France: Increases Targeted VAT

October 31, 2011

To reduce the country’s deficit next year and to preserve its AAA rating, the French government is considering the idea of increasing the value-added tax (VAT) in France to either 7% or 9% in certain targeted areas from prevailing 5.5% rate and at

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Australia: Detail tax incentives for infrastructure projects

October 26, 2011

The government of Australia proposed some incentives through its infrastructure projects to cover the tax loss and promote the private investment. The motto was to develop its infrastructure to remain a competitive economic nation for the

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Philippines : Urge for tax exemptions by the foreign airlines

October 26, 2011

Foreign airlines are forcing the Philippines’ Department of Finance to reduce the 2.5% Gross Philippine Billings Tax (GPBT) and the 3% Common Carrier’s Tax (CCT) to which they are subjected. The GPBT and CCT are levied on all revenues,

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Brazil: Auto Tax is Suspended by Court

October 24, 2011

It has been published on 24 October 2011 that the tax hike proposed by the Brazilian government on the manufacture of foreign cars has been suspended. The Brazilian Supreme Court has ruled the planned tax increase to be unconstitutional due to its

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TIEA Enters Into Force between Japan and Cayman Islands

October 20, 2011

The comprehensive tax information exchange agreement (TIEA) between Japan and the Cayman Islands will come into force on November 13, 2011. The TIEA was originally signed on February 7 this year. The agreement includes an agreed allocation of

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Hungary: Focusing to Phase Out ‘Crisis Taxes’ in 2012 Budget

October 19, 2011

Focusing on the provisions for a gradual phasing out of the crisis taxes levied on the country’s telecommunications, energy and retail sectors since 2010, the Hungarian Economy Ministry has recently submitted 2012 budget bill to the parliament.

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DTA between India and Philippines is under revision

October 18, 2011

There are on-going negotiations for a revision of the existing double taxation agreement (DTA) between India and the Philippines. The Finance Minister of India raised the issue, during his recent bilateral meeting with Philippines’ Finance

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Australia: New tax working group has been announced

October 17, 2011

A new tax working group has been announced in Australia to look at reforms that could increase productivity and deliver tax relief to struggling businesses. Developing a set of savings options within business tax, such as broadening the base and

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Norway : Budget Proposals of 2012 has been unveiled

October 13, 2011

To support a stable economy containing the Norwegian government has recently unveiled details of its 2012 fiscal budget. According to the declaration the overall level of taxation will remain unchanged in 2012. It also notes that there is scope for

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Mexico: Extension of the tax break for Export Companies

October 13, 2011

To provide incentives to the country’s export companies the President of Mexico has announced extension of the corporate tax break under the IMMEX scheme to December 31, 2013. The scheme has now been extended for another two years, from their

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Tax deal signed between Switzerland and UK

October 10, 2011

A landmark tax agreement concerning the taxation of UK investors’ income in Switzerland has been signed in London recently. The British Bank clients’ future investment income and capital gains in Switzerland will be subject to a final

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Canada: Budget to be implemented for 2011

October 05, 2011

A motion to implement Budget 2011 has been tabled on October 3, 2011, by the Canadian Minister for Finance. The Notice of Ways and Means Motion includes the previously announced tax measures referenced in Budget 2011 to implement. The Ministry

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