Goverment Ministry tagged posts

Greece to Improve Tax Department Transparency

May 26, 2010 Taxation in Hong Kong

GramvousaThe Greek Government has set out to deliver vast improvements to the integrity of its national tax administration department. The efforts have been initiated with the investigations and dismissal of employees suspected of tax evasion, corruption, smuggling, and other illegal activity.

On May 25th the Finance Ministry of Greece announced a set of sweeping investigations and terminations into employees suspected of illegal activities. According to a statement released by the Ministry, 20 tax-office directors have already been fired for failing to meet preset collection targets. A total of 234 employees have also been selected to be scrutinized for not filing personal tax returns in the 2007-2008 financial year. The property holdings of an additional 70 employees will also be examined...

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Switzerland Considering New Bank Taxes

April 13, 2010 Taxation in Switzerland

It's all 'bout the money IIThe Swiss Government is currently investigating the possibility of implementing new tax measures for banks, levied on risk and excessive employee-bonus payments.

A Swiss Parliamentary committee is currently examining proposals on how to lower risk-taking and add extra stability to the nation’s banking sector. The committee is due to submit a final report with its recommendations before April 23rd. While most measures discussed within the report are expect to be revealed only upon its final release, two possible taxation measures have been announced early. The committee is investigating a proposal to implement a tax on bonuses issued to bank workers, as already implemented in the UK...

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New Zealand and Hong Kong Develop Cooperation

March 30, 2010 International Tax CooperationTaxation in Hong KongTaxation in New Zealand

Night Lights in Hong KongThe Governments of New Zealand and Hong Kong have signed a Closer Economic Partnership (CEP) agreement and engaged to begin negotiations for a Double Taxation Agreement (DTA) in October.

The Hong Kong Government showed its continued commitment to meeting international standards on taxation transparency and forming closer economic ties with economies worldwide by announcing on the March 29th the signing of its first CEP agreement outside of mainland China, and intentions to begin negotiations for a future DTA agreement with New Zealand...

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Singapore Keeping Taxes Competitve

March 10, 2010 Taxation in Singapore

Interactive Session - Low Carbon - World Economic Forum on East Asia 2009Lim Hwee Hua, Second Finance Minister of Singapore, delivered a speech reassuring national MPs that the Government is taking adequate measures to maintain a competitive and fair tax system.

The speech delivered to the Singapore Ministry of Finance’s Committee of Supply Debate 2010 on March 9th, was intended to address the issues raised by members of the Committee on situations faced by Singapore and its Government. Among other topics, the speech sought to quell the concerns of several Members of Parliament (MPs) regarding taxation matters, citing multiple instances which showed that the Singapore Government’s taxation system had already adequately addressed the issue.

In regards to treatment of national businesses, the Finance Minister said that the measures implemented to boost expan...

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Brazil Reports Significant Budget Improvement

February 26, 2010 Taxation in Brazil

To the groupThe Central Bank of Brazil has reported that the national budget surplus rose to BRL16.19 billion (approx. USD 8.8 billion) in January, a marked improvement over the previous month, and over the same period in 2009.

Signaling an economic recovery for the country, the Brazilian Government has announced that it has experienced the second highest budget surplus ever recorded in the month of January for the country. The surplus, which included revenues from the federal government, local governments and state enterprises, had increased to BRL16.19 billion (approx. USD 8.8 billion), compared to BRL7.36 billion (approx. USD 4.05 billion) indicated in January 2009, and compare to BRL276 million (approx. USD152 million) in December 2009...

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