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  • Bulgaria slashes business rate to 10%
    Bulgaria will knock one-third off its corporate levy, which is now 15%, in January 2007. Bulgaria will join the EU at the start of next year, and it is hoped that the cut will encourage pan-European investment.
    October 23 2006
  • Plan for closing the US tax gap revealed
    The US Senate Finance Committee has published Additional Options To Improve Tax Compliance, the recommendations of the Joint Committee on Taxation for closing the tax gap - the difference between what the IRS thinks it's owed and what it collects. The tax gap is thought to be $345 billion.
    October 23 2006
  • Flat tax under pressure
    An IMF working paper has questioned whether some of the countries that have introduced a flat tax system in recent years will be able to retain it.
    October 23 2006
  • IRS arbitration procedure permanent
    The Internal Revenue Service said that the arbitration pilot program, where the authorities and the taxpayer agree to have a third party make a binding decision, is here to stay.
    October 23 2006
  • Norwegian telecoms company wins court fight
    Telenor, a Norwegian telecommunications company, has won NKr 2.4 billion ($359 million) from the Norwegian tax authorities. Norway had refused a tax deduction that Telenor claimed for shares sold at a loss.
    October 23 2006
  • UK report calls for corporate tax cut
    The Tax Reform Commission – set up by the UK's opposition party the Conservatives, has proposed slashing the corporate tax rate by five percentage points from 30% to 25%. The Commission's report calls for £21 billion worth of tax cuts. But David Cameron, the party leader, is not expected to fully endorse the report.
    October 23 2006
  • US and UK sign double tax agreement
    The US and the UK signed a competent authority agreement under the 2001 US-UK double taxation convention to prevent double taxation and evasion of income and capital gains taxes.
    October 16 2006
  • German finance minister announces change in withholding tax plans
    Finance minister Peer Steinbrueck said Germany probably will increase the withholding tax rate to 25% a year later than expected in 2009. Germany originally proposed a top 30% rate for 2008.
    October 16 2006
  • Bill Clinton joins in calls for oil tax
    Bill Clinton, the former US president, made a speech supporting Proposition 87 – a tax aimed at reducing oil use in California. Clinton was speaking to students and staff at the University of California at Los Angeles on October 13. California will vote on the proposition on November 7.
    October 16 2006
  • E-filing becomes mandatory in India
    Palaniappan Chidambaram, India's finance minister, said that businesses working in India must now e-file income tax returns. The deadline for last year's returns is October 31.
    October 16 2006
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