Search Results for: Tax
Hong Kong Approves Budget Tax Cuts
July 1st, 2014
Hong Kong’s Secretary for Financial Services and the Treasury Professor KC Chan has welcomed the passage of the Inland Revenue (Amendment) Bill 2014 by the Legislative Council on June 25, which gave effect to two major revenue measures proposed ...
Offshore Tax Crackdown Opens With 30% Penalties for Banks
June 30th, 2014
The Internal Revenue Service is about to get an unprecedented look at bank accounts and investments U.S. citizens hold abroad, through a law that is making it harder to hide assets from the tax collector. Tomorrow, the U.S. government ...
IMF Calls For Greater Global Cohesion In Taxation Of Multinationals
June 30th, 2014
The International Monetary Fund (IMF) released a report on June 25, 2014, which explores the nature and policy implications of cross-border effects from national corporate tax policies. The report, entitled Spillovers in International Corporate Taxation, highlights how these effects ...
New tax reliefs complicate the system and offer more opportunities for tax avoidance’ MPs warn
June 27th, 2014
A committee of MPs has accused the Government of creating more opportunities for tax avoidance by introducing new tax reliefs which cost the country £100billion a year. The Government’s Office of Tax Simplification has introduced 134 new tax reliefs ...
Spain To Slash Income Tax Rates
June 26th, 2014
The Spanish Cabinet on June 20, 2014, approved reductions to corporate and individual income tax rates to boost investment and employment. Under the changes, the corporate tax rate will fall from 30 percent to 28 percent in 2015, and ...
Japan reveals plans to cut corporate tax to below 30%
June 24th, 2014
Japan has unveiled plans to cut the country’s corporate tax to below 30% in several stages starting next year. The move is part of Prime Minister Shinzo Abe’s plan to revive the economy, a pledge made when he took ...
Qatar Rejects Tax Exemption For Foreign Investors
June 23rd, 2014
Qatar’s Advisory Council has rejected a proposal to exempt foreign individuals and institutional investors from capital gains and income tax on domestic stock market investments. The proposal, which was approved by the State Cabinet and the Financial and Economic ...
UBS Belgium Chief Charged in Multibillion-Euro Tax Probe
June 20th, 2014
Marcel Bruehwiler, chief executive of UBS AG’s (UBSN) Belgium unit, was charged in Brussels as part of a probe into a multibillion-euro tax fraud, accelerating the latest tax-evasion inquiry facing the Swiss bank. Prosecutors said the investigation deals with ...
Tax avoidance company threatens to sue Deloitte
June 18th, 2014
Icebreakers Management, the company behind the tax avoidance scheme used by pop band Take That, has threatened Deloitte with legal action. Icebreaker Management created the Icebreakers tax avoidance scheme which was used by Take That stars Gary Barlow, Howard ...
Japan’s Abe Confirms Corporate Tax Cuts From 2015
June 17th, 2014
Prime Minister Shinzo Abe has confirmed that Japan’s effective corporate tax rate will be reduced from its current rate of up to 36 percent to below 30 percent in the next few years. A first cut is expected to ...
