http://lawandtax-news.com/ Daily news and background data on tax and legal developments for international business. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/GST_Will_Make_India_More_Competitive_FinMin_Says____55588.html The introduction of an Indian goods and services tax will remove the hidden costs causing a lack of competitiveness, Finance Minister Pranab Mukherjee has said, arguing that the new tax will provide a more stable source of revenue, helping create a common market across India. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Spain_Moves_Tax_Goalposts_For_EGaming_Firms____55581.html The Spanish tax authority has required that online operators with customers in Spain pay back-taxes under two historic laws that previously were not applied to offshore online gaming. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/EP_Adopts_Ambitious_FTT_Resolution____55606.html During a recent plenary session, the European Parliament adopted an ambitious approach on a possible financial transactions tax. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/FINMA_Strengthens_Monitoring_Tools____55605.html During a recent sitting, the Swiss Federal Council adopted a report pertaining to the development of monitoring and organizational instruments applied by the Swiss Financial Market Supervisory Authority. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/EU_Funding_To_Boost_Caribbean_EPA_Implementation____55580.html The Caribbean Development Bank and the European Union have agreed to fund a multi-million facility to aid members of the Caribbean Community in implementing the necessary reforms to allow them to fully benefit from the preferential trade conditions provided for in the CARIFORUM-EU Economic Partnership Agreement. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Kirk_Looks_At_Future_Of_USEU_Trade_Relations____55582.html After, earlier this month, the European Commissioner for Trade Karel De Gucht had foreseen the possibility of a comprehensive free trade agreement between the United States and the European Union in 2014, the US Trade Representative Ron Kirk provided his view on US-EU trade policy during a recent speech in London. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Australian_Superfund_Managers_Face_Greater_Scrutinty____55589.html Legislation to increase scrutiny of Australia's superfund managers has passed its first legislative hurdle, news welcomed by the minister in charge, who has stressed that the reforms will close an important regulatory gap. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/UK_MPs_Critical_Of_HMRC_Compliance_Activity____55608.html Cutting staff numbers has cost HM Revenue and Customs GBP1.1bn (USD1.7bn) in revenue over the past five years, a group of UK lawmakers has said in a report that also chastises HMRC for allegedly encouraging the use of tax avoidance schemes by senior public sector employees. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/US_Treasury_Describes_Its_AntiMoney_Laundering_Options____55583.html A fact sheet issued by the United States Treasury Department has explained how Section 311 of the USA PATRIOT Act of 2001 provides the Treasury Secretary a range of options that can be adapted to target specific money laundering and terrorist financing risks. Thu, 24 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Germany_Unites_On_Draft_2013_Finance_Act____55603.html The German cabinet has recently united on the country’s 2013 finance bill, together with the transport tax amendment bill, modifying both the motor vehicle tax law and the insurance tax law. Fri, 25 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/IRS_Plugs_Small_Businesses_Tax_Credits____55602.html The United States Internal Revenue Service is encouraging small business owners to check out two tax credits and a special relief programme that could provide them with significant tax benefits during 2012. Thu, 24 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/CBI_Urges_Corporate_Tax_Powers_For_Northern_Ireland____55590.html A lower corporation tax rate would give Northern Ireland's economy a 'shot in the arm', the head of the Confederation of British Industry Northern Ireland has said, calling for power to set the rate to be devolved. Thu, 24 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Philippines_Achieves_Record_Fiscal_Surplus_In_April____55577.html The government of the Philippines saw a record fiscal surplus in April 2012, due to continued double-digit growth in revenue collections which were more than enough to support accelerated public spending. Thu, 24 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Accountants_Urge_IRS_To_Simplify_Foreign_Pension_Reporting____55596.html The New York State Society of Certified Public Accountants is calling on the US Internal Revenue Service to provide a simplified method of electing deferral of US taxation on Canadian pension plans, and is requesting additional guidance on the taxation of foreign retirement and pension plans due to consumer confusion over the filing procedures required by such programs. Thu, 24 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Malaysia_Australia_Sign_FTA____55568.html On May 22 in Kuala Lumpur, as a complement to the existing regional agreement between Australia and the Association of Southeast Asian Nations, of which Malaysia was one of the original members, Australia's Trade Minister Craig Emerson and his Malaysian counterpart Mustapa Mohamed signed a comprehensive bilateral free trade agreement. Thu, 24 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Brazil_Provides_New_Fiscal_Stimulus____55570.html The Brazilian government has announced a package of tax measures worth around USD1bn to stimulate growth in key economic sectors, to ensure the nation meets this year's growth target of 4.5%. Thu, 24 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/DIFC_Promotes_Advantages_In_US____55592.html The Dubai International Financial Centre has concluded a road show to the United States, which, it is hoped, will lead to more US companies establishing a presence in the no-tax free zone. Thu, 24 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/CEPA_Boosts_Hong_Kongs_Industries____55597.html The China/Hong Kong Closer Economic Partnership Arrangement services liberalization measures have boosted the development of Hong Kong’s traditional industries, Financial Secretary John Tsang says. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Canada_Japan_FTA_To_Bring_Numerous_Benefits____55537.html A Canada-Japan free trade agreement would help boost already strong trade and investment ties, Canadian ministers have said. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/UK_Fiscal_Plan_Under_IMF_Microscope____55575.html The International Monetary Fund in its latest Article IV consultation with the United Kingdom has acknowledged that a slower pace of fiscal consolidation is appropriate in light of the risks to the nation's economic outlook, but says that revenue-neutral reforms can be undertaken to improve growth prospects. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/France_Extends_Deadlines_For_Online_Returns____55585.html The French finance ministry has recently confirmed details of extended reporting deadlines for 2011 income tax returns submitted online. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/NZ_Tax_Refunds_Agents_Under_Scrutiny____55567.html The practices of New Zealand's tax refund agents have come under the microscope, with the Commerce Commission warning that they may be failing to meet their obligations under the Fair Trading Act. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Few_US_Small_Businesses_Claim_Health_Insurance_Tax_Credit____55561.html The United States Government Accountability Office has released a study showing that very few small businesses are taking advantage of the Small Employer Health Insurance Tax Credit, which was included in President Barack Obama’s health care legislation. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Germanys_Fiscal_Court_President_Seeks_Simpler_Tax_Law____55536.html The President of Germany’s Federal Fiscal Court Rudolf Mellinghoff has called for a drastic simplification of the country’s highly complicated tax law. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Boehner_Backs_AntiSaverin_ExPATRIOT_Bill____55558.html In a television interview, the Speaker of the US House of Representatives John Boehner has surprisingly come out in favour of the bill introduced in the Senate which is aimed against those who renounce their United States citizenship to avoid paying taxes. Tue, 22 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/South_Africa_Ireland_Ink_Film_Tax_Break_Agreement____55559.html On May 20, 2012, the South African Minister of the Department of Arts and Culture Paul Mashatile and his Irish counterpart Jimmy Deenihan signed a co-production treaty that will provide access for filmmakers to opportunities and tax breaks in both countries. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Liechtenstein_Submits_AIFM_Bill_To_Parliament____55554.html During a recent sitting, the Liechtenstein government submitted to parliament a bill providing for the transposition of the European Union’s 2011 Alternative Investment Fund Managers Directive into national law. Wed, 23 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/IRS_Further_Expands_Its_Fresh_Start_Initiative____55560.html The United States Internal Revenue Service has announced another expansion of its 'Fresh Start' initiative by offering more flexible terms under its Offer in Compromise programme. Tue, 22 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Austria_Cyprus_Sign_Revised_DTA____55562.html Austria’s Financial State Secretary Andreas Schieder and the Cypriot Foreign Minister Erato Kozakou-Marcoullis have recently signed the revised bilateral double taxation agreement between Austria and Cyprus. Tue, 22 May 2012 00:00:00 GMT http://www.lawandtax-news.com/asp/Lamy_Highlights_WTO_Benefits_For_Ethiopia____55467.html The Director General of the World Trade Organisation, Pascal Lamy has encouraged Ethiopia to speed reforms towards accession to the global trade body, remarking upon the benefits membership would bring for the nation's economic development.