| |
| 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 |
|
|
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 |
|
|
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 |
|
|
The European Council has adopted a directive intended to strengthen measures against the evasion of value-added tax on imports.
|
| 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 |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
The International Accounting Standards Board has published a Request for Information on the feasibility of an expected loss model for the impairment of financial assets. Impairment is being addressed in the second phase of a comprehensive review of IAS 39 Financial Instruments: Recognition and Measurement.
|
| July 2, 2009 |
|
|
Determined to present a united front this week, as her party, the Christian Democratic
Union, finally unveils its election programme, German Chancellor Angela Merkel
successfully managed to silence remaining tax rebels ahead of the ratification
meeting.
|
| July 2, 2009 |
|
|
The UK government has published a consultation document on a code of practice on tax for banks.
|
| July 2, 2009 |
|
|
Despite a rising budget deficit, and spiralling state debt, Austria’s
Finance Minister Josef Pröll has, nevertheless, firmly ruled out the idea
of introducing new taxes.
|
| July 2, 2009 |
|
|
A judgment by the High Court in London has overturned on appeal a 2008 Tax Tribunal ruling that organisers and administrators of insurance contracts were liable to charge UK insurance premium tax.
|
| July 2, 2009 |
|
|
The Electronic Tax Administration Advisory Committee, which provides feedback on the development and implementation of the Internal Revenue Service’s electronic tax administration strategy, has presented its 2009 annual report to Congress.
|
| July 2, 2009 |
|
|
While the National Conference of State Legislators struggles to find a workable formula for a uniform national sales tax on internet sales, several individual states are pressing ahead with their own legislation. Online retailer, Amazon, has sent a letter to the Californian State legislature, threatening to cease doing business with marketing affiliates based in the State rather than accept the responsibility for collecting and distributing the State sales tax.
|
|