Hong Kong launches APA programme

18 May, 2012

On March 29, 2012, the Inland Revenue Department (“IRD”) took an important step forward by formalizing the Advance Pricing Arrangement (“APA”) programme in Hong Kong. The IRD issued Departmental Interpretation and Practice Notes Number 48

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Canada Promotes Budget’s Trade Benefits

06 April, 2012

Canada's 2012 Budget will help expand trade and open new markets for businesses, the Minister in charge has said. Ted Menzies, the Minister of State (Finance), spoke at the Economic Club of Canada in Ottawa to promote the benefits of the new Budget,

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UK Legislates For Budget Tax Measures

02 April, 2012

The UK government has published the Finance Bill 2012, which legislates for tax measures included in both the 2012 and 2011 Budgets. The Bill provides for an increase in the tax-free personal allowance to GBP 8,105 (USD12, 959) from April, 2012,

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Finland Unveils 2012 Supplementary Budget

28 March, 2012

On 28 March 2012, it was reported that the Finish government has recently unveiled details of its 2012 supplementary budget proposal, revising the tax revenue estimate upwards and providing for an increase in expenditure. It has also published

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UK Budget Delivers Tax Cuts

23 March, 2012

The UK has delivered a Budget that unashamedly backs businesses, slashing the top rate of personal income tax and accelerating corporate tax cuts. Currently charged at 50% on all income over GBP150, 000, from April, 2013 the rate will drop to

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Peru to Boost Tax Take

22 March, 2012

On 22 March 2012, Peru's Finance Minister announced that Peruvian authorities are to target non-compliant taxpayers, aiming to boost the tax take by 2.5% of gross domestic product (GDP) within a four-year period, whilst maintaining tax rates. The

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UK Blocks Tax Avoidance Scheme

28 February, 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

20 February, 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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China’s Tax Revenues Rise in 2011

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

08 February, 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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Hong Kong Reduces Taxes to Support Growth

02 February, 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

01 February, 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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Settlement of Small Tax Debts by 120,000 Italians

29 December, 2011

120,000 taxpayers have taken the opportunity to settle their small tax debts with the Revenue Agency In accordance with the tax administration provisions of the Italian budget approved in July 2011. From July, by immediately paying the tax due,

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Budget deficit is shrinking in Canada

29 December, 2011

According to the latest Fiscal Monitor published by the Canadian Ministry of Finance the Canadian monthly budgetary deficit has fallen remarkably per annum. According to them the revenue increased by 8.1% each year as a result of higher personal

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Austria – Mulls wealth-related taxes in EUR10bn package

29 December, 2011

Austrian Chancellor Werner Faymann and Vice Chancellor Michael Spindelegger recently united on plans for a five-year budgetary consolidation package, amounting to a total volume of around EUR10bn (USD13bn), to be agreed by the end of February

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2012 Budget issued by the Japanese government

28 December, 2011

The Government of Japan has approved and submitted a JPY90.3 trillion budget for the next fiscal year, beginning on April 1, 2012. The proposed budget will be presented to the country’s parliament early in 2012. The Japanese government has

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“Save Italy” Budget is approved

27 December, 2011

The Italian government has finally approved the "Save Italy" budget with few modifications, except for those previously agreed by the government. Despite continued opposition from different groups, especially, the trade union to the pension reforms

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2012 Budget has been restored by the French Deputies

20 December, 2011

In order to achieve its ambitious deficit reduction targets, the French National Assembly has essentially restored the initial bill proposed by the government, which contains a raft of targeted tax rises and cuts in public spending. Certain

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