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Nissan Infiniti Locates Global HQ In Hong Kong
5/4/2012 Invest Hong Kong has used its recent assistance to Infiniti, Nissan
Motor’s luxury car brand, while basing its global headquarters in the city, to highlight
Hong Kong's favoured position as a preferred location for overseas multinationals.
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Insurance Ratings Agency Establishes DIFC Office
5/4/2012 A.M. Best, a leading provider of credit ratings and financial data for the insurance
industry, has received the necessary approvals to begin regional business from the Dubai International Financial Centre.
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Legatum Chooses DIFC For Global HQ
4/16/2012 Private investment group Legatum has made a substantial investment in acquiring
Precinct Building 6 within the Dubai International Financial Centre tax-free zone, which will serve as the firm's global headquarters.
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IoM To Simplify Company Residency Regime
4/5/2012 The Isle of Man government has launched a consultation on a proposed legislative
change that would simplify the income tax position for companies with dual residence.
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Another Solid Year For The DIFC
2/23/2012 Despite the impact of the European debt crisis, the global economic downturn and political turmoil in certain parts of the region, the Dubai International Financial Centre continues to strengthen its position as the leading international financial centre in the region.
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Vodafone Wins Indian Tax Dispute
1/25/2012 India’s Supreme Court has ruled that Vodafone Group Plc is not liable for a USD2.2bn bill in back taxes and penalties after the USD11.2bn acquisition of Indian mobile phone company Hutchinson Essar in 2007.
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InvestHK Assists Record Number Of Companies
1/23/2012 Invest Hong Kong has announced that it assisted 303 overseas and mainland
Chinese companies to set up or expand in Hong Kong in 2011 - the 11th consecutive
year that it has beaten its annual target for the number of completed projects.
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UK To Retain 'Uncompetitive' VAT Rate On E-books
12/27/2011 The UK Treasury has confirmed that it will not follow its European peers in slashing the value-added tax rate it places on electronic books sold on the Internet, commonly known as e-books, following recent decisions by the governments of France and Luxembourg, which may establish them
as domiciles of choice for Internet e-book retailers in Europe.
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CFCs To Benefit From New UK Tax Regime
12/8/2011 A major overhaul of the UK's controlled foreign company rules has been welcomed by tax experts, who conclude that the proposed new regime will go a long way towards changing the negative perceptions of the UK's corporate tax regime among multinational businesses.
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Hong Kong-Netherlands DTA In Force
10/26/2011 The comprehensive double taxation agreement between Hong Kong and the Netherlands,
which was originally signed on March 22, 2010, entered into force on October 24,
2011.
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Record Number Of Regional Headquarters In Hong Kong
10/24/2011 According to the results of an annual survey released by Invest Hong Kong and the Census and Statistics Department, the total number of overseas and Mainland
Chinese parent companies running business operations in Hong Kong has recorded
its highest level to date, as, in particular, did the number of those operating regional headquarters.
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Hong Kong Welcomes Chinese RMB FDI Regulations
10/18/2011 Financial Secretary John C Tsang has issued a statement confirming that Hong Kong’s
government welcomed the promulgation by the Chinese Ministry of Commerce and the
People's Bank of China of administrative rules that will provide transparency
and certainty for the making of foreign direct investments in renminbi.
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South Africa Looks At Headquarters Company Regime
9/14/2011 While, last year, the National Treasury proposed a new initiative, intended to
make South Africa a more attractive base for investment into other African countries
by both domestic and foreign investors, taxpayers have raised concerns over the
approach of the South African Revenue Service to its headquarters company
tax regime.
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Vodafone Relocates Marketing Team To UK
8/19/2011 Vodafone is to relocate a marketing team to London from Ireland, although it is unclear whether the move has been motivated by tax reasons.
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Virgin Considers Swiss Tax Move
7/29/2011 In a tax-blow to the UK exchequer, the Virgin Group is planning
to shift a portion of its operations to Switzerland to maximize tax efficiency.
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UK CFC Reforms Endorsed
7/28/2011 The Bermuda-based insurance firm Lancashire Holdings is to move its tax base to the UK in order to benefit from planned changes to the UK's Controlled Foreign Company rules.
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Singapore Reviews Companies Act
6/23/2011 Singapore’s Ministry of Finance and the Accounting and Corporate Regulatory
Authority have invited public feedback on the final report of the Steering
Committee that has been reviewing the Companies Act, and on a review of the regulatory
framework for foreign entities in Singapore.
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French Assembly Rejects 'Google Tax'
6/15/2011 Within the framework of the examination of the country’s collective budget,
the French National Assembly voted recently to abolish the proposed tax on the
purchase of online advertising space in France.
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Ireland's Corporate Tax Attracts US FDI
5/25/2011 Ireland's competitive corporate tax regime is a distinct advantage when it comes to US firms considering foreign direct investment, placing it ahead of rival jurisdictions, according to a new survey.
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UBM Considering Return To UK
4/22/2011 United Business Media could relocate back to the UK in the coming months, its chief financial officer has hinted.
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HSBC Bosses Criticize Bank Levy
3/4/2011 As HSBC announces a 36% increase in underlying pre-tax profits, its two most senior figures have spoken of the escalating costs of headquartering a multinational banking group in the UK.
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Australia Aims To Attract More Foreign Regional Headquarters
2/23/2011 The Gillard Government is hoping to attract more investment by encouraging foreign-based companies to establish regional headquarters in Australia, as well as making Australian businesses with foreign operations more competitive.
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Ireland Vulnerable To Corporate Tax Attack
2/8/2011 The incoming government in Ireland, expected to take power on March 9, will
within days of taking the reins have to fend off an assault from
EU finance ministers on the future of the Irish corporate tax rate following agreement on a bailout
financed by its fellow European nations.
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Guernsey Fund Sets Up Regional Headquarters In HK
11/23/2010 International Administration Group, the fund administrator from Guernsey,
has announced the opening of its new regional headquarters in Hong Kong to provide
administration services to a range of funds.
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Rehn Urges 'Normal Tax' Policies On Ireland
11/10/2010 European Economic and Monetary Affairs Commissioner, Olli Rehn, arrived in Dublin for two-day talks with the Irish government and opposition on November 8, in an attempt to achieve multi-party consensus on Ireland's fiscal plan, which is set to save EUR6bn in 2011, rising to EUR9bn by 2014.
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Ireland Sells Tax Advantage To US Investors
11/1/2010 On October 25, Ireland’s Minister for Enterprise, Trade and Innovation, Batt O’Keeffe
began a series of top-level meetings with leading US multinational firms in
an effort to draw fresh investments to Ireland.
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UK At Crossroads, Warns CBI
10/26/2010 The UK is facing increasing competition as a destination for business investment
and, although it is starting from a strong base, will need to work hard if it
is to maintain its position, the Confederation of British Industry has said.
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Ireland Stands Firm Against EU On Tax
10/7/2010 The Irish government has rejected the statement of EU Commissioner for Economic
and Monetary Affairs, Olli Rehn that Ireland will be forced to adopt higher tax
rates - in particular a hike to its treasured 12.5% corporate tax rate - as the country
grapples with its double figure deficit in coming years.
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EC Attacks Discriminatory Taxes
10/4/2010 The European Commission has sent formal requests to Germany, Greece and Belgium to change their tax rules as it considers them to be discriminatory.
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Senate Kills Anti-Offshoring Bill
9/30/2010 A bill which proposed a payroll tax holiday to companies hiring American workers to replace those at a foreign-based operation whilst removing tax breaks from those companies moving operations abroad has been voted down by the Senate.
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Wolseley To Shift Tax Base To Switzerland
9/28/2010 Wolseley plc, a global distributor of heating and plumbing products
and supplier of builders' products to the professional market, has
announced a proposed change to the corporate structure of the Wolseley Group,
which will see the creation of a new UK-listed Group holding company incorporated
in Jersey with tax residence in Switzerland.
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Cable Threatens Wealth Tax In UK Taxpayer Onslaught
9/28/2010 Liberal Democrat Deputy Leader, and Business Secretary, Vince Cable has delivered
an assault on affluent Britons and the capitalist system, whilst urging the introduction of wealth taxes, in his address to the
Liberal Democrat conference on September 22.
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US 'Insourcing' Bill To Use Payroll Tax Breaks
9/27/2010 A bill, which will possibly be introduced in the United States Senate in the coming days,
would give a payroll tax holiday to companies hiring American workers to replace
those at a foreign-based operation, and remove tax breaks from those companies
moving operations abroad.
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Switzerland Tops Competitiveness League
9/13/2010 Switzerland has claimed top spot in The Global Competitiveness Report 2010-2011,
as released by the World Economic Forum on September 9. In the rankings, the United
States has fallen two places to fourth position, overtaken by Sweden (2nd) and
Singapore (3rd), after already ceding the top place to Switzerland last year.
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Landmark Nasdaq Listing For Mauritius Firm
9/3/2010 Leading Indian online travel company, MakeMyTrip Limited has undertaken a USD70m
Initial Public Offering on the Nasdaq Global Market, making it the first Mauritius-incorporated
company to list on a major New York stock exchange.
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France To Lure London Banks With Tax Breaks
8/25/2010 UK investment banks have been offered long-term tax breaks in exchange for relocating to France.
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Obama Signs International Tax Hikes
8/12/2010 US President Barack Obama has welcomed the approval by Congress of measures that would discourage US companies from 'shipping jobs overseas' although Republicans are warning that the bill is yet another example of the Obama administration's anti-business policies which will ultimately stifle economic growth.
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US Business Fears International Tax Bill
8/11/2010 US business groups have criticized the Senate's approval of a bill which proposes to tighten international tax rules with the intention of curbing what Democrats consider as large scale corporate tax avoidance.
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IRS Strengthens Focus On International Tax Compliance
8/6/2010 The US Internal Revenue Service has announced the realignment of its large
and mid-size business division to create a more centralized organization
dedicated to improving international tax compliance.
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Dubai Moves To Support Entrepreneurial Activity
7/23/2010 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.
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Ireland Welcomes Covidien From Bermuda
7/22/2010 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.
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RIMS Underscores Opposition To Neal Tax Bill
7/20/2010 The Risk and Insurance Management Society has underscored its continuing opposition
to any effort to move forward legislation in the United States that would increase
taxes on foreign-based insurance companies and, therefore, the cost of insurance
to its members.
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Australia Consults On CFC Rules
7/19/2010 Australia’s Assistant Treasurer, Nick Sherry, has released for public comment
a discussion paper that represents a further step towards reforming controlled
foreign company rules.
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White House Listens To Business Tax Concerns
7/15/2010 The Obama administration has said that its door is open to ideas from the business community on how tax and regulation can be improved to help drive forward the economic recovery.
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Hong Kong Registry Hits New Record
7/14/2010 815,762 local companies are now registered in Hong Kong – a record number – according to statistics released on July 9 by Hong Kong’s Register of Companies.
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Guernsey Attracts Major Fund Players
6/30/2010 Guernsey Finance has announced that a series of new fund administrators and managers
are establishing a presence in the island, further endorsing the island as a leading
fund domicile.
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Thailand To Cut Tax For Regional HQs
5/31/2010 Thailand’s Deputy Finance Minister, Pradit Phataraprasit, has disclosed
that the government plans, from June 1 this year, to provide substantial tax incentives
for domestic and foreign companies establishing regional headquarters in the country.
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IMF Proposes Double Bank Tax
4/22/2010 Banks face two new levies under proposals from the International Monetary Fund, which were leaked to the press ahead of the Group of Twenty's policy discussions on the matter, due to commence in Washington on April 22.
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BlueCrest Relocates To Guernsey
4/15/2010 BlueCrest Capital Management – London’s third largest hedge fund
manager – has relocated to Guernsey, according to a letter sent to investors.
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Ineos Flees UK Tax Net
4/14/2010 Britain’s largest private company, chemicals group INEOS, is to forge ahead
with its proposals to relocate to Switzerland from the UK for tax purposes, attributing
the move to the British Isles’ increasingly “uncompetitive tax regime”.
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Dragon Oil To Retain Irish HQ
4/9/2010 Dragon Oil, a firm primarily involved in oil extraction in the Caspian Sea, has announced
that it has abandoned plans to relocate its corporate headquarters to Bermuda for tax purposes, reversing proposals put to shareholders in March 2009.
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Italy Introduces New Industrial Incentives
3/22/2010 After the decision not to renew the car scrappage incentives that expired at the
end of last year, the Italian government has now introduced incentives to sustain
production in other industrial sectors.
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Ireland 'Safe' From US Tax Plans
3/18/2010 Irish Prime Minister, Brian Cowen has said that companies based in Ireland
can expect to face no sanctions from the United States, despite the Obama administration's plans to tighten the tax treatment of multinationals with operations in lower tax jurisdictions such as Ireland.
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Beazley Saves GBP14m From Ireland Redomiciliation
2/12/2010 Having re-domiciled its holding company to Ireland in March 2009, insurance group Beazley plc has reported with its latest annual results that the move resulted in a lower effective tax rate of 12% in 2009 (2008: 26%), a net profit impact of GBP14m.
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