Tax - News .com: FM the Austria Unveils 2011 budget bill

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FM the Austria Unveils 2011 Budget Bill by Ulrika Lomas, tax - News .com, Brussels
Last updated 14 hours ago | 01 December 2010

After months of political wrangling and speculation, Minister of finance Josef Pr?ll Austria?s finally unveiled details to the National Assembly of the 2011 budget country?s, designed to redress the finances and reductions in important spending and a number of measures tax key.

Recognizing the fact that the budgetary negotiations between the two parties in the coalition had been long and hard, Pr?ll proudly referred to in budget ?red-white-red? as not only a package savings but also as a ?future package?.

Introducing the tax measures in the budget, Pr?ll stressed the need for employment be useful for those who have the property not to be punished. Here, Pr?ll confirmed that the idea of tax, what he calls a burden on the middle and working classes, was excluded.

? solidarity? Pr?ll ?sign emphasized between tax initiatives contained in the budget for 2011 and described by the Minister of finance not are scheduled for the introduction of a tax Austria Bank. New proposed Bank collection is designed to produce in EUR500m region for the Government of additional tax revenue.

The Government also plans to abolish the period of operation for the actions, to ensure that from 1 January 2011, the benefits of all stocks and shares are subject to a 25% capital gains tax. Defending the proposal, Pr?ll wondered why hard working individuals should be taxed more gains in the short-term financial markets. Pr?ll also confirmed plans to increase taxation of interest income in the foundations of 12.5% currently to 25%.

Determined to take account of the environment, Pr?ll revealed a company plans to introduce the two air ticket tax as well to increase fuel tax. The Government has also resolved to curb tax evasion and to fill the existing gaps, he noted.

Reduce country?s deficit next year to 3.2% of gross domestic product, the budget provides savings autour EUR1.6bn in 2011 and new tax revenues of approximately EUR1.2bn.

Budget review is due to start soon, with a resolution provided for December 22.

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Tax - News .com: first Hong Kong agreement into force

New network todayThis source is published every day with new content or update selected from across our network. For a list of sites in the network, with many offering daily news, see below. Providing tax essential news and information for artists in the mobile world, entrepreneurs, contractors, professional, small businesses, sportsmen and artists.Portal network Lowtax: 'Low-tax' business and investment in instances of the top 50 in exceptional detail covered.Tax News: tax global news continuously updated by the day.Law & Tax News: data Daily new and substantive tax and legal developments on International Affairs.Offshore-e-com: a topical guide to e-commerce in the offshore focused on regulation and tax.Lowtax library: one of the largest and most authorities business and investment sources of information from the web, the.Tax US network: the taxation of the U.S. online free information resource covering: tax on corporations, tax, international tax, expatriate, sales and e-commerce tax tax investment.New! Personal business income tax guide: creating tax essential news and information on businesses for entrepreneurs, contractors, professional, small businesses, artists, sports and artists.

First Hong Kong agreement into force, by Mary Swire, tax - News .com, Hong Kong
December 31, 2010

Hong Kong?s more economic partnership (CEPA) with New Zealand, signed in March 2010, close agreement enters into force 1 January 2011.

CEPA is first Hong Kong free trade agreement with another country and the second follows with mainland China. Under CEPA, measures liberalizing the trade in goods and services will be introduced, and both parties will work also on the strengthening of bilateral trade and economic ties facilitating investment and movement of business persons.

Under CEPA will New Zealand be gradually over six years its tariffs on goods from Hong Kong import. More than 90% of tariff lines of the New Zealand will become duty-free within two years after the agreement has entered into force.

On trade in services, providers of Hong Kong and the services they offer enjoy preferential options guarantees the New Zealand market in a variety of services sectors. Include logistics and related services, audiovisual services, computer services and services, maritime transport services board management services incidental to manufacturing and services.

In terms of market access, there are no any restrictions in the form of limits on foreign capital, the number of suppliers of services or operations value transaction service, number of persons employed, types of legal entity or joint venture requirements in a variety of services on the New Zealand market sectors. Hong Kong service providers and the services they offer in wide range of sectors will be considered not less favourable than their counterparts in the New Zealand in similar circumstances.

In order to improve bilateral investment flows, both sides also agreed to negotiate a protocol of investment in the Act, to conclude negotiations on investment within two years after it came into force.

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Tax - News .com: Court reached the surprise decision VAT

New network todayThis source is published every day with new content or update selected from across our network. For a list of sites in the network, with many offering daily news, see below.14/09 Labuan, offshore investors feature providing tax essential news and information for artists in the mobile world, entrepreneurs, contractors, professional, small businesses, sportsmen and artists.Portal network Lowtax: 'Low-tax' business and investment in instances of the top 50 in exceptional detail covered.Tax News: tax global news continuously updated by the day.Law & Tax News: data Daily new and substantive tax and legal developments on International Affairs.Offshore-e-com: a topical guide to e-commerce in the offshore focused on regulation and tax.Lowtax library: one of the largest and most authorities business and investment sources of information from the web, the.Tax US network: the taxation of the U.S. online free information resource covering: tax on corporations, tax, international tax, expatriate, sales and e-commerce tax tax investment.New! Personal business income tax guide: creating tax essential news and information on businesses for entrepreneurs, contractors, professional, small businesses, artists, sports and artists.

Court of justice reached the surprise decision VAT by Ulrika Lomas, tax - News .com, Brussels
Last updated 11 hours ago |02 November 2010

The European Court of justice (ECJ) has announced its decision to the AXA (Denplan), a case sets a precedent for various businesses that receive payment for services by credit card or debit or similar payment systems and the tax treatment of these.

Denplan provides patients with private dental submits that its treatment patients? costs has been a financial service and therefore exempt from the tax on value added (VAT). This argument has been approved by the UK courts but has been rejected by the Court of justice, rather than services, for which he fees dentists in his employment, Denplan?s payment processing are apparent to a debt collection service and are therefore excluded from the exemption of payments, transfers and therefore subject to VAT.

Hannah Dobson, Director Smith & Williamson, accounting and financial services tax commented on the decision of Group: ?It is difficult to see how the services provided by Denplan can possibly be recovery of a debt in the usual that direct debits are essentially sense collected from patients at the exact moment that maturity, i.e. Denplan isn't hunting a debt for which he is charged Court however frais.La felt that this term should be interpreted in general much so it seems capable of almost any payment service application, and if this analysis is absorbed by the Member States may assign a broad range of business arrangements. ?

?Irrespective points of view on this decision, the Court of justice is the final Court of appeal for AXA (Denplan) and consequently that decision will be maintained.Any company that has been charging VAT on credit card or debit or processing payments to direct debits collectors or similar fee collection costs expected for the moment, continue to take account of the VAT on these frais.Pour enterprises with similar claims of AXA / Denplan, they are likely to be formally rejected by HMRC.Nous would strongly recommend that advice is sought to remove any claim in this case however, to ensure that an alternative argument does not exist for the claim remains valid.»

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Tax - News .com: Italy against tax pacts Switzerland

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Italy Against Swiss Tax Pacts, by Ulrika Lomas, Tax-News.com, Brussels
Friday, November 19, 2010

During a meeting of the European Economic and Financial Affairs Council (Ecofin) in Brussels, Giulio Tremonti, Italy?s Minister of the Economy, declared that he was wholly against the bilateral agreements for the exchange of tax information which some European Union (EU) member states were negotiating with Switzerland.

The Ecofin has been discussing rules which would bring the existing EU Savings Tax Directive more into line with the agreed international Organization for Economic Cooperation and Development standard on the exchange of tax information. Such new measures would require a unanimous vote within EU member states.

In the meantime, it has been seen that certain EU countries, particularly the United Kingdom and Germany, have agreed to start bilateral talks with Switzerland (to which the Savings Tax Directive has been effectively extended since 2005) on agreements which would allow those countries to tax assets held by their residents in Swiss accounts, while Switzerland would get to retain some measure of banking secrecy.

In particular, in the eyes of the Italian government, those agreements, and the current EU Directive, avoid the automatic exchange of information about bank clients. That is the main reason why such countries as Luxembourg, Liechtenstein and Switzerland remain on Italy?s ?blacklist? of tax havens (and have been affected, for example, under its new value added tax disclosure regulations) and why it has, as yet, been impossible to complete a long-discussed double taxation agreement (DTA) between Italy and Switzerland.

Tremonti has, for some time, been concerned at the level of information and/or tax remitted between countries under the Directive, and had already threatened, at the beginning of this year, an Italian veto on all EU tax matters unless clarification was forthcoming on tax recovery.

He has now said that the agreements being negotiated with Switzerland compromise, and are ?plainly against the spirit of?, the existing EU regulations. He said that Italy could not agree to the EU Directive being ?violated? by bilateral agreements. He pointed out that he is awaiting a reply within Ecofin on their unacceptability, and that ?without a reply, there could not be unanimity?.

While there have also been further rumblings recently, particularly in the Swiss press, that there could be movement shortly towards a signing of the DTA between Italy and Switzerland, it will be seen that Tremonti, on whose shoulders would rest any decision to proceed, would need to move some way in his present opinion before any signing could be contemplated.

A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp

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