In 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 ... Read More

The 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 ... Read More

The 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 ... Read More

The 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 ... Read More

The 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 ... Read More