Parliament tagged posts

EC Delays on EU Carbon Tax

June 25, 2010 International Tax CooperationTaxation in EU

Sunset smokeA European Commission (EC) debate on a proposed European Union-wide Carbon Tax has proven fruitless, with the Commission opting to delay a decision into the future.

On June 23rd the European Commission held an initial debate on a Carbon Tax proposal brought forward by Algirdas Semeta, EC Commissioner on Taxation. The debate resulted in the EC only resolving to engage in an impact assessment of an EU-wide Carbon Tax system, with no headway made towards dismissing the tax or initiating a legislative approval process. A similar assessment had already been held in 2008 for a previous Carbon Tax proposal. Although the EC now deems it necessary to reassess the tax’s impact on the current economic environment.

Despite the lack of results from the debate, Emer Traynor, spokeswoman for Algirdas S...

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Japan Considering Sales Tax Hike

June 21, 2010 Taxation in Japan

Watermark on Japanese 10,000 Yen Note, Macro PhotoThe Japanese Government is considering doubling the national Sales Tax rate, in order to curb the national public debt while retaining current levels of public services.

Late last week Japanese Prime Minister Naoto Kan declared the need for the Japanese Government to carryout comprehensive reforms to the nation’s tax system and drastic cuts to public spending, and called opposition parliamentary members to join in supporting his proposal. Naoto Kan also revealed that he is willing to consider doubling the current 5 percent national Sales Tax.

The Prime Minister revealed that an exact tax rate will be finalized by March 2011, and for the purposes of initial investigations, the 10 percent rate will be used as a “reference point”...

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Greece Passes New Tax Code

April 16, 2010 Taxation in Greece

George PapandreouThe Parliament of Greece has approved an extensive overhaul of the country’s tax code, in a concentrated effort to revive national finances and stem tax evasion.

On April 15th the Greek Parliament approved a controversial and widely discussed new tax code aimed at reforming the country’s taxation landscape. Filippos Sahinidis, Deputy Finance Minister of Greece, described the aim of the new bill, saying, “This is an important piece of legislation to deal with the major problem of tax evasion and other chronic problems for tax revenues.”

Under the new laws, personal income taxation will see a significant overhaul. Preferential tax treatment previously enjoyed by several industries have now been re-appealed, and replaced with the standard tax brackets...

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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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EP Pushes for Further Development Aid

March 29, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in EU

EU flag in the Guinness Book of Records 14.04.2009The European Parliament (EP) Member nations have passed a resolution committing to expand their efforts to assist poorer countries. Proposed measures included greater transparency in tax haven jurisdictions, a new tax on financial transactions, sharing of profit from the European Union Emissions Trading System (EUETS), a temporary debt repayment moratorium, and reducing remittance costs.

The European Parliament (EP) passed a tabled resolution on March 25th, which stated that it is the EU’s obligation to assist developing nations in recovering from the financial crisis. The resolution that received 283 in favor votes, 278 against, and 15 abstentions, forwarded several key suggestions for the aid of developing nations...

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