The International Monetary Fund calls for Hong Kong’s tax base to be broadened by introducing a goods and services tax, expanding the base of the salaries tax or exploring other options.

In its Staff Report released on 5 February 2008, the IMF reiterated its support for Hong Kong’s commitment to the Linked Exchange Rate System (LERS) and the government’s efforts to further Hong Kong as an international financial centre.

The IMF shared the government’s view that the financial …

Bookmark to:

Brazil, India, and South Africa signed a technical cooperation agreement in the areas of taxation and customs during the second annual India-Brazil-South Africa (IBSA) Dialogue Forum in Pretoria on 17 October 2007.

According to Brazil’s Federal Revenue Department, the agreement covers:

• Exchange of information;
• Risk management by tax and customs administrations;
• Development of human …
  Bookmark to:
  
  

A proposed new Guernsey Companies Law has been published and was amongst included in the January Billet d’Etat for the States of Guernsey.

If approved, the new law is expected to be granted Royal Assent by the Privy Council in time for it to come on-stream at the start of July 2008, alongside the new Guernsey Companies Registry that was approved by the States last year.

The revised companies law has two purposes: to consolidate the existing law, ordinances and regulations …

Bookmark to:

British businesses and the Government will form a new working group to look at the long-term challenges facing the UK tax system and ensure competitiveness remains at the heart of any future reforms, Chancellor of the Exchequer, Alistair Darling announced on Tuesday.

Bookmark to:

US and Mauritian officials met this week to discuss implementation of the United States-Mauritius Trade and Investment Framework Agreement (TIFA).

Bookmark to:

The Organisation for Economic Cooperation on Friday welcomed two new bilateral arrangements for the exchange of information for tax purposes, between Guernsey and the Netherlands and between the Isle of Man and Ireland.

Bookmark to:

There are new rules governing the pensions of expatriates that make them highly tax efficient and flexibility advantageous!

Bookmark to:

The Danish parliament, on 22 January 2007, passed a bill authorising Danish Minister of Taxation Kristian Jensen to terminate Denmark’s tax treaties with both France and Spain.

Under Denmark’s current treaties with France and Spain, signed in 1957 and 1972 respectively, Denmark does not have the right to tax income from Danish pension schemes paid to tax residents of France and Spain. Many Danes have emigrated to Spain or France on retirement to avoid Danish income taxation on their pension …

Bookmark to:

Bahrain and Brunei signed an income and capital tax treaty in Manama on 14 January 2008. The two countries also signed an investment protection agreement and discussed ways to strengthen bilateral ties and enhance economic cooperation further.

The new agreements will build on a finance and investment memorandum of understanding signed by the two countries in 2003.

Bookmark to:

Hong Kong Financial Secretary John Tsang has discussed with Indian Finance Minister Shri Palaniappan Chidambaram the potentialfor a Hong Kong-India income tax treaty.

In a meeting in India on 14 December 2007, both sides recognised the need for negotiations for an Investment Promotion and Protection Agreement (IPPA) between Hong Kong and India, which started in 2003, to resume.

Also discussed was the issue of double taxation. It was hoped that an agreement could be reached so …

Bookmark to: