Weekly Tax Newsletter

Republicans Fail To Kill US Death Tax 23/07/2010
The latest attempt by Republican Senator Jim DeMin in the US Congress to permanently repeal estate tax, which is due to kick back in at pre-2001 levels next year, has stalled in the Senate. Click here for full story

Sarkozy Seeks 'Fiscal Convergence' With Germany 26/07/2010
	During a recent meeting of the French cabinet, attended by Germany’s Finance Minister Wolfgang Schäuble, French President Nicolas Sarkozy put forward the idea of convergence of the French and German tax systems. Click here for full story

French Lawmakers Approve Pension Reform Bill 27/07/2010
Following days of discussions behind closed doors, the French National Assembly Social Affairs Committee has adopted the government’s pension reform bill, increasing the legal age of retirement from 60 to 62 and aligning public sector pension contributions with those of the private sector. Click here for full story

UK Launches Raft Of Tax Consultations 28/07/2010
	Exchequer Secretary to the Treasury, David Gauke, has published nine documents for discussion and consultation relating to tax, following commitments made at the June budget. Click here for full story

German State Mulls New Tax Data Disc Purchase 23/07/2010
Tax authorities in the German state of Schleswig-Holstein have reportedly been offered a new tax data disc, allegedly containing information on around a hundred German clients suspected of having evaded an estimated EUR500m in taxes. Click here for full story

Hungary Adopts Extraordinary Bank Tax 27/07/2010
	As expected, the Hungarian parliament has approved by a large majority the controversial bank tax proposed by the government. Click here for full story

Greens May Hold Sway Over Australian Mining Tax 23/07/2010
Australia’s Green party has said that it would look to increasing the revenue collected from the proposed minerals resource rent tax, if it manages to hold the balance of power after the August 21 election. Click here for full story

Indian GST To Have Three Tier Rate Structure 26/07/2010
	The Indian finance minister, Pranab Mukherjee, has proposed a rate structure for the Goods and Services Tax to the Indian states, which initially would share proceeds of indirect taxes equally between the states and the centre. Click here for full story

Dubai Moves To Support Entrepreneurial Activity 26/07/2010
Dubai has announced plans to launch a new visa system that would expedite entrepreneurs’ visa applications and offer business formation advice as part of the Dubai’s efforts to encourage high value start-ups to the Emirate. Click here for full story

Levin's Tax Proposals Rebuked 27/07/2010
	The Center for Freedom and Prosperity's President, Andrew Quinlan has in a statement denounced US Senator Carl Levin's stated plan to use the amendment process on the small business lending bill to attack so-called ‘tax havens’. Click here for full story

HK Surges Up FDI Rankings 28/07/2010
Hong Kong was the world's fourth largest foreign direct investment recipient last year, up from its ninth position in 2008, according to the World Investment Report 2010 published by the United Nations Conference on Trade and Development. Click here for full story

Canadian Tax Take Continues To Recover 28/07/2010
	Canadian Minister for Finance, Jim Flaherty has released the Fiscal Monitor for April and May 2010, showing improved revenues on the corresponding period in 2009. Click here for full story

William Hill Moves Telebetting To Gibraltar 28/07/2010
UK bookmaker William Hill has announced that it is to transfer its telephone betting operation to Gibraltar because the UK's tax regime makes it 'impossible' for the company to compete with offshore telebetting firms on an equal footing. Click here for full story

Romania Outlines Key Tax Measures To Benefit SMEs 27/07/2010
	During a recent gathering to mark the release of the 2010 White Charter of small- and medium-sized enterprises, Romania’s Prime Minister Emil Boc outlined progress realized so far for the country’s business environment, and what goals have yet to be achieved, referring to specific tax measures designed to support companies. Click here for full story

Ireland Welcomes Covidien From Bermuda 23/07/2010
Irish Prime Minister, Brian Cowen on July 20 welcomed the opening of Covidien’s operations at the European Services Centre in Dublin. The company announced its intention in 2009 to relocate to Ireland from Bermuda. Click here for full story

US Debates End-Year Expiry Of Tax Cuts 28/07/2010
	Both President Obama and Treasury Secretary Tim Geithner have made it clear that the US administration’s policy would be to let the tax cuts introduced by President Bush lapse for the wealthiest families, when they expire at the end of this year. Click here for full story

Taxes Hindering Global Broadband Development 23/07/2010
The GSM Association has issued a report which reveals how mobile sector-specific taxation impacts on the development and deployment of mobile broadband in developing countries. Click here for full story

Swiss Banks Pass FINMA's Stress Tests 28/07/2010
	The Swiss Financial Market Supervisory Authority has revealed that Switzerland's two largest banks, Credit Suisse and UBS, would continue to have a solid capital base in the event of a global recession or severe market shock. Click here for full story

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