union (CSU), Christian Democratic Union (CDU) and Free Democratic Party (FDP) have reached a framework for future tax cuts.

Following a weekend of negotiations, statements were made on Monday the 19th of October, releasing some indications of Germany’s future tax direction. Much detail concerning the agreements reached and projections created during the negotiations has been kept secret, but clear indication has been made that all involved parties are dedicated to providing tax cuts and attempting to revive Germany’s struggling economy.

Horst Seehofer, Head of the CSU, in an October 19th press conference, said “We will certainly see tax relief in 2011,” without elaborating on the exact scope of the cuts, he sim...

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Singapore Poised to Join OECD White List

October 20, 2009 International Tax CooperationTaxation in Singapore  No comments

With an amendment to its taxation laws, the jurisdiction of Singapore is verged on the edge of becoming an OECD White listed country.

The 19th of October saw the Singaporean government pass a new bill with the aim of combating cross-border tax evasion and ensuring that the nation’s laws are in compliance with international taxation standards. Following guidelines mooted by the Organisation for Economic Co-operation and Development (OECD), the country’s Income Tax Act has been altered to allow other complying nations to request information from Singapore concerning possible cases of tax evasion.

Currently being placed on the OECD’s “Grey list” of nations, Singapore is deemed to be a country which has agreed to improve its taxation transparency but is yet to substantially apply appropria...

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ASB Could Settle in IRD’s Tax Hunt

October 19, 2009 Taxation in New Zealand  No comments

New Zealand’s ASB bank has given indicators that it may settle with the Inland Revenue Department (IRD) in their structured financing tax evasion case against the bank.

Warwick Bryan, Investor Relations Analyst for the Commonwealth Bank of Australia (CBA), made indications that ASB Bank might opt for an out of court settlement with the IRD, who is pursuing the bank for allegedly evaded tax liabilities.

While commenting on Westpac Bank’s loss of a similar case against the IRD, Warrick Bryan said that there had not been a court hearing date set for ASB. Further, he claimed that the bank might not receive a date in the current fiscal year, and went on to say “But then it may never go to court and it may be settled in some way”.

At the same conference, it was revealed that ASB expects its to...

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EU and South Korea Initial FTA

October 17, 2009 International Tax CooperationTaxation in EUTaxation in South Korea  No comments

The European Union (EU) and South Korea have initialed a Free Trade Agreement (FTA).

After a series of negotiations and two legal review meetings in July and September, the FTA between South Korea and the EU came to be initialed on the 15th of October. The FTA document was signed by Catherine Ashton, EU Trade Commissioner, and Kim Jong-hoon, South Korean Trade Minister, in a ceremony in Brussels.

The Free Trade Agreement is heralded as one of the most important agreements of its kind to be signed by the EU. Virtually all tariffs charged on the approximate €65 billion worth of trade between EU and South Korea will be eliminated within seven years of the official signing of the document. Estimates have placed the value of the agreement at €19 billion.

Remarking on the signing of the trea...

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7,500 American Offshore Accounts Admitted To

October 15, 2009 Offshore BankingOffshore TaxationTax HavensTaxation in USA  No comments

According to the US Internal Revenue Service (IRS), 7,500 offshore account holders have revealed their details in exchange for leniency on their subsequent judgment.

In an effort to curb tax evasion and retrieve tax liabilities avoided through offshore accounts, the IRS is offering a tax amnesty program which sees lower penalties and prosecution avoidance for those harboring money overseas. The program which requires submissions to be made by 5pm on October 15th, has now received over 7,500 applications. According to IRS statements, admittances of offshore accounts have ranged from US$10,000 to over US$100 million in value...

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