Stories that are tagged 'legislation'

	ECJ Urged To Confirm Passenger Delay Compensation 5/16/2012 An Advocate General has proposed to the European Court of Justice that it should confirm that a passenger whose flight is delayed by three hours or more may seek flat-rate compensation from the airline.
	BC Unveils New Sales Tax Law 5/16/2012 Kevin Falcon, the Finance Minister of the Canadian province of British Columbia, has introduced legislation to meet government's commitment to return to the Provincial Sales Tax on April 1, 2013.
	Australia To Clarify GAAR 5/16/2012 Australian Assistant Treasurer David Bradbury has announced the formation of an expert roundtable to assist with the implementation of the government's clarifications of the definition of 'tax benefit' under Australia's general anti-avoidance rule.
	BVI To Enhance Companies Legislation 5/16/2012 The British Virgin Islands government has completed the first phase of implementing amendments to the Business Companies Act, set to enter into force later this year.
	Democrats Introduce In-Sourcing Bill Into US Congress 5/15/2012 Democrats in the Senate and House of Representatives have introduced into the United States Congress the main tax measure out of President Barack Obama’s recently-announced “To Do List”, to provide a tax credit for companies over the cost of moving operations back to the country.
	Hong Kong Progresses Arbitration Centre Credentials 5/15/2012 As part of the government's determination to develop Hong Kong into a regional dispute resolution centre, in particular as an international arbitration hub in the Asia Pacific, the Secretary for Justice, Wong Yan Lung, has announced a broad consensus in Hong Kong on the setting up of an industry-led single accreditation body for mediators.
	Gibraltar Proposes Law Change To Offer UK QROPS 5/15/2012 The Gibraltar government has published a Bill that would amend the territory's legislation to allow local practitioners to offer Qualifying Recognised Overseas Pension Schemes under a regime compliant with new rules set by the UK tax authority, HM Revenue and Customs.
	UK Government Blasted Over IR35 Proposals 5/14/2012 HMRC has missed a great opportunity to bring clarity, transparency and fairness in dealing with the intermediaries legislation commonly referred to as IR35, according to members of the freelance community who were invited on to the Treasury forum to discus the issue.
	Hong Kong Concerned At Operation Of US Volcker Rule 5/14/2012 Following is a question in the Legislative Council, the Secretary for Financial Services and the Treasury, Professor K C Chan, confirmed that Hong Kong shares the concerns raised by other financial markets, such as Canada, France, Germany, Japan and the United Kingdom, over the extra-territorial reach and the implementation of the United States’ Volcker Rule restrictions.
	Funds In Line For French Tax Refunds 5/14/2012 France is facing tax refund claims of EUR4bn (USD5bn) from savers and institutional investors after the European Court of Justice ruled in favour of investments funds from Belgium, Germany, Spain and the United States in a tax case - a ruling which could have ramifications for other European Union member states.
	Putin Backs Ratification Of WTO Commitments This Year 5/14/2012 Russia's new President, Vladimir Putin has dismissed calls to delay the nation's accession to the World Trade Organisation.
	Restrictions On Italian Private Tax Collectors Declared Illegal 5/11/2012 The Court of Justice of the European Union has decided the Italian provision that private operators should have a share capital of at least EUR10m in order to be entitled to collect local taxes is contrary to European law on freedom of establishment and freedom to provide services.
	Parliamentary Committee Approves Philippines 'Sin Tax' Reform 5/11/2012 The Ways and Means Committee of the Philippines House of Representatives has approved an amended version of the bill to reform the existing ‘sin taxes’ on alcohol and cigarette products.
	Hearing Focusses On US Consumer Internet Privacy 5/10/2012 The Federal Trade Commission and the Department of Commerce have used their testimonies before a hearing of the United States Senate Committee on Commerce, Science and Transportation to describe the Administration’s efforts to protect consumer privacy over the internet.
	Obama Presents Tax 'To Do List' To Congress 5/10/2012 President Barack Obama has used remarks at the State University of New York in Albany to present a ‘To Do List’ of tax measures that, in his opinion, the United States Congress should pass to increase employment and economic growth.
	Ireland Publishes ESM Bill 5/9/2012 Ireland's Minister for Finance Michael Noonan has published the European Stability Mechanism Bill 2012 as part of the government's commitment to ensure that the Irish people are fully informed in casting their votes on the Stability Treaty.
	India To Defer GAAR Implementation 5/9/2012 India’s Finance Ministry is to push back the implementation of its controversial general anti-avoidance rule for a year and will amend some of its key provisions.
	NZ Improves Taxpayer Information Sharing 5/8/2012 New Zealand’s Inland Revenue and the Ministry of Social Development are set to expand their information sharing practices to include the automatic sharing of relevant taxpayer information.
	Hong Kong Readies Corporate Disclosure Regime 5/7/2012 Hong Kong’s Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited have both welcomed the enactment of the Securities and Futures (Amendment) Ordinance 2012, which, in particular, establishes a statutory disclosure regime for listed companies.
	NZ Parliament Passes International Tax Amendments 5/4/2012 The Taxation (International Investment and Remedial Matters) Bill, introduced in October 2010 to reform taxation on the gains of New Zealand residents from their investments in overseas entities, has passed its final stages in Parliament.
	Spain Told To Amend Excise Duty Regime 5/4/2012 The European Commission has formally requested Spain to modify its rules on excise duties to bring them into line with European Union legislation.
	Trinidad And Tobago Joins Nations Under Caribbean Court 5/4/2012 In a move that strengthens Caribbean legal cooperation, Trinidad and Tobago has agreed to adopt the Caribbean Court of Justice as the nation's final court of appeal, replacing its colonial link to the Judicial Committee of the UK's Privy Council.
	Swiss Left Seeks To Delay Debate On Tax Deals 5/4/2012 Switzerland’s Social Democrats have threatened to block in parliament the landmark withholding tax agreements concluded recently with Germany, the UK and Austria, if the treaties are not in accordance with the party line.
	IRD Issues 2m Individual Tax Returns In Hong Kong 5/3/2012 As Hong Kong’s Inland Revenue Department begins sending out 2.16m tax returns, the Commissioner of Inland Revenue, Chu Yam-yuen, reminded individual taxpayers to file their tax returns by June 2, while sole proprietors of unincorporated businesses have until August 2.
	US Issues Annual IPR Country Report 5/3/2012 The Office of the United States Trade Representative has released its annual ‘Special 301 Report’ on the perceived adequacy and effectiveness of US trading partners’ protection and enforcement of intellectual property rights (IPR).
	India Obtains TIE Relaxations From Switzerland 5/2/2012 According to a statement from the India’s Ministry of Finance, the Indian and Swiss governments have signed a protocol to their bilateral double taxation agreement, which will allow for a 'liberal interpretation' of the identity requirements before the exchange of information.
	Canada Legislates For Measures To Boost Business 4/30/2012 Canadian Finance Minister Jim Flaherty has introduced legislation to implement key elements of his 2012 Budget designed to improve conditions for business investment.
	Ireland, US In Talks Over FATCA 5/1/2012 Ireland and the United States are in talks to establish a common approach to the Foreign Account Tax Compliance Act, drawing on domestic and international tax legislation and treaties.
	Hong Kong Gazettes Budget Measures 4/30/2012 The Inland Revenue (Amendment) Bill 2012, which aims to implement the concessionary revenue measures proposed in the 2012-13 Budget, has been gazetted in Hong Kong.
	US House Passes Cybersecurity Bill 5/1/2012 Despite the indication that it would be vetoed by President Obama if it were to arrive on his desk, the United States House of Representatives has approved the Cyber Intelligence Sharing and Protection Act, which would encourage companies and the government to share information about cyber threats facing networks.
	CRA Reduces Burden On Tax Exempt Businesses 4/27/2012 Refunds and rebates will not be withheld from tax exempt corporations when they have outstanding tax returns, under rules set out by the Canada Revenue Agency.
	German States Seek To Further Simplify Tax Law 4/27/2012 Germany’s federal states are pressing ahead with plans to simplify the country’s tax law.
	Ireland Details Planned Stability Treaty Legislation 4/30/2012 Ireland's Finance Minister Michael Noonan has outlined plans for future legislation that would implement key provisions of the European Stability Treaty, were the Irish people to vote in favour of adopting it at a forthcoming referendum.
	Bermuda Signs TIEAs With Italy, Malaysia 4/27/2012 Bermuda Premier Paula Cox on April 23 signed additional tax information exchange agreements with Malaysia and Italy in London.
	Canada Targets Immigrant Entrepreneurs 4/26/2012 The Canadian government has launched consultations on plans for a new 'start-up visa' designed to attract immigrant entrepreneurs and bolster the economy.
	Hong Kong Confirms Business Registration Fee Waiver 4/25/2012 The Revenue (Reduction of Business Registration Fees) Order 2012, which waives Hong Kong’s business registration fees for one year, came into effect on April 1, 2012, the territory's Inland Revenue Department has confirmed.
	Australia To Grant Tax Relief To Superfund Managers 4/26/2012 A new temporary relief will enable Australian superfunds to merge without facing a tax hit, thanks to new legislation intended to support superannuation reforms.
	Netherlands Intensifies Efforts To Combat VAT Fraud 4/24/2012 Dutch State Secretary for Finance Frans Weekers has recently unveiled details of plans to give a new boost to the international fight against value-added tax fraud.
	Canadian Budget Tax Legislation Tabled 4/24/2012 Canada's Finance Minister Jim Flaherty has tabled legislation which will implement certain tax provisions of his 2012 Budget, including reforms to tax shelters and minor changes to the sales tax system.
	Volcker Rule Conformance Period Clarified 4/25/2012 The United States Federal Reserve Board has clarified that an entity covered by the Volcker Rule section of the Dodd-Frank Wall Street Reform and Consumer Protection Act has the full two-year period provided by the statute fully to conform its activities and investments.
	India Reassures US On Retrospective Tax Plans 4/24/2012 India's Finance Minister Shri Pranab Mukherjee has defended plans for retrospective tax legislation, telling the US Secretary of the Treasury that the proposals merely clarify the intent of current laws.
	NZ To Ease GST For Non-Resident Firms 4/23/2012 New Zealand is to remove goods and services tax 'impediments' for non-resident businesses in an effort to make the system less burdensome for such companies.
	London Invokes Clause To Improve Swiss Tax Deal 4/24/2012 In a diplomatic note, the UK has called for changes to be made to the bilateral withholding tax agreement concluded with Switzerland last October, aimed at resolving the issue of the undeclared wealth of British residents held in Swiss banks.
	USVI, Puerto Rico Look For Rum 'Cover Over' Extension 4/24/2012 Legislation has been introduced into both the United States Senate and the House of Representatives to extend the 'cover over' of the excise tax on rum for Puerto Rico and the US Virgin Islands.
	Belgian Media Owe Millions In Unpaid Gambling Tax 4/24/2012 Belgium’s special inspectorate for taxation has recently demanded tens of millions of euros from the Belgian media in respect of unpaid gambling taxes, according to Francis Adyns, a spokesman from the country’s finance ministry.
	Swiss Lawmakers To Examine German, UK Tax Deals 4/23/2012 The Swiss Federal Council has recently submitted to parliament the bilateral withholding tax agreements with Germany and the UK, together with the Federal Act on International Withholding Tax, designed to implement the new agreements.
	Vodafone Challenges Indian Tax Law 4/23/2012 The ongoing tax dispute between India and Vodafone has erupted again, with the telecoms company now serving a Notice of Dispute against the government's controversial new retrospective tax legislation.
	Australia To Enforce Companies' Workforce Obligations 4/20/2012 Draft legislation has been released by the Australian government which will enforce companies' compliance with tax and superannuation guarantee obligations.
	UK Government In Hot Water Over 'Pasty Tax' 4/20/2012 The UK government is again on the back foot over its proposed changes to value-added tax rules as the UK's bakers prepare to descend on Downing Street in protest against the so-called 'pasty tax', highlighting the often arbitrary and confusing nature of the classification of certain goods for VAT purposes.
	Monti Produces Future Italian Fiscal Framework 4/18/2012 The government has agreed the draft of a law, to be subsequently approved by parliament, which would provide the framework for tax reform in Italy, but which, in fact, is more notable for what is does not, rather than for what it does, contain.
	New UK Non-Dom Scheme Welcomed 4/18/2012 The UK's new 'non-dom' legislation provides potentially attractive relief, but investors must be aware of the complex rules, lawyers have warned.
	IRS Issues Final Non-Resident Reporting Rule 4/18/2012 The Treasury Department has issued the final regulations on the reporting to the Internal Revenue Service of interest paid to non-residents by United States banks from January 1, 2013.
	NZ Consults On Salary Trade-Off Tax Proposals 4/18/2012 New Zealand's government is seeking views on its plans to broaden the tax rules for salary and benefit packages, intended to improve fairness in the tax system.
	Obama's Buffett Tax Fails To Pass Through US Senate 4/18/2012 Despite pressure from President Barack Obama, the Democrat Party-led United States Senate has been unable to advance his proposed ‘Buffett Rule’ tax measure in the face of Republican Party opposition.
	Spain Unveils Anti-Tax Fraud Plan 4/17/2012 Spain’s Council of Ministers has recently examined the government’s anti-fraud plan, aimed at combating the hidden economy and tax fraud, by setting limits on cash payments, and by obliging taxpayers to declare their accounts and assets located overseas.
	Guernsey 'Singled Out' In UK QROPS Change 4/17/2012 Guernsey Finance, the promotional agency for the island's financial services industry, has condemned the UK tax authority's decision to remove almost all Guernsey Qualifying Recognised Overseas Pensions Schemes from its updated list, describing the move as an 'unjust attack on the island'.
	Details Provided Of Taiwan's Proposed CGT 4/17/2012 Taiwan's Finance Minister Christina Liu has announced the structure of the new capital gains tax that the government will impose on profits made from trading in shares, bonds and derivative products, such as futures and options.
	Offshore QROPS Domiciles Stunned At HMRC's Last-Minute Change 4/12/2012 The UK tax authority, HM Revenue and Customs has indicated that tax relief available on pension transfers, under so-called Qualifying Recognised Overseas Pension Scheme structures, will no longer be available unless the Scheme is offered within the territory in which the expatriate is newly resident, putting a multi-million offshore industry at jeopardy.
	Budget Tax Measures Cause Alarm In India 4/11/2012 The Tax Executives Institute has written to India's Finance Minister to express its concerns regarding retroactive tax legislation, which it says will upset taxpayer expectations and damage the country's reputation as an investment destination.
	Manx Legislators Lag Behind QROPS Change 4/10/2012 Isle of Man pensions provider, Boal & Co has confirmed that it has been forced to cease offering its Trinity QROPS offering until Isle of Man legislation is brought up to speed with changes to UK pension rules.
	HMRC Publishes Guidance On Reduced IHT Rate Eligibility 4/11/2012 The UK tax authority, HM Revenue and Customs has released new guidance on eligibility for the new reduced rate of Inheritance Tax, introduced on April 6, 2012, and available where 10% of an estate is gifted to a registered charity.
	WTO Makes UAE Trade Recommendations 4/9/2012 The United Arab Emirates plays an important role in the multilateral trading system and has taken bold steps to diversify the economy away from oil and gas, according to the World Trade Organisation.
	Obama Signs JOBS Act For Small Businesses 4/9/2012 On April 5, after a rare example of bipartisan agreement in the United States Congress, President Barack Obama was able to sign the Jumpstart Our Business Startups (JOBS) Act, a bill to encourage startups and support small businesses without the use of taxpayers’ money.
	UK, India Hold Economic And Financial Dialogue 4/6/2012 The UK and India have held their annual Economic and Financial Dialogue, discussing ways to strengthen cooperation and boost trade and investment.
	Channel Islands Will Not Appeal UK VAT Ruling 4/6/2012 The Jersey government has decided not appeal the decision of the High Court in London, which ruled that the United Kingdom government's decision to revoke Low-Value Consignment Relief (LVCR), a value-added tax concession, for the Channel Islands was consistent with European Union law.
	EU Agrees ECJ Submission On ACTA 4/6/2012 The European Commission has taken the next step in referring the Anti-Counterfeiting Trade Agreement to the European Court of Justice, by agreeing on the legal submission to be put before the Court.
	US Approves Final Rule On Shadow Banking 4/6/2012 The United States Financial Stability Oversight Council has issued its final rule and interpretive guidance on the Federal Reserve Bank’s authority to require supervision and regulation of nonbank financial companies.
	OECD Issues New Peer Reviews 4/5/2012 The Organization for Economic Cooperation and Development, publishing eleven new peer reviews, has said that the vast majority of territories which have been subject to critical assessments have implemented satisfactory legislative regimes that can facilitate the exchange of information on request.
	UK Overhauls Employment Tribunal Law 4/6/2012 Radical changes to the UK's employment laws come into effect this week, which the government says will cut unnecessary demands on employers, and encourage growth, while safeguarding workers’ rights.
	Barbados Publishes Credit Risk Management Rules 4/4/2012 The Central Bank of Barbados has noted the publication of a new set of Credit Risk Management Guidelines to assist financial institutions in meeting their credit risk management obligations.
	Australia To Clarify Shareholder Voting Rights 4/5/2012 The Australian government is working to clarify the extent of shareholder voting rights on executive remuneration, amending legislation to this effect.
	Ontario's Finance Minister Unveils 2012 Budget 4/3/2012 Ontario will not lower its corporate tax rate until the budget is balanced, the province's Finance Minister has said.
	Spain Unveils Tough Austerity Budget 4/3/2012 The Spanish government of Mariano Rajoy has recently unveiled details of Spain’s 2012 austerity budget, the toughest in recent history, providing for savings totalling around EUR27.3bn (USD36bn), and including the EUR15bn in tax rises and expenditure cuts announced back in December.
	Hong Kong Launches New AML/CFT Regime 4/2/2012 Legislation which was approved by the Legislative Council in June 2011 and which will enhance the Hong Kong financial sector’s anti-money laundering and counter-financing of terrorism regime went into effect on April 1.
	US Congress Agrees Short-Term Highways Funding Fix 4/3/2012 On March 30, the day before funding for the infrastructural programmes of the United States Federal Highway Trust Fund ran out on April 1, President Barack Obama announced that he had signed into law the Surface Transportation Extension Act of 2012, which provides a three-month extension until June 30, 2012.
	EU Deal Reached On Mobile Roaming Price Caps 3/30/2012 Data roaming and phone calls abroad for European Union consumers should be much cheaper form July 1 this year, due to a provisional agreement between the European Parliament and the European Council.
	ECJ Agrees Italian Tax Dispute Time Limitation 4/2/2012 The European Court of Justice has given its preliminary ruling that the conclusion without further examination of tax proceedings pending before the Italian Corte Suprema di Cassazione and Commissione Tributaria Centrale, which were brought more than 10 years ago, is compatible with European Union law.
	UK Legislates For Budget Tax Measures 4/2/2012 The UK government has published Finance Bill 2012, which legislates for tax measures included in both the 2012 and 2011 Budgets.
	Hong Kong Begins Islamic Bond Tax Consultation 3/30/2012 The Financial Services and the Treasury Bureau has launched a two-month consultation on the proposed amendments to the Inland Revenue Ordinance and Stamp Duty Ordinance to promote the development of an Islamic bond, or 'sukuk', market in Hong Kong.
	New Zealand Revenue Adjusts Interest Rates 3/29/2012 New Zealand has amended its use-of-money interest rates on underpaid and overpaid tax.
	US Senate Bill To Repeal 'Big Oil' Tax Breaks 3/29/2012 The Democrat-led United States Senate has voted to allow a debate on the Repeal Big Oil Tax Subsidies Act, which would end certain tax breaks for the largest oil companies, and use the tax saved to extend, for one year, expiring energy tax provisions and reduce the country’s fiscal deficit.
	Australian Financial Advice Bill Passed 3/29/2012 Australia’s House of Representatives has passed the government’s Future of Financial Advice reforms, designed to deliver a growth strategy for the industry.
	Retailer Departs Guernsey Over VAT Relief Blow 3/29/2012 British high street store retailer HMV has announced that it will close its warehousing and distribution operations based in Guernsey following the confirmation from the UK government that it will remove Low-Value Consignment Relief for packages imported from the Channel Islands from April 1.
	South Africa Issues Tax Guide For Shareholders 3/28/2012 The South African Revenue Service has issued a new tax guide for shareholders, in which it attempts to provide general guidance for the increasing number of South Africans who have become owners of shares.
	Hong Kong Reviews Insurance Sector Developments 3/28/2012 During his remarks to the Hong Kong Federation of Insurers, the Secretary for Financial Services and the Treasury, Professor K C Chan, reviewed recent developments in the insurance industry, that have 'played an important part in the development of financial services in Hong Kong'.
	Philippines Confident Of Passing 'Sin Tax' Reforms 3/27/2012 The Philippines Budget and Management Secretary Florencio Abad has disclosed that the government is confident that reform of the country’s alcohol and tobacco taxes will pass through parliament.
	US Removes Argentina From GSP Programme 3/28/2012 In accordance with the Trade Act of 1974, President Barack Obama has provided notification of his intent to suspend Argentina as a beneficiary developing country under the United States Generalized System of Preferences programme.
	FTC Issues Final Report On US Data Privacy 3/27/2012 The Federal Trade Commission has issued its final report setting forth best practices for businesses to protect the privacy of United States consumers and give them greater control over the collection and use of their personal data.
	Belgium Told To Revise Taxation Of Property Income 3/26/2012 The European Commission has officially asked Belgium to revise its taxation of property income from sources outside Belgium.
	Sweden Urged To Amend 'Discriminatory' Pensions Taxation 3/26/2012 The European Commission has officially asked Sweden to amend its tax rules on pension funds because they are said to discriminate against non-resident pension funds compared to domestic pension funds when it comes to taxing dividends distributed in Sweden.
	Switzerland Exempts E-Cigarettes From Tax 3/23/2012 The Swiss federal council has recently decided to exempt electronic cigarettes from tax from April 1, 2012, and has adapted the ordinance pertaining to the taxation of tobacco accordingly.
	Australia Delays Financial Advice Reforms 3/26/2012 The Australian government has announced that its Future of Financial Advice reforms will not become mandatory until July, 2013, stressing that this will benefit the wealth management industry.
	Hong Kong Launches Consultation On Trust Law Reform Bill 3/26/2012 Hong Kong’s government has launched a two-month public consultation on its draft legislation on trust law reform, which followed the positive responses it had received from stakeholders in an earlier consultation held in 2009.
	Laos Pushes For 2013 WTO Accession 3/22/2012 Having finalized new legislation and completed all but one bilateral negotiation necessary to join the World Trade Organization, Laos is pushing to receive approval to accede to the trade organization by the start of next year.
	Australian Parliament Passes Mining Tax 3/23/2012 Australia’s controversial Minerals Resource Rent Tax has made it through parliament after a long battle with the opposition.
	Cantor Proposes US Small Business Tax Cut 3/23/2012 The United States House of Representatives Majority Leader Eric Cantor has introduced the Small Business Tax Cut Act of 2012, aimed at helping small businesses to grow and to hire new workers.
	Gibraltar Government To Back Finance Industry 3/23/2012 To mark one hundred days in office, the Gibraltar government has made a number of pledges that it will fulfil during its term, many of which are pertinent to taxpayers and the financial services sector.
	Australia To Amend Transfer Pricing Regime 3/21/2012 The Australian government has released draft proposals that will launch the first stage of its reform of the transfer pricing system.
	EU Parliamentary President Slams Merkel On FTT 3/22/2012 During a recent gathering of the German Social Democrats in Berlin, President of the European Parliament Martin Schulz called into question whether German Chancellor Angela Merkel is actually serious about the introduction of a financial transactions tax.
	UK To Give Shareholders More Say On Bosses' Pay 3/22/2012 New reforms proposed by the UK government will enhance shareholder company rights in order to provide greater influence over executive pay.

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