government officials tagged posts

Immigration to Boost Latvian Economy

August 30, 2010 Taxation in Latvia

Latvian flagIn order to bolster economy activity and government revenues Latvia has relaxed several of its immigration restrictions in an attempt to bring in greater levels of foreign capital and skilled employees into the country.

In July 2010 the Latvian Government amended its immigration policies to make it easier for non-European Union investors to obtain legal residency within the country. Under the new rules, non-EU residents can be granted a five-year residency permit if they meet any of the pre-set conditions. Currently the options include investing at least LVL 25 000 (approx. EUR 35 300) in a local business, purchasing real estate exceeding LVL 100 000 (approx. EUR 141 225), or depositing at least EUR 300 000 in a national savings account...

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Australia Settles on New Mining Tax

July 7, 2010 Taxation in Australia

PacLease-Sun Coast Resources-Peterbilt Model 379 deliveryThe Australian Government has scrapped its controversial proposed Resource Super Profit Tax (RSPT) in favor of a new Mineral Resource Rent Tax (MRRT) and an expanded Petroleum Resource Rent Tax (PRRT).

Last week the Government of Australia revealed its plans to drop the previously announced RSPT system and instate a new MRRT scheme. The levy will be enacted alongside an expansion of the current PRRT to cover both all onshore and offshore extraction of gas, oil and coal seam methane. Unlike the RST, which levied a headline tax of 40 percent on all mineral resource projects, the MRRT will only be applicable to coal and iron ore extraction. Further, the new system will only be levied on companies with annual “at the mine gate” earnings in excess of AUD 50 million...

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Australia Seeking Offshore Income Disclosures

June 2, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in Australia

Sydney HarborThe Australian Government is reminding tax payers of its current offshore income declaration initiative, which offers greatly reduced penalties in exchange for voluntary sharing of information.

On June 1st the Government of Australia issued a media release urging tax payers with undeclared offshore incomes to utilize the current Voluntary Disclosure Initiative. Michael D’Ascenzo, Tax Commissioner of Australia, stated that the program will end on June 30th and concessional penalty arrangements will no longer be offered upon the initiative’s completion. No indication was given as to the possibility of another program in the near future.

According to the Australian Tax Office (ATO), under the conditions of the program, an individual disclosing additional undeclared incomes exceeding AUD 20...

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Bulgaria Refuses VAT Hike

May 24, 2010 Taxation in Bulgaria

Alexander NevskiThe Bulgarian Government has given clear indication that it will not raise its Value Added Tax (VAT) rates in order to reduce the current budget deficit.

Speaking at a television interview on May 23rd, Simeon Djankov, Finance Minister of Bulgaria, denied any speculation regarding possible increases to the nation’s VAT rates. Economists across Europe, and political figures within the country, have called for a rise to the current 20 percent VAT flat-rate in order to eliminate the budget deficit. The current monetary imbalance has been cited as a serious hurdle to Bulgaria’s attempts to join the Euro in the near future, and is considered a pertinent issue by the Governement.

Simeon Djankov indicated that the Government will utilize its monetary reserves to plug any budgetary gaps...

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Germany and Canada Start Bank Tax Campaigns

May 21, 2010 International Tax CooperationTaxation in CanadaTaxation in ChinaTaxation in EUTaxation in GermanyTaxation in IndiaTaxation in USA

Prime Minister of Canada, Stephen Harper addresses the worlds mediaThe Government of Germany and the Government of Canada are initiating separate international bank tax campaigns, although, the two nations are pursuing for opposing views.

Ahead of the upcoming June G20 Summit in Toronto, Canada, the German and Canadian Governments are increasing efforts in swaying international Governments towards their views on the proposed introduction of an international bank tax system. At a conference on new financial regulations held in Berlin on May 20th, German Chancellor Angela Merkel stated “We will campaign for a tax on the financial markets and we will campaign for that at our (G20) summit in Canada...

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