Declining economic activity coupled with tax cuts imposed to ease the effects of the recession have been put forward as reasons why tax revenues have fallen in most OECD-member countries for the third consecutive year. However the average tax burden fell.
The new comprehensive double tax agreement (CDTA) between Hong Kong and New Zealand exempts non-property holding companies from capital gains tax on alienation of shares, without any requirement on holding period or percentage of shareholding.
One of the authors of a review of the UK tax system told politicians today that the distinction between the treatment of debt and equity financing was not good for business.
