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May 18, 2012
With the advent of Australia’s carbon pricing mechanism just around the corner, Australian Climate Change Minister Greg Combet has spoken out in defence of the policy and sought to allay industry fears over the impact of the tax.
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May 18, 2012
EU taxpayers can expect greater certainty regarding the VAT treatment of vouchers after the European Commission proposed new legislation last week to tackle problems with the existing system.
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May 16, 2012
At a meeting in Brussels this week, the Economic and Financial Affairs (ECOFIN) Council gave the green light to a number of the European Commission’s proposals to make the EU’s VAT system simpler, more efficient and more robust.
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May 15, 2012
In just over a month, EU member states are set to vote on introducing a financial transaction tax (FTT). The major economies of Europe remain polarised on the issue and agreement has been hard to find, but in an exclusive interview, Algirdas Šemeta, European Commissioner for tax, customs union, audit and anti-fraud explains why he has not given up on an EU-wide FTT, why it remains the best option for taxing the financial sector, and how it could work under enhanced cooperation.
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May 11, 2012
In an opinion released on Wednesday, an Advocate General of the ECJ said discretionary investment management services should be subject to VAT, raising some serious concerns for investment managers.
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May 11, 2012
The First-tier Tax Tribunal (FTT) has accepted a taxpayer’s application to bring a lead case against HM Revenue & Customs (HMRC) to recover VAT. If successful, businesses could be entitled to reclaim more than £220 million ($354 million) of input tax on Royal Mail's postal services.
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May 10, 2012
The Spanish government looks set to go back on its promises not to raise VAT, while the new French President is heading in the opposite direction.
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May 09, 2012
The OECD’s work to create a new Global Forum on VAT is moving fast and its head of consumption taxes expects to announce it at the end of May.
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May 04, 2012
Lindsay McAfee and Nima Farzaneh of KPMG look at the US sales tax implications of deal of the day vouchers offered through social networking sites.
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May 04, 2012
The South Korean Parliament has passed an emissions trading scheme (ETS) to be introduced in 2015, and Australian climate change campaigners say this strengthens the possibility of forming a regional trading coalition.
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May 03, 2012
Chris Needham, global VAT/GST director of GE talks to International Tax Review about the biggest challenges he is facing at the moment, the policy proposals which will make life easier for VAT directors and those which may pose greater headaches.
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April 27, 2012
Environmentalists welcomed the European Commission’s revised Energy Tax Directive (ETD), but they feel Council negotiations over the reforms are taking too long and are in danger of weakening the proposals.
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April 27, 2012
The Hungarian government has announced it will implement a financial transaction levy (FTL) in January 2013, but it seems the model will depart significantly from the European Commission’s (EC) proposals and that which France will introduce in August.
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April 27, 2012
Figures showing lower-than-expected inflation, released on Tuesday, indicate that interest rates will fall ahead of the July 1 introduction of the carbon pricing mechanism.
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April 27, 2012
Supriya Jain of KPMG looks at important changes that are happening to service taxation in India.
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April 26, 2012
The UK government is taking steps to stop companies avoiding the removal of low value consignment relief (LVCR) on Channel Island imports two weeks after International Tax Review reported how companies are getting around the abolition.
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April 20, 2012
The press is no longer policing whether businesses in the tourism industry are passing the VAT cut on to customers, but despite a few cynical moves, the cut is likely to be extended.
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April 20, 2012
Chris Lenon, group strategic adviser, for tax policy at Rio Tinto looks at how best to design environmental tax policy and incentives
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April 20, 2012
New German rules on the documentation required to obtain VAT exemptions on supplies between EU member states will lead to an increased administrative burden and VAT risks for companies.
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April 20, 2012
The Italian Ministry of Environment met yesterday to discuss plans for introducing a carbon tax. Aldo Ravazzi, an economist at the ministry who is working on the tax, tells International Tax Review what he hopes to achieve.
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April 13, 2012
A leak from the Hungarian government’s convergence programme last week raised the prospect of the country adopting a financial transaction tax (FTT), and such a tax would have a broader scope than the European Commission’s model, according to advisers.
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April 13, 2012
The Indian government has established a study team to look at the possibility of harmonising service tax and central excise.
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April 13, 2012
Chris Lenon, group strategic adviser for tax policy at Rio Tinto, argues that it is important to distinguish environmental taxation from general taxation for it to be effective.
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April 12, 2012
A source in a major Guernsey-based retailer has revealed how his company is going to attempt to get around the UK’s scrapping of low value consignment relief (LVCR) on Channel Islands imports.
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April 12, 2012
The number of firms in contention for International Tax Review’s European Tax Awards shows that the competition for the money tax executives have to spend on external advisers is intense.
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April 05, 2012
Despite the continued shift to indirect taxation globally, a majority of businesses still do not have effective global VAT/GST management practices in place, reports Niall Campbell, KPMG’s global head of indirect tax services.
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April 05, 2012
Last week’s ECOFIN meeting brought yet more bad news for advocates of an EU financial transaction tax (FTT).
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April 05, 2012
The Carbon Reduction Commitment (CRC) has been radically altered since it was devised by the previous UK government and businesses and environmentalists agree it may now be too complex.
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April 04, 2012
Despite resigning last week, the Dutch government found time to give taxpayers the parting gift of a VAT rise.
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April 04, 2012
Finland is following its Nordic neighbours in a race to the top of EU VAT rates and business is worried.
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April 01, 2012
The Department of Finance recently released proposed amendments to Canada’s foreign affiliate regime including rules dealing with so-called upstream loans. Bruce Sinclair and Kirsten Kjellander of Blake, Cassels & Graydon explore implications of these proposals for multinational enterprises involved in the natural resource industry.
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April 01, 2012
Indonesia is blessed with oil, gas, coal and mineral natural resources. The exploitation of energy resources (oil, gas and coal) has contributed significantly in spearheading the growth of the Indonesian economy over the past 40 years. Jul Seventa Tarigan of PB Taxand outlines the challenges taxpayers in the energy sector face and offers an example of how to utilise operations in the resource-rich country.
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March 30, 2012
The European Commission has proposed that two thirds of the revenue generated by a financial transaction tax (FTT) should replace member states’ contributions to the EU budget, in an attempt to garner more support for the levy.
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March 30, 2012
Companies are highly concerned with their public reputation and, in light of this, their tax positions are becoming an increasingly important concern.
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March 30, 2012
Russia’s government is looking into cutting the high tax burden on oil companies to increase the industry’s profitability.
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March 28, 2012
VAT audit rules vary from country to country, but across Europe taxpayers are feeling the heat. Find out how to deal with the authorities when they come knocking.
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March 27, 2012
Taxpayers have responded favourably to the Commission’s plans to reform the EU’s VAT system, but they are concerned by anti-fraud measures and unrealistic proposals.
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March 26, 2012
The research has now started for World Tax 2013, International Tax Review's directory of leading tax law and tax accounting firms around the world.
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March 23, 2012
The Indian government has revolted against the extension of the EU’s Emissions Trading Scheme (ETS) to airlines by barring its aircraft from complying.
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March 22, 2012
The indirect tax measures in this week’s budget will provoke a mixed response from multinationals.
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March 21, 2012
Read what changes the government has made to the UK's tax system.
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March 21, 2012
Santosh Dalvi of KPMG analyses the indirect tax reforms from the latest Indian budget.
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March 21, 2012
Despite enthusiasm for a financial transactions (FTT) tax from France, Germany and the European Commission, the Dutch are looking at other options for taxing the financial sector.
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March 16, 2012
Australian mining magnate Clive Palmer has announced his intention to go to the High Court regarding the Australian government’s planned tax on carbon emissions, saying he has advice that the legislation is not constitutionally acceptable.
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March 16, 2012
Today’s budget includes the proposal to tax all services except those in the negative list.
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March 16, 2012
Tuesday’s meeting of EU finance ministers has plunged the Commission’s proposals for a financial transaction tax (FTT) into further confusion.
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March 16, 2012
China piloted a new VAT regime in Shanghai in January. It now plans to expand the programme to Beijing on July 1.
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March 15, 2012
As seven of Europe’s biggest airlines earlier this week voiced their opposition to the EU’s decision to bring aviation into the Emissions Trading Scheme (ETS), a much longer list of American academics have asked their government to back the EU or back off.
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March 09, 2012
The Egyptian government is not ready to bring in VAT yet. It is also considering other tax policy options.
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March 09, 2012
Draft legislation for France’s financial transaction tax (FTT) was adopted last week, and it is French-listed companies who look set to lose out.
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March 08, 2012
Lam Kok Shang and Gan Hwee Leng of KPMG Singapore analyse the recently launched Assisted Compliance Assurance Programme (ACAP).
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March 08, 2012
Brazil is expanding the scope of its IOF transactions tax on short-term loans and bonds following last year’s rate increase to 6%.
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March 06, 2012
The Philippines has introduced new VAT rules for oil imports, but refund delays are worrying taxpayers.
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March 02, 2012
In an exclusive interview, Carsten Ibsen, head of group tax at Danske Bank, explains why he believes the financial sector is not undertaxed, why the European Commission’s proposal for a financial transactions tax (FTT) is a bad idea and why Denmark’s largest bank is not going to become a tax exile.
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March 02, 2012
Egypt is looking to alter its indirect tax system by replacing the sales tax with a VAT, on the instruction of the IMF.
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March 02, 2012
Companies operating in Bulgaria face compliance challenges and possible penalties after an amendment to the application of the country’s VAT laws.
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February 28, 2012
Efforts to replace aid to poor countries with tax as a more stable source of revenue have almost entirely focussed on the corporate sector. But a UK International Development Committee meeting in Parliament saw an interesting debate emerge on the role of VAT.
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February 27, 2012
Australian prime minister Julia Gillard today saw off a direct challenge to her Labor party leadership from predecessor Kevin Rudd, but must quickly reunite the party if she wants to move forward with her indirect tax policies on carbon and mining.
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February 24, 2012
More than 70% of African countries have now adopted a VAT, and it increasingly seems to be the tax of choice for states across the continent looking to generate extra revenue, because it is a hard tax to avoid.
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February 23, 2012
The EU is remaining defiant in the face of increasing international opposition to the extension of its Emissions Trading Scheme (ETS) to cover the aviation industry, which took effect on January 1 2012.
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February 22, 2012
As part of finance minister Pravin Gordhan’s 2012 budget, it was announced today that South Africa is considering the introduction of a carbon tax as early as next year.
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February 22, 2012
The Confederation of British Industry (CBI) signalled a general approval of Chancellor George Osborne’s tax policy yesterday, but warned he must get the details right to make the UK the most competitive regime in the G20.
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February 17, 2012
HMRC’s revision of draft Retail Distribution Review (RDR) guidance on VAT liability has been well received by most financial advisers, but could lead to additional charges.
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February 17, 2012
Not only has opposition to the Australian government’s carbon and mining taxes failed to subside as the implementation dates grow closer, it has even had a resurgence in recent weeks.
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February 17, 2012
The concept of having a negative list of services, taxing all services comprehensively with a small list of exempt services, has been a frequent subject matter of discussion in recent past especially since India is on a cusp of undertaking sweeping reforms of its taxation regime with the advent of the Direct Taxes Code and unified GST, explains Sachin Menon, head of indirect tax at KPMG India.
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February 17, 2012
Companies around the world are beginning to understand the importance of transparency about their tax affairs and the reputational benefits of eschewing aggressive tax planning. They will have the opportunity to debate these crucial issues with administrators, activists and practitioners at International Tax Review's first Tax & Transparency Forum on May 2.
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February 16, 2012
As the Channel Islands prepare to fight the scrapping of the UK’s low value consignment relief (LVCR) in a judicial review next month, Simon Fox, CEO of music retail company, HMV, argues that it may cause companies like his to relocate to Switzerland. Both, however, are likely to be shouting at the wind.
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February 13, 2012
Opinion is divided as to what path UK chancellor George Osborne should take in his 2013 budget next month. The coalition government has consistently delivered the statement that “Britain is open for business”, but how is the UK ensuring it remains an attractive location for business and investment?
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February 13, 2012
Manfred Bergmann, director for Indirect Taxation and Tax Administration at the European Commission, nicknamed Mr FTT in EU circles, is the man behind the EU’s proposed financial transactions tax. In part two of an exclusive interview, he discusses France’s decision to implement the tax unilaterally, looks at the problem of banks passing it on to customers and outlines the Commission’s timetable.
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February 10, 2012
France, Cyprus and Croatia have become the latest European countries to hike VAT rates as taxpayers look on increasingly concerned.
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February 10, 2012
A European financial transaction tax (FTT) will hit end-users in the real economy – such as companies and pension funds – hardest, according to European Association of Corporate Treasurers (EACT) chairman Richard Raeburn.
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February 10, 2012
Companies importing or exporting to Mexico must use an electronic reporting system to file customs information from March 1 2012, but despite the long-term benefits, there may be short-term headaches.
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February 08, 2012
Slashing the corporate tax rate, reforming the controlled foreign company rules and blocking plans for a financial transactions tax are just three ways the government hopes to attract multinationals to relocate to the UK. International Tax Review investigates whether these steps will tempt companies to make the move.
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February 07, 2012
Manfred Bergmann, director for Indirect Taxation and Tax Administration at the European Commission, nicknamed Mr FTT in EU circles, is the man behind the EU’s proposed financial transactions tax. In part one of an exclusive interview, he explains why critics are wrong to claim it will harm growth, and why the UK has nothing to fear.
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February 06, 2012
Since airlines were brought into the EU Emissions Trading Scheme (ETS) last month, long-haul countries have been stepping up the noise of protests which will only hurt the environment and taxpayers.
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February 03, 2012
Companies importing or exporting to Mexico must use an electronic reporting system to file Customs information from March 1 2012.
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February 03, 2012
Taxpayers are angry over Germany’s unfair enforcement of interest on old VAT errors even when there has never been any loss to the exchequer. International Tax Review investigates.
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February 01, 2012
Banks will leave France and relocate their financial transaction branches to the UK and other jurisdictions if President Nicolas Sarkozy goes ahead with the financial transactions tax (FTT), according to UK Financial Secretary to the Treasury Mark Hoban.
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January 30, 2012
French President Nicolas Sarkozy has followed through with his promise to go it alone with a financial transactions tax (FTT). The announcement has already hit shares in the banking sector, but France should weather the short-term pain to see long-term gain.
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January 30, 2012
International Tax Review has compiled a special free pdf report on Vodafone’s Indian Supreme Court victory. View the ruling, read what industry had to say, and uncover what this decision means for your business.
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January 27, 2012
Indirect tax collections – comprising customs, central excise and service tax – rose to Rs 2,85,787 crore ($58 billion) during April to December. It is a significant boost to the government ahead of its plans to introduce GST.
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January 27, 2012
Rumours are rife that the Greek government will opt to reduce the VAT rate when it drafts a Bill for a new tax system next week.
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January 26, 2012
The Supreme Court of Thailand has ruled in favour of Nike in a dispute over royalties with the Customs Department. The case sets a welcome precedent for companies looking to import goods from a third party.
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January 24, 2012
The UK Lords Select Committee on the EU today heard the fears of financial institutions on the European Commission’s proposed financial transactions tax (FTT).
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January 20, 2012
State treasuries in Australia have claimed that the nation’s planned carbon tax will have disastrous effects on state finances, by increasing costs and reducing the profits of government-owned electricity utilities that pay dividends to the state.
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January 20, 2012
On January 12 2012, Advocate General Trestenjak’s Opinion in Case C-591/10 Littlewoods Retail Ltd and Others was published. This represents the next phase in the VAT compound interest journey. Should the Court of Justice of the European Union (CJEU) to follow the Advocate General’s Opinion in its judgment, it is very unlikely that this trip to Luxembourg will be the end of the road, argue Michael Anderson and Robert Waterson of Dorsey & Whitney.
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January 20, 2012
The Alternative Investment Management Association (AIMA) believes the European Commission’s proposed financial transactions tax (FTT) could lead to a significant decrease in cross-border trading of financial instruments. But there are some who think this is exactly why the EU needs one.
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January 20, 2012
France is pressing ahead with what it is calling a social VAT to reduce labour costs and stimulate jobs, but it could end up producing bigger headaches for companies.
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January 19, 2012
Taxpayers will welcome news that a One Stop Shop (OSS) for EU trade across borders is on its way, after the European Council adopted a proposal advocating the scheme.
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January 13, 2012
The Australian assistant treasurer has today announced a development in the amendment of the financial supply provisions of the goods and services tax (GST) law.
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January 13, 2012
The Chinese government wants to introduce a carbon tax from 2015, however even if it is enacted, which remains doubtful, it is unlikely to help the country meet its climate commitments.
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January 12, 2012
With elections on the horizon, President Nicolas Sarkozy is pushing for a Financial Transaction Tax (FTT) with renewed vigour.
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January 11, 2012
The intensification of audits by the Malaysian tax authorities should serve as an urgent call to businesses to enhance their indirect tax risk management activities, argues Tan Eng Yew of KPMG.
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January 10, 2012
Speaking to International Tax Review today, Pascal Saint-Amans, who will replace Jeffrey Owens as the OECD’s head of tax policy and administration next month, said that formulating a set of VAT guidelines and creating a new Global Forum on VAT will be high up on his agenda.
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January 10, 2012
In what acting Secretary General Shinji Tarutoko has described as a “make or break year”, the ruling Democratic Party of Japan is struggling to get the support required for tax hikes which the party sees as essential to “simultaneously achieve the goals of securing stable revenue sources for financing social security and regaining governmental fiscal health”.
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January 06, 2012
If the government’s proposals are enacted, China’s biggest polluters will face a new tax on their carbon emissions from 2015.
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January 06, 2012
Since airlines were brought into the EU Emissions Trading Scheme (ETS) last month, long-haul countries have been stepping up the noise of protests which will only hurt the environment and taxpayers.
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January 06, 2012
Disputes continue over Poland’s mining tax despite the announcement of a reduced rate this week, but one adviser claims the government’s real motivation for introducing the levy is the projected growth of Poland’s shale gas industry.
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January 06, 2012
This month will be an uncomfortable one for taxpayers as VAT hikes come into force around the world. Here are the changes you need to be aware of.
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January 05, 2012
While airlines were brought into the EU Emissions Trading Scheme (ETS) at the beginning of this week, Chinese airlines have today refused to pay the tax.
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January 03, 2012
Aseem Chawla and Sandeep Chilana of Amarchand & Mangaldas tell International Tax Review why India’s shift to a negative list of services should help clients with compliance and avoiding disputes, although there may be some drawbacks in the future.