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Archive for the ‘International Tax Cooperation’ Category

Taxation Could Promote Equality?

Wednesday, December 14th, 2011

Addressing growing inequalities is now at the centre of the political debate and all countries are taking different actions to address it. Increasing inequality reaches far beyond economic implications, raising a number of political and ethical questions which have wide-ranging consequences for the future of all societies.

Globalisation and the sustainable growth path of many economies in transition and developed countries have produced impressive results in terms of economic growth, social development and poverty reduction. However, the benefits of stronger growth have not always been shared equally and income inequality has remained at very high levels. Achieving greater equality as a key to social cohesion remains a priority for every society. (more…)

Tags: Could, Equality, Promote, Taxation
Posted in International Tax Cooperation, Taxprecision news | No Comments »

UK non dom update

Friday, June 17th, 2011

The consultation issued by the Government outlining proposed changes to the taxation of non-UK domiciled individuals, increases the remittance basis charge but encourage foreign investments in the UK. The remittance basis charge goes from the current £30k to £50k, only applied to those resident in the UK for 12 years or more.

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Tags: tax residence, UK domicile
Posted in Double Tax Treaty, Final Beneficiary, International Tax Cooperation, Legacy Planning, UK Tax | No Comments »

Questions regarding the prevalent Tax Law of the European Union

Wednesday, June 1st, 2011

Once again the Campus of Jerez was the centre point for a development framework of a special forum which involved tax advisors, students, university professors and personnel from the Tax Office. On this occasion, a new conference took place on questions of the prevalent taxation within the European Union which the University of Cadiz imparts within its Tax Advisory Master in conjunction with the Financial and Tax Law given at this University.

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Tags: tax advisory master, university of cadiz
Posted in EU, International Tax Cooperation | No Comments »

Qatar Tax Policy

Saturday, December 11th, 2010

As part of a delegation of the Bar Council, I just returned from Qatar and was very pleased with the visit. We saw an energetic and enthusiastic country with a great vision. After doing my research and visiting the country, it is clear to me that Qatar has done the homework to become a recognized international player.

Qatar has a wide network of double taxation conventions with 40 jurisdictions, including many OECD and G20 countries as well as important regional partners. These DTCs generally include the old wording of article 26 of the OECD Model Tax Convention. Qatar’s DTCs with France, UK and Singapore contain the current version of article 26. These agreements apply equally to Qatar generally as well as to the QFC.

Qatar is focusing on further developing businesses and investments that will allow the country to continue being competitive beyond their current dependency on fossil energies. The Qatar Vision 2030 outlines clear steps to that end, which are clearly being executed. The 2022 world cup was not in the agenda some years ago, but will definitively help the country to achieve its goals.

In the tax arena Qatar is moving in the right direction as supported by the Law No. (21) of 2009, creating a corporation tax rate of 10% for all companies. According to the OECD report on Qatar

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Posted in Double Tax Treaty, International Tax Cooperation, OECD, Qatar, Taxprecision news | No Comments »

From KYC to KY3.- The new anti bribery and corruption regulations in the US and the UK

Saturday, December 4th, 2010

Know Your Customer or KYC, predominated on the hyper regulated financial and legal profession in the 90s. Now that you Know Your Customers, it is time to start thinking in Knowing Your “Third Party” or KY3, and what are they doing for you.

As prosecution on acts of bribery and corruption is top in the agenda for the UK and the USA, a new compliance framework is being developed, specially for those trading in emerging markets, or in well established markets with sophisticated corruptions systems.

Bribery and corruption are rapidly establishing themselves as a permanent part of the financial crime portfolio as the UK and US begin to lock-step both legal practice and enforcement. Keith Korenchuk and Oliver Kerridge of Arnold & Porter LLP talk to MLB editor Timon Molloy about the transatlantic lessons and risks. (more…)

Posted in Holding Companies, International Tax Cooperation, Miscellaneous, Transfer Pricing | No Comments »

Gibraltar Road Toll and good neighborhood with La Linea

Monday, August 16th, 2010

Does La Linea’s mayor care about good neighborhood with Gibraltar?

It is a shame that some Spaniards tackle a XXI Century issue with XIV Century measures. See The Guardian article on the most ridiculous initiative from a local mayor we have seen in decades, the establishment of an international border road toll between Gibraltar and La Linea.

This issue is not an isolated one and unfortunately there are still some Spaniards not recognizing the sovereign rights of Gibraltar as determined by its people and the United Kingdom. The Spanish Socialist government has been advocating for dialogue with Gibraltar and the UK, however talks these days seem to be lost in translation.

Why is the Spanish Government so reticent to conclude a treaty with Gibraltar? why is Gibraltar not removed from the Spanish taxhaven blacklist?

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Posted in Double Tax Treaty, Gibraltar, International Tax Cooperation, Miscellaneous, OECD, Spanish Tax residence and nationality, Taxprecision news | No Comments »

Spanish Economy, heading in the right direction according to IMF report

Sunday, August 1st, 2010

On July 30, 2010, the Executive Board of the International Monetary Fund (IMF) issued its report on Spain.¹ and welcomes the Government initiatives on Financial Institutions, deficit reduction and employment market reforms. Yes, Spain is going in the right direction, and this not just about Football!

The main challenge for the Spanish economy is not its financial stability, which is now clear after last weeks market reaction to the EU Banking stress tests, in which the Spanish Financial sector came as one of the strongest in the EU.

Ending the year 2010 with a public deficit of 9.3% is out of questions. The issue that the government must tackle is the paradigm shift from an economy relying on the construction industry toward improving innovation and the internationalization of the Spanish corporations, which is being primarily lead by the private sector as demonstrated by Banco Santander, BBVA, Abengoa, Telefonica and many other not so well known companies.

Summarizing, the IMF report restates the situation as perceived by most analysts and acknowledge the many challenges and the solutions. The IMF Board welcomes the government initiatives and suggests other necessary reforms. Overall, it seems from the report, what the Market has already understood, the Spanish Economy is heading in the right direction.

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Posted in IMF, International Tax Cooperation, Miscellaneous, OECD, Spanish Tax residence and nationality, Taxprecision news | No Comments »

Burdensome and costly tax requirements

Wednesday, July 28th, 2010

The American Institute of Certified Public Accountants told members of Congress recently they should repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.

During the last few years we have watched the Tax Offices worldwide ‘delegating’ their collector and investigation powers to Professionals and clients, which in some cases may benefit all parties.

The trend however is in crescendo at a time where most governments worldwide are looking at reducing their administration costs. The Tax Officials, in producing draft legislation, should be mindful in their collection zeal and try to balance collection vs. taxpayer’s rights. A right balanced approach helps the economy, by helping the clients of the tax office to succeed in their businesses.

It is encouraging to see the American Institute of Certified Public Accountants in the US confronting a legislative initiative to protect taxpayer rights. Well done!

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Posted in International Tax Cooperation, Miscellaneous, OECD, Taxprecision news, US Tax Residence and citizenship | No Comments »