government officials tagged posts

Details Emerging For UK Tax Changes

May 13, 2010 Taxation in UK

Day 115 - VoteDetails are emerging about the possible upcoming changes to UK tax system, following the creation of a new coalition Government between the Conservative Party and the Liberal Democrats. Despite both parties varying pre-election promises, a concise picture is beginning to emerge about possible alterations to taxes in the near future.

Following the UK’s May 6th General Election the Conservative Party and Liberal Democrats formed a coalition. The two parties are now attempting to consolidate their differing economic and taxation policies. Currently, the discussion revolves around National Insurance Contributions, Capital Gains Tax, and Inheritance Tax...

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Governments Worldwide Concentrate on Transfer Pricing

April 20, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax Havens

TaxGovernments across the world are reporting higher occurrence of transfer pricing, and are subsequently increasing efforts to curb tax evasion through the method.

Governments worldwide are becoming increasingly aware and focused on transfer pricing regulations. Several nations have recently announced that greater attention will be paid to the matter throughout tax audits conducted on multinational corporations throughout the 2010 and 2011 fiscal years.

In a recent press release, the Ho Chi Minh City Taxation Department revealed heavy tax revenue losses due to illicit transfer pricing practices. The Department announced that 60 percent of the 3,500 foreign-invested enterprises (FIEs) operating within the city had reported a loss in 2009...

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OECD Reviews Economic and Tax System of Finland

April 8, 2010 Taxation in Finland

Finnish National ParliamentThe Organization of Economic Cooperation and Development (OECD) has released its bi-annual Economic Brief of Finland, with an assessment of the country’s economy and tax system and recommendations for changes.

According to the newly published report, Finland was one of the OECD-member nations most effected during the global economic downturn, and, although, it had fared relatively well coming out of the contraction, economic changes must now be made. The proposed changes in the tax system will ensure enhanced tax efficiency and future economic sustainability. Among other recommendations, the OECD suggested a broadening of the tax system, with increases to Value Added Tax (VAT) and a shift of reliance away from corporate and personal taxes towards property taxes...

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More Germans Disclosing Hidden Funds

February 22, 2010 Offshore BankingOffshore TaxationTax HavensTaxation in GermanyTaxation in Switzerland

Swiss BankGerman nationals are declaring their hidden Swiss based assets in increasing numbers, after the Government disclosed its intention to purchase data on tax evaders with bank accounts in Switzerland.

The German Government has reported that its latest move in the fight against tax evasion is having a positive effect, with a sharply increased number of German nationals opting to voluntarily disclose their hidden bank accounts. Since the Government announced its intention to purchase information on 1 500 German tax evaders, an additional 3 021 voluntary declarations have been made to local tax authorities across the country. Four German states have already revealed that their combined disclosure holdings amount to €233 million.

On February 2nd the German Government announced its intention to ...

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European Commission Requesting Belgian Tax Change

February 4, 2010 Taxation in BelgiumTaxation in EU

Angel & National Flag of Belgium, Martyrs' Square - Place des Martyrs - Martelaarsplaats, Brussels, BelgiumThe European Commission (EC) has formally requested that the Belgian Government alter its legislation regarding taxation of interest and dividends received by foreign investment funds.

On January 28th the EC placed an official request to the Belgium Government to address its tax treatment of dividends and interest distributions to foreign owned investment funds, as it claims the current treatment is discriminatory and restricts the freedoms mandated by the Treaty of the European Union. Under current legislation, distributions made by a Belgian company to Belgian investment funds can be exempt from withholding tax, if the receiver meets a predetermined set of legal requirement concerning its investments and investors...

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