The World Trade Organization has awarded US$21m worth annually of compensatory measures to Antigua and Barbuda in its fight against the USA over the country’s unilateral suspension of its WTO obligations in regard to on-line gaming.
With tax revenues expected to rise this year by a startling 30%, a meeting this week of China’s top legislative body is considering a draft amendment to to the law on individual income tax which would raise the individual income tax threshold from RMB1,600 to RMB2,000.
Shortly before Christmas, the Argentine Senate approved the extension of the economic emergency law during 2008, along with the financial transactions tax, to raise revenue of 18bn pesos.
Cyprus, Ireland, and Switzerland are the top three countries in a league table of European tax systems compiled by accountant KPMG International, in which major business organisations across Europe assessed the attractiveness of their domestic tax regimes.
All three countries were rated highly for their combination of consistency in interpreting tax legislation, stability in resisting frequent changes to tax laws and their comparatively low tax rates.
The three least …
Obwalden has become the first Swiss Canton to adopt a flat rate of tax for individual income taxpayers after 90% of the electorate voted in favour following a recent cantonal referendum.
Obwalden had been forced to review its tax system following a complaint from Socialist Party deputy Josef Zisyadis that reforms put in place in January 2006 had created a regressive tax system, where wealthy taxpayers paid a lower tax rate than those on lower incomes, and which was therefore unconstitutional.
President-elect of Korea Lee Myung-bak, who will be inaugurated in February, has proposed swingeing tax cuts and other market-friendly policies for his new administration.
After Hong Kong’s Chief Executive Donald Tsang called on China to allow greater democracy in the former British colony in his recent report to Beijing, the Chinese leadership has given its first indication that it may be prepared to countenance a move towards universal suffrage in the next ten years.
From January 1st 2008, Cyprus and Malta will adopt the euro, bringing the number of European Union countries that share the same currency to 15.
The US Treasury Department last week released a study on business taxation and global competitiveness, outlining broad approaches to reform meant to inform the public policy debate on the issue.
The Australia Taxation Office (ATO) has published the eighty-sixth edition of its annual report, which gives performance updates and figures for the year to June.
