Stories that are tagged 'retirement'

	South Africa Consults On Retirement Savings Incentives 5/15/2012 Following the Minister of Finance Pravin Gordhan’s announcement in his 2012 Budget in February that the South African government is looking to provide incentives for savings and the reform of the retirement industry, the National Treasury has now published an overview consultation paper.
	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.
	Australian Budget Scraps Planned Business Tax Cuts 5/10/2012 A planned cut to business tax rates will not go ahead in Australia, as the government seeks to redirect projected mining tax revenue to help families and small businesses in the face of ongoing disputes with opposition parties.
	IoM Will Not Follow UK's Lead On Taxing Business Jets 5/7/2012 The Isle of Man's Treasury Minister, Eddie Teare has confirmed that, despite the territory maintaining many similar elements to the United Kingdom tax regime, the island will not follow suit with the UK government's decision to begin taxing small business aircraft under the Air Passenger Duty regime.
	IRS Accepting Applications For Taxpayer Clinic Grants 5/4/2012 After the recent disclosure that applications could be made for the Tax Counselling for the Elderly and Volunteer Income Tax Assistance grant programmes, the United States Internal Revenue Service has now also announced the opening of the 2013 Low Income Taxpayer Clinic grant application process.
	IRS Seeks Applications For Tax Assistance Grants 5/3/2012 The United States Internal Revenue Service is now accepting applications for the Tax Counselling for the Elderly and Volunteer Income Tax Assistance grant programmes, which will allow some organizations to apply for annual funding for up to three years.
	Dutch Lawmakers Unite On Austerity Budget 5/1/2012 Despite the recent collapse of Mark Rutte's minority coalition government and ensuing panic on the already anxious markets, the Dutch parliament has finally adopted the country’s budget package, designed to reduce the budget deficit to 3% of gross domestic product in 2013, and providing for savings of around EUR12bn (USD15.9bn) next year.
	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.
	Dutch Opposition Shuns Austerity Path 4/27/2012 During an emergency debate in parliament, following the shock resignation of Mark Rutte’s minority coalition, leader of the Dutch Social Democrat opposition party Diederik Samson underlined the need to move away from the controversial austerity course.
	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.
	IRS Consults On Public Sector Retirement Age Rules 4/23/2012 It has been announced that the United States Internal Revenue Service and the Treasury Department anticipate issuing guidance relating to the applicability of the normal retirement age rules to governmental plans.
	US Congress Looks At Retirement Account Tax Reform 4/20/2012 The United States House of Representatives Ways and Means Committee has held a hearing on possible modifications to tax-favoured retirement savings plans, including employer-sponsored defined contribution plans and individual retirement accounts, which might be considered as part of comprehensive tax reform.
	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.
	Maltese Developers Cry Foul On Property Tax Valuations 4/19/2012 The Malta Developers Association has called on the government to rethink the valuation of island property for the purposes of levying the 12% withholding tax on property sales, to take into account the falling price of real estate.
	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'.
	UK Due To Introduce Tax-Transparent Pooled Fund Structure 4/10/2012 Northern Trust has confirmed that it will offer the incoming UK tax-transparent pooled funds structure, when regulations permitting the vehicle become effective in the UK in late summer 2012.
	UK Opposition Attacks New Tax Year Changes 4/10/2012 The Labour party's Ed Balls has slammed the latest round of tax and benefit changes to hit UK taxpayers, arguing that families with children are set to lose over GBP500 a year.
	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.
	Canada's Amended DTAs Enter Into Force 3/30/2012 Canada's updated tax treaties with Italy and Switzerland have entered into force, agreements the Finance Minister said will strengthen the country's tax system.
	Australia Launches New Superannuation Advice Website 3/23/2012 The Australian government has launched a new website designed to offer advice on and help with access to improvements in the superannuation system.
	UK Pension Industry Calls For Tax Stability 3/16/2012 There should be no further changes to the UK pension tax system, the head of the National Association of Pension Funds has warned the Chancellor of the Exchequer.
	Panel Makes UK Pension Tax Recommendations 3/15/2012 The UK's Office of Tax Simplification has released the initial findings of its review of pensioner taxation, identifying areas of the tax system causing older taxpayers the most difficulties.
	Tax Simplification Body Reviews UK Share Schemes 3/14/2012 The Office of Tax Simplification has put forward its recommendations on UK tax advantaged share schemes, designed to encourage take up, and reduce the burdens on those offering the schemes.
	Canadian Minister Highlights New Pension Vehicle 2/29/2012 Canada's new pension vehicle will help small and medium-sized businesses compete in the jobs market, the Minister in charge has said.
	UK QROPS Proposals 'Grossly Unfair On Guernsey' 2/29/2012 Changes to tax regulations that aim to clamp down on the mis-selling of qualifying recognized overseas pension schemes will disproportionately affect Guernsey, which has a completely clean QROPS record with the UK tax authority, HM Revenue and Customs, according to a leading Guernsey QROPS provider.
	Australian Pension Tax Concessions Examined 2/24/2012 The Australian government has held the inaugural meeting of the Superannuation Roundtable, which has agreed that a priority going forward is to get better information around the current distribution of tax concessions.
	South African Budget Unveiled 2/24/2012 Despite the concerns previously expressed over prospective South African public sector debt levels, Minister of Finance Pravin Gordhan’s 2012 Budget confounded expectations by looking for reduced fiscal deficits, rather than increases, in the next three years, despite tax relief measures and significant increases in government spending.
	US Congress Passes Payroll Tax Extension 2/21/2012 As was expected, and just in time before the short Congressional recess, an extension of the United States payroll tax cuts and unemployment benefits, from the end of this month to the end of the year, passed through both the House of Representatives and Senate with varying degrees of bipartisan support.
	PwC Comments On UK Pension Tax Reform Rumours 2/20/2012 PwC has analysed the options allegedly mooted by the UK government in its rumoured look at reducing tax relief on pensions saving.
	US Congress Strikes Payroll Tax Deal 2/17/2012 United States Republican and Democrat Congressional leaders have agreed a format for the extension of the payroll tax cuts and unemployment benefits from the end of this month, following intense pressure from President Barack Obama.
	Finland Urged To Reduce Labour Taxes 2/15/2012 The Organisation for Economic Cooperation and Development has urged Finland to accelerate the pace of tax reforms to support fiscal consolidation to tackle the fiscal challenges of an ageing population, particularly by lowering labour taxes to boost employment levels.
	Obama Produces Election Budget 2/15/2012 United States President Barack Obama has announced his proposed budget for the next fiscal year beginning on October 1, which, with over USD1.5bn in net new revenue from taxes on the wealthy and more spending on job creation and education, will provide his platform for re-election.
	Ireland Publishes 2012 Finance Bill 2/13/2012 The Irish Finance Bill 2012, introduced on February 8, 2012, proposes extensive changes to the nation's tax regime, including a hike in the headline value-added tax rate to 23%, and targeted tax amendments to improve the competitiveness of the country's financial services industry.
	Australia Announce New Superannuation Roundtable 2/7/2012 Australia’s government has announced a new Superannuation Roundtable to consider ideas raised at the recent Tax Forum to provide Australians with more options in retirement and to improve certain superannuation concessions.
	Minister Promotes New Canadian Pension Vehicle 2/2/2012 The introduction of Pooled Registered Pension Plans will bridge gaps in Canada’s retirement income system, the Minister in charge has said.
	US Treasury Aims To Lower FATCA Burdens 1/30/2012 During her remarks at the New York State Bar Association Annual Meeting, Acting Assistant Secretary for Tax Policy, Emily McMahon, indicated that regulations for the implementation of the provisions of the Foreign Account Tax Compliance Act are in the final stages of clearance at the United States Treasury and the Internal Revenue Service.
	Barbados Modernizes Land Tax Administration 1/26/2012 Barbados has announced that it will soon roll out its online portal for taxpayers to view and pay their land tax bills online, although the system is not yet available for foreign property owners.
	Austria Focuses On Eradicating Tax Loopholes 1/23/2012 Echoing views expressed in parliament recently by Austria’s Finance Minister Maria Fekter, legal tax expert Werner Doralt has given his full support to any plans to close existing loopholes in the country’s tax system to consolidate the budget.
	Austrian Businesses Slam Chancellor's Tax Rise Plans 1/18/2012 A recent survey of 1,300 businesses, conducted by the Austrian Economics Chambers in the regional province of Steiermark, has revealed that 95% of those companies surveyed are in favour of budgetary consolidation by means of expenditure-based measures, while only 17% support the idea of wealth-related taxes as a means to cut the country’s deficit.
	Faymann Eyes Wealth Taxes In EUR10bn Package 1/17/2012 Despite maintaining that no ultimatum would be issued to coalition partner the Austrian People’s Party, and that ongoing talks have up until now been 'constructive', Austrian Chancellor Werner Faymann nevertheless insisted recently that an essential part of the government’s planned EUR10bn (USD13bn) budgetary consolidation package must be derived from wealth related taxes.
	Irish Revenue Chief Apologies For Pension Tax Farce 1/13/2012 The chair of the Irish Revenue Commissioners has been forced to apologise for the distress caused by the disclosure that thousands of Irish pensioners are to face unexpected tax charges.
	Call For Clarity Over Irish Pension Tax Debacle 1/10/2012 The fallout from the Irish Revenue's disclosure that thousands of pensioners will receive an unexpected tax hit continues, with the agency forced to re-open customer enquiry lines and facing calls for a public information campaign.
	Austria Eyes 'Structural' Tax Changes 1/9/2012 Austria’s Finance Minister Maria Fekter recently underlined the need for reforms and for structural changes in Austria to reduce the country’s debt, including changes to the current tax system, to steer the country onto a long-term savings course.
	Irish Pensioners Facing Tax Hit 1/9/2012 115,000 Irish pensioners are to be hit by unexpected tax charges after new information came to light regarding inaccuracies in figures held across different government departments.
	Austria Mulls Wealth-Related Taxes In EUR10bn Package 12/29/2011 Following intense discussions, Austrian Chancellor Werner Faymann and Vice Chancellor Michael Spindelegger recently united on plans for a five-year budgetary consolidation package, amounting to a total volume of around EUR10bn (USD13bn), to be agreed by the end of February following careful examination of both expenditure-based and revenue-based measures.
	Austria's FM Isolated On Tax Cuts 12/19/2011 Increasingly isolated, Austria’s Finance Minister Maria Fekter has once again ruled out the idea of new taxes, insisting that the planned February savings package is to be achieved solely by means of introducing ‘good’ savings measures.
	IRS Pushes Tax Credits For Retirement Accounts 12/20/2011 The United States Internal Revenue Service is encouraging low- and moderate-income workers to take steps to save for retirement and earn a special tax credit in 2011 and the years ahead.
	Canada Consults On New Pension Law 12/16/2011 The Canadian government has released for consultation a package of draft legislative proposals to bring in a new pension vehicle.
	UK Consults On Changes To QROPS Taxation 12/13/2011 The UK has published for consultation draft legislation which will overhaul the system for the transfer of pension savings to qualifying recognised overseas pension schemes.
	Singapore Hikes Property Taxes 12/12/2011 Singapore’s government has announced an Additional Buyer’s Stamp Duty to be imposed on certain categories of residential property purchases, in addition to the current buyer’s stamp duty.
	Hong Kong Looks At Narrow Tax Base 11/29/2011 In his written response to a question in the Legislative Council, the Secretary for Financial Services and the Treasury, Professor K C Chan, confirmed that the government is building reserves to cater for the longer term needs that could arise from Hong Kong’s ageing population, taking into account the SAR's narrow tax base.
	UK Tax 'Drives Away Wealth Creators' 11/28/2011 The UK faces a lost generation of wealth creators, with the 50% top rate of income tax set to push them away and cost the economy billions, a new report has said.
	IoM Public Sector Pension Overhaul Praised 11/22/2011 The new Chairman of the Isle of Man's Civil Service Commission, Alfred Cannan, has thrown his weight behind proposals from the Manx government to reform public sector pensions.
	Canada Approves Use Of BSX Securities In Retirement Savings Plans 11/17/2011 The Bermuda Stock Exchange has announced that the Minister of Finance for Canada has approved the addition of the exchange to the list of designated exchanges under Canada's Income Tax Act.
	Gibraltar Clarifies Tax Position Of UK Pensions 11/8/2011 The Gibraltar government has dismissed the possibility that the authorities could enter into an agreement with the UK government to allow Gibraltar residents in receipt of a UK pension to receive tax exemptions now available on Gibraltar pensions.
	Philippines Issues Retirement Account Tax Regulations 11/4/2011 The new revenue regulations to implement the tax provisions of the Personal Equity and Retirement Account Act have been issued by the Philippines Bureau of Internal Revenue.
	Tax Rules Hit Canadian Retirement Prospects 11/1/2011 Canadian workers are unable to save enough for their retirement because federal tax rules are preventing many from doing so, the C.D. Howe Institute has said, arguing that major reform is required.
	UK Firms Look To Asset Backed Pension Schemes 10/31/2011 Asset-backed financing for pension schemes in the UK continues to grow, now accounting for 20% of total deficit contributions made, according to a new survey from KPMG.
	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.
	Japan-Cayman Islands TIEA Enters Into Force 10/20/2011 The comprehensive tax information exchange agreement between Japan and the Cayman Islands, which was originally signed on February 7 this year, will come into force on November 13, 2011.
	UK Tax Relief Changes To Hit Pension Contributions 10/17/2011 Self Invested Pension Plans and Small Self Administered Schemes will see their fund flow reduced as a result of reductions in tax relief, new research has revealed.
	Economy-Boosting Bill Introduced In Canada 10/7/2011 As part of the ongoing Budget implementation process, the Canadian Finance Minister has introduced legislation designed to generate job creation and stimulate economic growth, with measures including a series of key new tax credits.
	Thailand Ranked Top Expat Destination 10/7/2011 Despite ongoing economic turmoil and political unrest in many parts of the world, a preview of HSBC's 2011 Expat Explorer survey shows that expats remain generally happy in their new countries, with Thailand topping the list of the most popular expat destinations.
	Switzerland Reaches Out To Over-Taxed HNWIs 10/6/2011 Swiss cities including Bern, Lausanne, Lugarno and Lucerne have launched a new marketing campaign promoting the low taxes and the business benefits of moving to Switzerland, targeting UK companies and wealthy individuals suffering from a serious case of the fiscal blues.
	Canada To Implement 2011 Budget 10/5/2011 Canadian Minister for Finance, Jim Flaherty on October 3 tabled in the House of Commons a motion to implement Budget 2011 tax measures.
	Austrian Businesses Welcome ÖVP Tax Plans 9/29/2011 President of the Austrian Federal Economic Chamber Christoph Leitl has welcomed the fiscal plans unveiled by Austrian Finance Minister Maria Fekter and by Economy Minister Reinhold Mitterlehner.
	Curacao And St Maarten Face Fiscal Challenges 9/26/2011 In its first report since the break up of the Netherlands Antilles, the International Monetary Fund has noted that Curacao and Sint Maarten face several hurdles ahead in the short- and medium-term to restore economic growth, establish supportive tax regimes, and boost international competitiveness.
	Jersey's 2012 Budget Published 9/27/2011 Jersey's 2012 Budget, published on September 23, contains numerous measures to boost tax revenues and support lower-income workers as part of the government's efforts to tackle the territory's deficit.
	Sweden Unveils 2012 Budget 9/26/2011 The Swedish government has unveiled details of its 2012 budget, containing a raft of fiscal measures, designed to offset the effects of the crisis, to improve long-term job and growth prospects and to strengthen welfare.
	'Crisis Of Confidence' In Irish Government Pension Policy 9/26/2011 The pension industry is being asked to do too much to help bolster Irish economic recovery, the head of the country's largest pensions company has said, warning of a crisis of confidence in the government's pensions policy.
	US Senate Considers Retirement Savings In Future Tax Reform 9/21/2011 The United States Senate Committee on Finance has held a hearing on the further encouragement of retirement savings within any future reform to the country’s tax code.
	New Zealand To Simplify Tax Filing Requirements 9/15/2011 New Zealand Revenue Minister Peter Dunne says a new tax bill tabled on September 14 will simplify tax filing requirements for individuals and support businesses in handling their tax obligations electronically.
	Abacus Launches Bespoke IoM QROPS Scheme 9/14/2011 Leading fiduciary services provider, Abacus Trust Company Limited, has announced the launch of their new Isle of Man Qualifying Recognised Overseas Pension Scheme product, which offers certain tax advantages to UK expats or British residents considering leaving the UK.
	Sweden Eyes Tax Cuts For Pensioners 9/12/2011 Provided that the country’s public finances permit, Sweden’s Alliance government plans to lower taxes for pensioners in Sweden in either 2013 or 2014.
	Austria Ends Golden Handshake Tax Perk 9/12/2011 Austria’s Finance Minister Maria Fekter recently confirmed that so-called ‘golden handshakes’, accorded to individuals for early retirement, would no longer be tax-deductible in Austria.
	IoM Economic Report Highlights Clean Tech Potential 9/6/2011 The Isle of Man’s thriving clean tech sector looks set for further expansion, according to projections outlined in the latest Quarterly Economic Report to the Isle of Man Council of Ministers.
	Australia Announces Details Of October Tax Forum 8/30/2011 The Australian government has announced the invitation list, program and facilitators for the country’s Tax Forum to be held in Canberra on October 4 and 5.
	Canada Presses Forward With Budget Implementation 8/18/2011 The Canadian government has released its proposals for the introduction of a raft of new tax credits, many of which formed part of the Conservative party's election manifesto and the subsequent Budget introduced in June.
	Australia To Curb Excess Pension Contribution Tax 8/18/2011 People who make excess concessional contributions to their superannuation funds may benefit from changes contained in a consultation paper released on August 17 by the Australian Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten.
	Irish Pension Group Attacks Fund Levy 8/17/2011 The Irish government's introduction of a pension fund levy could see pensioners facing a 10% cut in their annual payments, according to a trustee board campaigning against the tax.
	New Zealand Savings Scheme Will Not Be Taxed Under Opposition’s Proposals 8/9/2011 New Zealand KiwiSaver funds will not incur capital gains tax on their share investments under the Opposition Labour Party’s policy proposals unveiled last month, the Party has confirmed.
	Two More Years Of Tax Hikes For Ireland 8/3/2011 While the country is on track to meet and even exceed its bailout commitments for this year, Irish Finance Minister Michael Noonan has outlined the plans he intends to implement over the next two years to cut the deficit and satisfy Ireland's creditors.
	Hong Kong To Draft Laws On Pension Fund Regulation 8/3/2011 A statutory regime should be introduced to regulate the sale and marketing in Hong Kong of Mandatory Provident Fund retirement schemes, according to consultation conclusions on the legislative proposals put forward by the government to enhance their regulation.
	Australia Extends Super Fund Loss Relief 7/27/2011 The Australian government has developed draft legislation to implement an extension to the temporary loss relief for superannuation funds that are currently in the process of merging, and has issued an exposure draft of the legislation and explanatory material.
	UK Consults On Pensions 7/22/2011 The UK is to consult on increasing public service pension contributions for the next financial year, as discussion continues of plans to overhaul the pension system in a way that doesn't disadvantage taxpayers.
	Austria Eyes End To 'Golden Handshake' Tax Perk 7/19/2011 Anxious to curb the number of ‘golden handshakes’ and early retirements in Austria, Finance Minister Maria Fekter has revealed plans to increase the taxation of the special severance pay accorded to employees for early retirement in future.
	Philippines Modifies Insurance And VAT Exemptions 7/14/2011 The Philippine Bureau of Internal Revenue has issued clarifications to its revenue regulations with regard to the income tax deductibility of insurance contributions, and to the applicability of value-added tax following takeovers and mergers.
	OECD Argues For Belgian Tax Reforms 7/13/2011 Belgium rebounded from economic crisis faster than most in the euro zone, but issues with its tax system, and with its environmental taxation in particular, remain, the Organization for Economic Cooperation and Development has said.
	KPMG Warns Of IAS 19 Impact 7/12/2011 Entities with defined benefit pension obligations will find their profit and loss accounts significantly affected by recent changes made to international accounting standards, KPMG in Australia has warned.
	UK Faces Age-Related Debt Crisis 7/11/2011 The rising costs of the UK's ageing population will mean an increasing debt to GDP ratio that could only be reduced by a combination of a rise in state pension age, tax hikes and spending cuts, according to new research by PwC.
	IRS Improves Pension Plan Compliance 7/7/2011 The United States Internal Revenue Service has improved its process for selecting potentially non-compliant retirement plans for examination, according to a report released by the Treasury Inspector General for Tax Administration.
	UK Adult Care Report Suggests Tax Hike 7/6/2011 The UK's adult care system is in need of a substantial overhaul, according to a newly released commission report, but changes would need to be funded by a tax hike on those feeling the benefits of such measures.
	Elements Of Canadian Budget Pass Legislative Hurdle 6/30/2011 A key part of Canada's Budget, aimed at assisting senior citizens, has passed through parliament, resulting in the restructuring of a series of benefits, and the introduction of tax credit and relief measures, Finance Minister Jim Flaherty has announced.
	UK To Simplify Pension and Share Schemes Taxes 6/30/2011 The UK's Office of Tax Simplification is to turn its attention to the issues involved with pensioners’ taxation and share schemes, as part of its ongoing work to identify parts of the tax system that are particularly complex.
	UK Approves IoM QROPS 6/29/2011 Pensions written under Isle of Man 50C pensions legislation are now appearing on the list of Qualifying Recognized Overseas Pension Schemes shown on the UK tax authority's website, following completion of a review by HM Revenue and Customs. The announcement further strengthens the Isle of Man as a leading QROPS jurisdiction.
	US States Face Pension Funding Crisis 6/27/2011 A study entitled 'The Revenue Demands of Public Employee Pension Promises', co-authored by the Kellogg School of Management and the University of Rochester, has calculated the increases in state and local pension contributions that would be required to achieve full funding of state and local pension systems in the United States over the next 30 years.
	UK Dismisses Pension Tax Relief Claims 6/24/2011 After speculation that the Chancellor was mulling scrapping pension tax reliefs for the UK's higher earners, the Treasury has rubbished the claims, saying they had already been ruled out.
	Guernsey Seeks Trusts Data 6/14/2011 The Guernsey Financial Services Commission has announced that 2011 Fiduciary Annual Return forms will shortly be available with changes made in light of a key recommendation from the International Monetary Fund to improve the island's monitoring of island-based assets.
	Australia Preparing For Fund Reporting Changes 6/10/2011 Assistant Treasurer Bill Shorten has announced changes that will facilitate financial services providers in transitioning to the new Product Disclosure Statement regime from June 2012. The regime affects providers of superannuation funds and simple managed investment schemes.
	South Africa Consults On 2011 Budget Bills 6/6/2011 South Africa’s National Treasury has released for public comment a draft of the 2011 Taxation Laws Amendment Bills that give effect to most of the 2011 Budget tax proposals, as well as to additional urgent measures.

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