Jan 10, 2012
WASHINGTON D.C. – Following the success of previous US offshore voluntary disclosure programs, the US tax authorities are once again offering taxpayers an incentive to reveal information about any bank accounts they have hidden overseas. On January 9th the US Internal Revenue Service (IRS) announced that it has initiated another Offshore Voluntary Disclosure (OVD) program [...]
WASHINGTON D.C. - Following the success of previous US offshore voluntary disclosure programs, the US tax authorities are once again offering taxpayers an incentive to reveal information about any bank accounts they have hidden overseas.
On January 9th the US Internal Revenue Service (IRS) announced that it has initiated another Offshore Voluntary Disclosure (OVD) program for taxpayers to declare their hidden offshore assets in exchange for lowered penalties.
The new program started on the day of the announcement, and will continue indefinitely. Taxpayers ... Read More
Jan 9, 2012
LONDON – Due to the present economic conditions and potential political ramifications, the UK’s 50 percent income tax rate will not be scrapped in the near future, and is likely to be maintained until at least 2015, unless evidence is found that it is causing harm to the economy. In a television interview with the [...]
LONDON - Due to the present economic conditions and potential political ramifications, the UK’s 50 percent income tax rate will not be scrapped in the near future, and is likely to be maintained until at least 2015, unless evidence is found that it is causing harm to the economy.
In a television interview with the BBC held on January 9th the Prime Minister of the UK David Cameron said that the country’s top marginal tax rate, which is currently set at 50 ... Read More
Jan 3, 2012
SEOUL – Korea has instated a new income tax, which will raise tax liabilities for the country’s richest individuals. On December 31st the National Assembly of Korea voted in a bill to introduce a new income tax bracket and a higher rate of income tax for the country’s highest earning taxpayers. The new tax rate [...]
SEOUL - Korea has instated a new income tax, which will raise tax liabilities for the country’s richest individuals.
On December 31st the National Assembly of Korea voted in a bill to introduce a new income tax bracket and a higher rate of income tax for the country’s highest earning taxpayers. The new tax rate of 38 percent will apply to individuals earning in excess of KRW 300 million annually. Previously, the highest individual income tax rate in Korea was 35 percent. ... Read More
Dec 23, 2011
ROME – Italy has approved its long discussed austerity package, which introduce new taxes and changes to economic policies. At a session of the Senate of Italy on December 22nd, Italian policymakers gave final approval to a proposed austerity package aimed at eliminating the country’s budget deficit by 2013 and injecting new life into the [...]
ROME - Italy has approved its long discussed austerity package, which introduce new taxes and changes to economic policies.
At a session of the Senate of Italy on December 22nd, Italian policymakers gave final approval to a proposed austerity package aimed at eliminating the country’s budget deficit by 2013 and injecting new life into the economy.
The austerity measures will include a new tax on all real estate in Italy, including residential and commercial properties.
Also, the national retirement age will be raised to ... Read More
Nov 29, 2011
SUVA – The government of Fiji is taking action to eradicate poverty in the country by lowering taxes for almost all of the nation’s taxpayers. Over the weekend the Prime Minister of Fiji Frank Bainimarama made his annual budget address in Suva, announcing a number of tax changes aimed at lowering tax burdens for the [...]
SUVA - The government of Fiji is taking action to eradicate poverty in the country by lowering taxes for almost all of the nation’s taxpayers.
Over the weekend the Prime Minister of Fiji Frank Bainimarama made his annual budget address in Suva, announcing a number of tax changes aimed at lowering tax burdens for the majority of taxpayers, and raising taxes for the country’s highest earners.
From the start of next year the tax threshold in Fiji will be raised to ... Read More
