Switzerland Yields To US Tax Demands
Following mounting pressure from the US attorney's office, Switzerland has
finally handed over to US investigators comprehensive, encrypted, banking data
pertaining to eleven Swiss banks, alleged to have aided wealthy Americans to evade
US taxes amounting to billions of euros.
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Hong Kong Reduces Taxes To Support Growth
Hong Kong's Financial Secretary, John C Tsang, has unveiled a 2012/13 Budget
which proposes a wide range of tax concessions aimed at supporting businesses
and individuals, who face a possible global economic slowdown.
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EC Asks Ireland To Modify Motor Tax
The European Commission has requested that the Irish government modify its taxation of motor vehicles less than three months old.
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Malta Signs TIEA With Gibraltar
Malta has welcomed the signing of a Tax Information Exchange Agreement with Gibraltar,
which will provide both countries with tax information on request when there is evidence of fiscal crime.
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UK Gives Commonwealth Games Athletes Tax Boost
Athletes resident outside of the UK who compete at the 2014 Commonwealth Games will be exempt from income tax, the government has announced.
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IOM To Cut Compliance Burden On Self-Employed
The Isle of Man Treasury has launched a consultation which proposes improvements to the collection of National Insurance contributions, to bring the Income Tax and National Insurance systems into alignment where possible.
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Barbados Modernizes Land Tax Administration
Barbados has announced that it will soon roll out its online portal for taxpayers to view and pay their land tax bills online, although the system is not yet available for foreign property owners.
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Ireland Launches Immigrant Investor Programme
The Irish government is to introduce two major new immigration initiatives aimed at encouraging non-European migrant entrepreneurs and investors.
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Taiwan Eases Expat Worker Rules
A revision to the Employment Services Act passed by Taiwan's parliament
has not only extended the maximum number of years that foreigners may work in
Taiwan from nine to twelve years, but also lowered the fine for late payment of
their employment stabilization fees.
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Singapore's Tax System To Remain Progressive
Prior to his presentation of the 2012 Budget on February 17, Tharman Shanmugaratnam,
Deputy Prime Minister and Minister for Finance and Manpower has looked at how Singapore's
progressive tax policies are building 'a fair and inclusive society',
during his remarks to an Institute of Policy Studies conference.
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Cable Keeps UK Mansion Tax On The Agenda
A mansion tax is a 'very good idea', the UK Business Secretary Vince Cable has said, calling for the levy to be introduced in the upcoming Budget.
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Jersey Hits Back At Labour's Tax Haven Slur
Jersey has responded to comments made by Ed Milliband, the leader
of the opposition Labour Party party in the United Kingdom, urging that action should be taken by the European Union against British Crown Dependencies,
including Jersey.
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Guernsey Reforms Inheritance Law
The Guernsey government has noted the newly adopted Inheritance (Guernsey)
Law, 2011, which is due to come into force on April 2, 2012.
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Costa Rican Compliance Drive Brings Down Deficit
The Costa Rican government has said that increased efforts to tackle tax avoidance and evasion
yielded a deeper-than-expected reduction in the territory's fiscal deficit
during 2011.
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Irish Revenue Chief Apologies For Pension Tax Farce
The chair of the Irish Revenue Commissioners has been forced to apologise for the distress caused by the disclosure that thousands of Irish pensioners are to face unexpected tax charges.
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Hong Kong Property Deals Down Sharply
The Land Registry of Hong Kong has announced that it recorded 108,814 sale and purchase agreements for all building units for 2011, down 33.1% year on year and down 18.8% when compared with 2009.
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US Reopens Offshore Disclosure Scheme
The United States Internal Revenue Service has reopened the offshore voluntary disclosure
program after reporting continued strong interest in the scheme from taxpayers and tax practitioners following the
closure of two previous initiatives.
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South Korea Issues English Tax Guide For Expatriates
In order to provide additional assistance for expatriates working in South Korea,
the National Tax Service has issued an updated version on its website of
its Easy Guide for Foreigners' Year-end Tax Settlement, written in English.
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Guernsey To Levy Immigrant Fees
Fees are to be introduced by Guernsey for citizens from non-EU countries wishing
to stay permanently or on a temporary basis from February 2012, in line with fees
in place in other territories such as the UK.
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Taiwan Adjusts Non-Resident Withholding Tax Threshold
Following an increase in the minimum wage in Taiwan, the monthly salary threshold
of the 6% withholding tax rate for non-residents in the country will be increased
to TWD28,170 from January 1, 2012.
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