Daily Tax and Law News Headlines

 
 
July 3, 2009


The European Council has adopted a directive intended to strengthen measures against the evasion of value-added tax on imports.

July 3, 2009


French Minister for the Economy Christine Lagarde has firmly ruled out a proposal to abolish France’s highly controversial tax shield or “bouclier fiscal” in order to reduce public debt.

July 3, 2009


Approved unanimously by Liechtenstein’s Parliament, the country’s Tax Information Exchange Agreement with the US, signed in December 2008, is due to enter into force on January 1, 2010.

July 3, 2009


US Trade Representative Ron Kirk and Colombian President Alvaro Uribe (pictured) met in Washington on June 29 to discuss the US-Colombia FTA, which remains unratified by the US more than two-and-a-half years after it was signed.

July 3, 2009


The government’s latest anti-crisis package, announced last week, is part economic stimulus, part cost reductions and part increased collection from the underground economy, so explained Giulio Tremonti, Italy’s Minister of Economics and Finance, during the course of a press conference.

July 3, 2009


The Hungarian Parliament has approved a tax bill for 2010, part of the government’s efforts to boost the country’s competitiveness and balance its books. As a result, the International Monetary Fund (IMF) has given Hungary the green light to draw down the next tranche of the USD15.7bn loan granted last October.

July 3, 2009


The Director of the Italian Revenue Agency praised the successes of the additional effort made by the Agency to increase tax collections from the hitherto “underground economy”, in his evidence to the Senate’s Finance And Treasury Commission.

July 3, 2009


US Trade Representative Ron Kirk (pictured) has announced that the Generalized System of Preferences program facilitated USD31.7bn in imports of nearly 5,000 types of products from 131 developing countries in 2008.

July 3, 2009


The World Intellectual Property Organization has announced that its Standing Committee on Trademarks, Industrial Designs and Geographical Indications, meeting from June 22 to 26, 2009, examined areas of possible convergence in industrial design law and practice, as well as questions relating to grounds for refusal of all types of marks and technical and procedural aspects of the registration of certification and collective marks.

July 3, 2009


New Jersey governor Jon Corzine is expected to join with New Jersey State Senator Ray Lesniak in a lawsuit claiming that the 1992 federal sports betting ban is unconstitutional and violates states' rights.

July 3, 2009


The Financial Accounting Standards Board has issued an Exposure Draft of a proposed Statement of Financial Accounting Standards - Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses.

July 3, 2009


The European Commission has decided to refer Austria, Ireland, Italy and Spain to the European Court of Justice over non-implementation into national law of the Statutory Audit Directive. The Commission has also decided to send formal requests to Belgium, Ireland, Greece, Luxembourg, Poland and Portugal as they have failed to fully implement into their national laws the latest Directive in the field of accounting within the prescribed deadline.

July 3, 2009


Technical negotiating teams from the Cayman Islands and the Netherlands have finalised the terms of an agreement and protocol for the exchange of information with respect to tax matters.

July 3, 2009


Jersey's Deputy Chief Minister Philip Ozouf has confirmed the island's continued support for the automatic exchange of information, following the Isle of Man 's announcement this week that it would move to automatic exchange from July 1, 2011.

July 3, 2009


According to the 79th Annual Report of the Bank for International Settlements, the first signs of recovery in the various countries of Europe and in the USA should not stop the governments of those countries from pursuing the work necessary for a restoration of health to their banking systems. In the view of the BIS, a revitalisation of the banks would be a necessary condition for the countering of threats to sustainable global economic recovery and to the re-balancing of public sector budgetary deficits, which have been built up by aggressive fiscal expansion in many countries.

July 3, 2009


BDO International, the fifth largest global accountancy network, on June 23 announced the opening of a new corporate finance office in the Dubai International Financial Centre (DIFC).

July 2, 2009 Insurance Intermediaries Saved Millions By UK High Court
July 2, 2009 Germany's Merkel Reprimands Tax Rebels
July 2, 2009 Austrian Finance Minister Rules Out New Taxes
July 2, 2009 'Dr No' Triumphs Over James Bond Rightsholders In European Court
July 2, 2009 Banks' Tax Avoidance Targeted By UK Government
July 2, 2009 Italian Government Combines Tax Relief For Industry With Tax Collection Measures
July 2, 2009 IRS Electronic Advisory Committee Delivers Report To Congress
July 2, 2009 IASB Seeks Input On Feasibility Of Expected Loss Model
July 2, 2009 Amazon May Lose Californian Affiliates Over Sales Tax
July 2, 2009 Non-Resident Indians Seek Tax Parity With Foreign Institutional Investors
July 2, 2009 Ireland Concludes TIEA With Gibraltar
July 2, 2009 Zurich Expands Presence In Dubai
July 2, 2009 Philippines Farm Group Presses For Zero Duty On Feed Wheat
July 2, 2009 EC Sends Reasoned Opinion To Slovakia Regarding Safety Of Ships
July 2, 2009 Marine and Coastal Access Bill Call To Action
July 2, 2009 IMF Delegation Discusses Refinements To Ukrainian Tax System

July 1, 2009 FAA Calls For Commitment To Regional Airline Safety
July 1, 2009 Canada Signs Free Trade Agreement With Jordan
July 1, 2009 Grassley Introduces US Small Business Tax Reduction Bill
July 1, 2009 Germany's CDU Party Approves Election Programme
July 1, 2009 Lords Critical Of UK Government’s Pension Tax Changes
July 1, 2009 EC Objects To Belgian Tax Treatment Of Deposits
July 1, 2009 Cyprus, UAE Call For Rapid Conclusion Of DTA
July 1, 2009 EC Questions Tax Treatment Of Portuguese Agricultural Sector
July 1, 2009 Court Rules Against German File-Sharing Site
July 1, 2009 New Pressure Is On To Change Global Accounting Standards To Address Financial Crisis
July 1, 2009 India's Fiscal Deficit Widens Faster Than Budget
July 1, 2009 Australia To Refine Tax Agent Services Law
July 1, 2009 Netherlands May Support 'Old Media' With Internet Tax
July 1, 2009 Grounds For Optimism Despite Jersey's Q1 Banking Deposits Stats
July 1, 2009 IMF Concludes Article IV Consultation With Ireland

June 30, 2009 Washington Subway Funding Derailed By Tax Shelter?
June 30, 2009 Qatar To Overhaul CIT Structure
June 30, 2009 EC Questions Romanian Pollution Tax
June 30, 2009 Crean Unveils New Tax Information Protocol With Belgium
June 30, 2009 UK Welcomes Jersey's Progress On Tax Transparency
June 30, 2009 Jersey Foundations Law Published
June 30, 2009 IRS Relaxes Offshore Income Reporting Deadline
June 30, 2009 James Hardie To Quit The Netherlands For The Emerald Isle
June 30, 2009 NZ Unveils NZD100m Trade Credit Support For Exporters
June 30, 2009 EC Consults On Adoption Of International Auditing Standards
June 30, 2009 Switzerland, EU To Apply Uniform Customs Regulations To Ease Trade
June 30, 2009 Lithuania — IMF Issues 2009 Article IV Statement
June 30, 2009 Shared Intelligence Is Key To Combating IP Crime, UK-IPO States
June 30, 2009 IRAS Looking Into New GST Refund System For Tourists
June 30, 2009 ISME Publishes Irish SME Sentiment Survey

June 29, 2009 Luxembourg In Court Over Savings Tax Directive
June 29, 2009 UK Must Modify Aircraft VAT Exemption
June 29, 2009 IRAS Consults On Changes To Income Tax Act
June 29, 2009 HMRC Recognizes Cyprus Stock Exchange
June 29, 2009 IASB Proposes Guidance On Management Commentary
June 29, 2009 Merz Underlines Swiss Position On Tax Matters
June 29, 2009 Cayman Islands Conclude Irish Tax Information Exchange Agreement
June 29, 2009 New Brunswick Increases Venture Capital Tax Credit
June 29, 2009 HSBC Releases Expat Explorer Survey
June 29, 2009 Poland — IMF Issues Concluding Statement of the 2009 Article IV Consultation
June 29, 2009 DME Announcement Spurs Record Trades
June 29, 2009 Wimbledon Boost For UK Tax Man
June 29, 2009 Forum Concludes That Swiss Credit Is Relatively Abundant
June 29, 2009 Korea Encourages Citizens To Report Tax Evasion
June 29, 2009 SOHO House Pays Up For Alleged Software Piracy