UK Blocks Tax Avoidance Scheme

February 28, 2012

On 28 February 2012 it was reported that the UK has taken steps to close what it calls two highly abusive tax avoidance schemes, disclosed to HM Revenue and Customs (HRMC) by a bank. The aggressive schemes are designed to work around legislation

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China to pursue tax reforms

February 20, 2012

According to a statement by China’s State Council, after a meeting chaired by Premier Wen Jiabao, the government promised to push forward its structural reform programmes, including tax measures, to improve the country’s economic development and

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Ireland Unveils New Tax Incentives

February 17, 2012

On 17 February 2012 it was reported that tax reform features heavily in Ireland's new Action Plan for Jobs, a package designed to boost job creation and establish Ireland as the best small country in which to do business. Reforms include the

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China’s Tax Revenues Rise in 2011

February 16, 2012

Recently released final figures from China’s Ministry of Finance show that, in 2011, its tax revenue reached a total of RMB8.97 trillion (USD1.42 trillion), an increase of more than RMB1.65 trillion or 22.6% over the previous year. The significant

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Thailand Increases Bank Tax

February 16, 2012

From July 31, 2012, all banks in Thailand will have to pay an increased levy to help fund the public debt that arose out of financing their rescue during the 1997 Asian financial crisis. In order that the government will be able to borrow additional

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Russia- Introduces new Transfer Pricing Rules

February 12, 2012

New Federal Law FZ-227 of 18 July 2011 which enacted comprehensive transfer pricing rules entered into force on 1 January 2012. According to the new Law, companies falling under the scope of transfer pricing rules will be obligated to disclose

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US: IRS has new online tool for “Lower-Paid Taxpayers”

February 08, 2012

As part of its effort to improve service to taxpayers, the United States Internal Revenue Service (IRS) has announced the availability of a new online tool to help taxpayers to find more easily a location for volunteer tax preparation

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FTA between Peru and Mexico Comes Into Force

February 03, 2012

An updated free trade agreement (FTA) between Peru and Mexico, which extends preferences to 12,000 tariff lines, entered into force on February 1, 2012. The agreement, signed on April 6, 2011, supersedes the existing 8th Economic Complementation

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Hong Kong Reduces Taxes to Support Growth

February 02, 2012

On 2 February 2012 Hong Kong’s Financial Secretary 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. The Financial Secretary said

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Italy- Tax Court Renders Decision on “Best Method” Rule

February 01, 2012

Recently Italy’s Regional Tax Court of Lazio has given an important decision regarding the selection of methods for determining inter-company prices. An Italian company acting as toll manufacturer on behalf of a related foreign company, set

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