Top personal income tax rates around the world have fallen by an average of 2.5% in the past six years, as governments strive to balance their need for revenue with the impact of increasing global labor mobility, a new study from KPMG International has found.
The US Treasury Department and the Internal Revenue Service have issued a revenue procedure which provides that certain gains and losses from indirect ownership of Fannie Mae and Freddie Mac preferred stock can be treated as ordinary income and loss.
The British Virgin Islands has signed a Tax and Information Exchange Agreement and a double taxation avoidance agreement with the United Kingdom, just days after it sealed a similar arrangement with the government of Australia.