French Senators Axe Tax Break for Overtime Hours
It has been published on 30 July 2012 that, within the framework of its examination of the country’s second 2012 supplementary finance bill, the French Senate has abolished the tax exemption applicable to overtime hours in France, a measure
See MoreSingapore: Strengthen DTA Network
In a speech on 25 July 2012, at the international tax forum organized by the Tax Academy and CPA Australia, Singapore's Minister of State for Finance and Transport disclosed that Singapore was looking to strengthen its network of double taxation
See MoreChina and Hong Kong Special Administrative Region (SAR) update
According to an announcement made in October 2011, a Value-Added Tax (VAT) pilot program will be introduced in Shanghai in January 2012, replacing the business tax in selected industrial sectors. Following the early success of that pilot, it looks
See MoreSouth Africa: Introduces Tax Amendment Bills
It was published on 11 July 2012 that the South African National Treasury has released, for public comment prior to their formal introduction in parliament, the draft 2012 Taxation Laws Amendment Bills which give effect to most of the 2012
See MoreCanada: welcomes IRS tax return help
Canadian Finance Minister has welcomed the US government's decision to help dual citizens residing in Canada deal with their US tax filing obligations. The Internal Revenue Service (IRS) will also offer assistance to those with Canadian retirement
See MoreJapan’s Government and Opposition Agree Tax Deal
It was reported on 19 June 2012 that the Japanese Prime Minister has been successful in reaching a deal with opposition parties, and, in particular, the Liberal Democratic Party (LDP), on his plan for future hikes to the country’s consumption tax
See MoreItaly introduces tax measures for growth
The Italian government has issued its long-awaited decree aimed at boosting growth in the economy, particularly through tax incentives for construction companies, infrastructure projects and energy efficiency. Corrado Passera, the Economic
See MoreHong Kong: No Tax Cut for SMEs
It was reported on 31 May 2012, that the government will not introduce a lower profits tax rate for micro-enterprises. There were about 300,000 small and medium-sized enterprises (SMEs) in Hong Kong by the end of 2011, accounting for more than 98%
See MoreUK: Tax Calculator App Launched
On 30 May 2012 it was reported that a new mobile phone application launched by HM Revenue and Customs (HMRC) will allow UK taxpayers to calculate how much tax they pay and how the government spends it. The app hints at the type of information which
See MoreHong Kong launches APA programme
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
See MoreCanada Promotes Budget’s Trade Benefits
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,
See MoreUK Legislates For Budget Tax Measures
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,
See MoreFinland Unveils 2012 Supplementary Budget
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
See MoreUK Budget Delivers Tax Cuts
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
See MorePeru to Boost Tax Take
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
See MoreUK Blocks Tax Avoidance Scheme
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
See MoreChina to pursue tax reforms
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
See MoreChina’s Tax Revenues Rise in 2011
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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