Stories that are tagged 'services'

	China, Switzerland Make Progress In FTA Talks 5/16/2012 The latest round of negotiations on the proposed free trade agreement between China and Switzerland, which was held in Beijing on May 8-10, is said to have reached some consensus and made significant progress.
	St Lucia Eyes Income Tax Cuts, After VAT Implementation 5/16/2012 The government of Saint Lucia has outlined new tax measures in its latest Budget to shift the tax burden from direct to indirect taxes.
	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.
	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.
	Cayman Islands Target Brazilian Investors 5/16/2012 The Cayman Islands government has sought to bolster business relations with Brazilian investors by taking part in the recent Brazil Investment Summit.
	De Gucht Sees EU-US Trade Treaty In 2014 5/15/2012 In a speech on the future of transatlantic trade, to the recent AmCham Germany Annual Membership Meeting in Hamburg, the European Commissioner for Trade Karel De Gucht foresaw the possibility of a comprehensive free trade agreement between the United States and the European Union in 2014.
	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.
	MEPs Agree Deal On Mobile Roaming Price Caps 5/14/2012 Data roaming and phone calls abroad for European Union consumers should be much cheaper from July 1 this year, due to an agreement with the European Council which has been endorsed by the European Parliament.
	Cayman Regulatory Framework Endorsed 5/15/2012 Cayman Finance has welcomed the results of an independent study which places the Cayman Islands among only two offshore territories which have consistently implemented internationally-accepted standards on identity verification during due diligence processes.
	San Marino Urged To Consider New Economic Model 5/11/2012 Despite a 15% decline in tax revenues in San Marino over the past two years, authorities have been able to maintain a comparatively low deficit. However, the most significant challenges relate to the stability of the nation's banking sector, which has suffered capital flight as tax transparency initiatives gain ground, a new International Monetary Fund report says.
	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.
	Qatar DTA Will Boost Investment In Bermuda, Says Cox 5/11/2012 Bermuda's Premier, and Minister for Finance, Paula Cox, has stressed that the signing of a Double Tax Agreement with Qatar will significantly strengthen the territory's ability to act as a western hub for the Islamic financial services industry.
	IMF Identifies Risks In Swiss Banking Sector 5/11/2012 The International Monetary Fund has said in its latest Article IV consultation with Switzerland that, while the fiscal position is healthy, there remain a number of risks to the country's financial services sector, amid the possibility of a real estate bubble.
	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.
	Hong Kong Still Sees Problems On Mainland Services 5/11/2012 Secretary for Commerce and Economic Development, Gregory So, has replied to a question in the Legislative Council regarding the tax and procedural difficulties being experienced by the Hong Kong services sector in developing business in Mainland China.
	DIFC To Accept Credit Rating Agencies 5/10/2012 The Dubai Financial Services Authority has launched a consultation on new rules which would allow credit rating agencies to establish operations from the Dubai International Financial Centre tax-free zone.
	Financial Crisis Hits Jersey Finance Industry Profits 5/10/2012 The Jersey government's latest statistical report shows a significant decline in the profitability and size of the nation's financial services industry since the start of the financial crisis, putting pressure on Jersey tax receipts. Recent figures for 2011, however, show modest signs of improvements.
	Offshore Merger And Acquisition Activity Rises 5/9/2012 A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
	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.
	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.
	South Korea, China To Start FTA Talks 5/4/2012 The Chinese Minister of Commerce Chen Deming and South Korea’s Trade Minister Park Tae-ho have announced, after a meeting in Beijing on May 2, the official launch of negotiations for a China-South Korea free trade agreement.
	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.
	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.
	HKMA Reviews Its Progress In 2011 5/3/2012 In addition to its actions to strengthen further the risk management of banks through its supervisory actions and countercyclical measures on property mortgages, the Hong Kong Monetary Authority pointed, in its 2011 Annual Report, to its support to the further expansion of renminbi market activities in Hong Kong.
	ASEAN Enhances Patent Cooperation Programme 5/2/2012 As announced by the Association of Southeast Asian Nations Intellectual Property Offices, their Patent Examination Co-operation (ASPEC) programme has now been enhanced, after a regular review at a working group meeting in Bangkok in November last year.
	Further Attacks Launched On Italian Tax Evaders 5/1/2012 Following an announcement by the Italian financial police, Guardia di Finanza, that it has already uncovered substantial amounts of undeclared income in the first four months of 2012, the Italian Revenue Agency launched countrywide anti-evasion checks during the May Day holidays.
	UK, EU Talk 'Shadow Banking' Regulation 5/1/2012 At a conference on ‘shadow banking’ in Brussels, both Michel Barnier, European Commissioner for Internal Market and Services, and Paul Tucker, the Bank of England’s Deputy Governor for Financial Stability, have outlined their views on policies for its better regulation.
	Kirk Explains US Asia-Pacific Trade Policy 5/1/2012 In remarks at Singapore Management University, the United States Trade Representative Ron Kirk described the Administration’s broad trade policy in the Asia-Pacific region as using the Trans-Pacific Partnership to make further progress with its trading partners around the Pacific Rim.
	Bermuda Financial Services Conference Hailed Success 4/30/2012 Bermuda has welcomed the success of the Annual Bermuda Financial Services Conference, held in London on April 24, 2012, which attracted an audience of more than 260 leading lawyers, accountants and financial services executives.
	Geithner Finds Progress In US-China Trade Relations 4/30/2012 In remarks made to the Commonwealth Club of California in San Francisco, Timothy Geithner, the US Treasury Secretary, reviewed the development of the trading and economic relationship between the United States and China, and pronounced that significant progress has been made.
	DFSA Wins Regulatory Court Case 4/30/2012 The Dubai Financial Services Authority has won an important case before its own Regulatory Appeals Committee on the provision of financial services by a business and two of its company directors.
	Canada-EU Trade Talks Entering Final Straight 4/26/2012 An ambitious Canada-European Union trade agreement will benefit businesses and workers, ministers from Canada and Denmark said after they met to discuss the ongoing negotiations.
	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.
	Bermuda Concludes Marketing Push In China 4/26/2012 Business Bermuda, the promotional agency for the territory's financial services industry, has concluded a week-long business development and relationship-building trip in Shanghai and Beijing mirroring the decisions of other small, low-tax, financial centres targeting the region as a new source of financial services growth.
	Canada, Costa Rica To Expand FTA 4/25/2012 Canada and Costa Rica have concluded a third round of talks on the expansion and modernization of their existing free trade agreement.
	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.
	Gibraltar Consults Industry On Transparency Enhancements 4/24/2012 The Gibraltar government is seeking input from the finance industry to help it form a response to recommendations received from the Organization for Economic Cooperation and Development on improvements deemed necessary to the territory's fiscal transparency frameworks for the exchange of tax information.
	Swiss Parliament Adopts Tax Deal With Austria 4/25/2012 Switzerland’s Federal Council has recently adopted the text of the withholding tax agreement with Austria.
	Hong Kong To Trade Renminbi Futures 4/24/2012 Hong Kong Exchanges and Clearing Limited has plans to introduce renminbi currency futures in the third quarter of this year, subject to regulatory approval and market readiness.
	Canadian Province To Introduce HST 4/23/2012 The Canadian province of Prince Edward Island will move to a harmonized sales tax system from April next year, with the government expected to table a package of legislative reforms later this year.
	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.
	Guernsey Fund Lists On LSE 4/24/2012 A Guernsey closed-ended investment company has been used by Blue Crest Capital Management in its Initial Public Offering of a fund on the London Stock Exchange Main Market, advised upon by Channel Islands law firm Carey Olsen.
	BIS Issues Final Principles For FMIs 4/20/2012 The Bank for International Settlement’s Committee on Payment and Settlement Systems and the technical committee of the International Organization of Securities Commissions have published the final version of their ‘Principles for Financial Market Infrastructures’ report.
	Canada, Chile Expand FTA 4/18/2012 Canada and Chile have signed a modernized and expanded free trade agreement, designed to deepen commercial ties between the two countries.
	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.
	US, Colombia FTA Effective In May 4/18/2012 The Presidents of the United States and Colombia announced at a joint press conference in Cartagena that a landmark Free Trade Agreement between the two nations will become effective on May 15, 2012, gradually exempting the vast majority of goods from bilateral trade taxes.
	Italy Delays Transaction Reporting For Banks 4/18/2012 The Italian Revenue Agency has delayed the obligation on banks and other financial institutions to identify transactions subject to value-added tax and of an amount over EUR3,600, that will have to be electronically reported to the tax authorities as part of the government’s efforts to increase tax compliance.
	US, Tunisia Hold Talks Under Bilateral TIFA 4/18/2012 A delegation from the Office of the United States Trade Representative has recently met with the Tunisian government, under the auspices of the US-Tunisia Trade and Investment Framework Agreement Council, which was re-launched late last year.
	Mauritius Builds Synergy Between Domestic Regulators 4/13/2012 Mauritius's Financial Services Commission and the territory's Financial Reporting Council on April 10, 2012, signed a Memorandum of Understanding to ensure effective information exchange in relation to financial reporting, auditing and corporate governance.
	Minister Promotes Canada, Peru Trade 4/16/2012 Canada's Minister of International Trade has been promoting the benefits of a deepened Canada-Peru trade and investment partnership, stressing that the relationship creates jobs, prosperity and positive change.
	Future Bright For Panama: IMF 4/13/2012 The International Monetary Fund has published its Article IV report in respect of Panama, noting that the country has exited the global downturn robustly, with a well-capitalised banking system, but efforts should continue to build upon the tax revenue base to reverse poor revenue performance witnessed last year.
	Jersey Business Sentiment In The Doldrums 4/12/2012 The prevailing sentiment among Jersey business is the most negative since records began in 2009, with business activity said to have fallen significantly in the first quarter of 2012.
	Committee To Review Indian E-Refund Proposals 4/11/2012 A committee is to review India's e-refund system for the reimbursement of tax paid on taxable services used for the export of goods.
	Guernsey Fund Of Hedge Funds Receives European Accolade 4/11/2012 Guernsey-headquartered Legis Fund Services has been recognised as 'Best Administrator - under USD30bn Fund of Hedge Funds' at the HFMWeek European Services Provider Awards.
	Ogier Advises On USD1.1bn Debt Conversion 4/11/2012 Ogier's British Virgin Islands office has advised CEMEX - one of the world's leading cement and building materials companies - on its most recent notes transaction valued at USD1.1bn which closed at the end of March.
	Jersey Responds To QROPS Change With New Offering 4/11/2012 The Jersey government has announced the launch of a new Jersey-based pension scheme, the Recognized Pension Scheme, which provides a structure compliant with UK law following changes to UK rules regarding Qualifying Recognised Overseas Pension Schemes.
	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.
	Business Calls For US-Brazil Trade Treaty 4/10/2012 On the occasion of Brazilian President Dilma Rousseff's visit to the United States on April 9, the US Chamber of Commerce President and CEO Thomas Donohue called on the two countries to begin discussions on a comprehensive Economic Partnership Agreement.
	Bermuda Welcomes Significant New Reinsurer 4/10/2012 The Bermuda government has welcomed the news that a new reinsurance entity will set up shop in Bermuda from June 1, 2012, as part of a joint venture between Validus Group and hedge fund manager John Paulson.
	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.
	Swiss Re Corporate Solutions Establishes Dubai Office 4/9/2012 The Dubai Financial Services Authority has granted Swiss Re Corporate Solutions a licence to operate in the Dubai International Financial Centre.
	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.
	EFTA, Indonesia Hold FTA Negotiations 4/6/2012 The fourth round of negotiations towards a 'Comprehensive Economic Partnership Agreement' between the European Free Trade Association states and Indonesia concluded on March 29, 2012.
	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.
	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.
	Indian FinMin To Meet With Jewellers Over Tax Row 4/5/2012 India's Finance Ministry is to meet with representatives of the jewellery manufacturing industry following a row over a new excise duty.
	China Expands RMB Overseas Investment Scheme 4/6/2012 After close consultations between Hong Kong’s Securities and Futures Commission, the People's Bank of China and China’s State Administration of Foreign Exchange, the China Securities Regulatory Commission has announced an expansion of the Renminbi Qualified Foreign Institutional Investor scheme.
	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.
	Singapore Introduces Added Tranche Of GST Compliance Initiative 4/4/2012 The Inland Revenue Authority of Singapore is providing a second SGD5m tranche of co-funding of the fees incurred by businesses registered for goods and services tax and undertaking the Assisted Compliance Assurance Programme.
	EU Provides Funding For Caribbean Tax, Regulatory Reforms 4/4/2012 The Caribbean Forum of African Caribbean and Pacific States and the European Commission on March 29, 2012, signed three financial agreements, which will provide Caribbean nations with additional funding to facilitate regional integration, and for reforms to ensure the Caribbean trade bloc can take full advantage of the Economic Partnership Agreement in place with the European Union.
	Guernsey, Switzerland Discuss Financial Synergies 4/3/2012 Guernsey recently hosted a Swiss government delegation during a two-day visit to the island, which reinforced the importance of links between Guernsey and Switzerland, particularly in financial services.
	Italy's Compliance Drive Paying Off 4/2/2012 An Italian Revenue Agency statement has illustrated the much improved results it achieved last year from its two-prong strategy of targeted tax compliance measures and more-efficient services for taxpayers.
	BC Loan Repayment Boosts Canadian Finances 4/2/2012 British Columbia's repayment of sales tax transition loans helped the federal Canadian government to its first monthly budgetary surplus in nearly three years.
	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.
	State Street Granted Jersey Banking License 3/30/2012 The Jersey Financial Services Commission has granted State Street Corporation, one of the world's leading provides of financial services to institutional investors, a license to expand its offerings to include Jersey-based banking.
	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.
	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'.
	South Korea, Turkey Sign Preliminary FTA 3/27/2012 Following meetings earlier this month, South Korea and Turkey were able, on March 26, to sign an initial agreement on trade in goods, as a step on the way to a full bilateral free trade agreement.
	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.
	Hong Kong's SFC Waives Annual Fees 3/27/2012 Hong Kong’s Securities and Futures Commission has announced that the payment of annual licensing fees will be waived for a two-year period, effective from April 1, 2012.
	Schäuble Eyes 'Extended' Stock Market Tax 3/27/2012 German Finance Minister Wolfgang Schäuble has recently conceded that there is little chance of a financial transactions tax at European Union level, and has therefore advocated instead the introduction of an extended stock market tax.
	Guernsey Wealth Management Promoted In India 3/23/2012 Guernsey's offerings as a wealth management domicile were promoted at the India Wealth Forum, held recently in Delhi and attended by Guernsey wealth management firm Nerine Group of Fiduciaries.
	Netherlands Seeks 'Alternatives' To FTT 3/26/2012 The Dutch finance ministry has recently confirmed government plans to ask the European Commission to examine the idea of ‘alternatives’ to the introduction of a financial transactions tax in Europe.
	US, EU Issue Joint Statement On Data Privacy 3/22/2012 A joint statement, following a conference in which both European Commission Vice-President Viviane Reding and the United States Commerce Secretary John Bryson participated, confirms the deepening trans-Atlantic dialogue on commercial data privacy issues.
	Switzerland, UK Supplement Withholding Tax Agreement 3/23/2012 Switzerland and the United Kingdom have recently signed in Brussels a Protocol of Amendment that supplements the withholding tax agreement of October 6, 2011.
	Semeta Eyes 'Political Compromise' On EU FTT 3/22/2012 During a recent meeting of members of the finance and fiscal committees in the Danish parliament in Copenhagen, European Union Commissioner for Taxation Algirdas Semeta once again underlined the need for a European financial transactions tax (FTT) to partially fund the European budget thereby reducing national contributions, while acknowledging the need for a 'political compromise'.
	Australia Releases Tax Prosecution Figures 3/20/2012 Almost 1,200 people were prosecuted and convicted for tax and superannuation offences in Australia last year, new figures show.
	Singapore To Cash In On Gold Rush With Tax Break 3/20/2012 International Enterprise Singapore, the trade development agency, has confirmed that Singapore plans to increase significantly its share of global trading in precious metals, as a result of exempting gold and other precious metals from goods and services tax.
	Jersey Embarks On Major Gulf Promotional Tour 3/20/2012 The Jersey government has announced that a convention for the avoidance of double taxation and fiscal evasion will be signed with Qatar during its current promotional trip to the Gulf region.
	Indian Budget Signals Further Reform Delays 3/20/2012 India’s 2012 Budget has been unveiled, including a raft of tax measures designed to signal progress in the implementation of a direct tax code and a goods and services tax regime.
	Ernst And Young Returns To The BVI 3/19/2012 Ernst and Young, one of the 'big four' accounting firms, has announced its decision to re-establish an office in the British Virgin Islands after a multi-year absence, attracted by the territory's strong financial services legislation and regulatory regime.
	Offshore Aspects Of Russian 'Superbank' Merger 3/19/2012 The Jersey office of Walkers, the leading international law firm, has advised on the multi-jurisdictional aspects of the USD1bn merger between Sberbank and Troika Dialog, which will create a Russian 'superbank'.
	Canada, India Redoubling Trade Talk Efforts 3/15/2012 With Canada and India hoping to conclude a trade agreement by 2013, Canada's Minister of International Trade has said that growing bilateral trade between the two countries is fuelled by 'strong people-to-people ties'.
	South Korea-US FTA Comes Into Effect 3/16/2012 The long-delayed South Korea-United States free trade agreement, which was originally signed in 2007, entered into force on March 15, 2012.
	ASIC Reviews Regulatory Approach 3/16/2012 The Australian Securities and Investments Commission has announced that it is reviewing its regulatory approach to the platforms sector, as it seeks to boost investor confidence.
	TPP Talks Make Further Headway 3/14/2012 The Office of the United States Trade Representative has stated that the prospective Trans-Pacific Partnership free trade partners – Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, the US, and Vietnam – made further strong headway during the recent eleventh round of negotiations in Melbourne.
	PNL Pioneers New Offshore Insurance Products 3/14/2012 Paul Napier Ltd, an independent Lloyd’s insurance broker that specialises in the provision of professional and financial Lines insurance classes to the offshore financial services industry, has announced the arrival of a new range of insurance products for the UK and international offshore financial services industry including the trust, family trust, fiduciary and corporate service provider sectors.
	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.
	India's Indirect Tax Revenues On The Up 3/13/2012 India's indirect tax revenue rose 9.6% in February, with the government having now collected 88.7% of its revenue target for the fiscal year to date.

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