Search results for

Hong Kong faces a fiscal deficit of HK$70 billion ($8 billion) for the year 2002/03 exceeding the original estimated deficit by HK$24.8 billion. In order to eliminate the deficit, the government is prepared to cut the public expenditure to 20% of gross domestic product, increase tax rates and introduce new taxes.

At present, various factors influence the taxation of employee stock options in Switzerland. The main issues to consider are the following:

In a vote taken on March 14 2003, which came as no surprise, the Federal Council (Bundesrat) rejected the comprehensive tax Bill introduced by the German government in November 2002. The Tax Preference Reduction Act (Steuer-vergünstigungs-abbau-gesetz or StVergAbG) had cleared the German parliament (Bundestag) by a slim margin in late February. Even after being watered down several times in the course of the legislative process, the legislation still contained important revenue-boosting measures, such as a 50% limit on the offset of the profits of any single year in excess of €100,000 ($108,000) by losses carried forward (net operating losses).

The Australian and New Zealand governments have reached agreement on a solution for the trans-Tasman triangular tax issue. This represents significant progress in addressing a vexing issue that has been on the agenda of both countries for a number of years - and affected businesses will be glad the long wait is over.

India's latest Budget has many lures to attract investment into the country. Samir S Mogul, S I Mogul & Co, Mumbai, navigates the new tax landscape for multinationals

China is opening its $500 billion A-share market to foreign investors through the qualified foreign institutional investors scheme. Derek Chow and William Zhang of PricewaterhouseCoopers point out the restrictions and pitfalls

The South African Budget announced February 26 introduced tax measures aimed at stimulating business and encouraging investment into the country. One of the most significant measures is the removal of tax on some foreign dividend repatriations. By removing the tax on dividends repatriated into South Africa the government hopes to encourage capital inflows.

Mark Bielstein, a partner with KPMG has been named the chair of the American Institute of Certified Public Accountants' (AICPA) accounting standards committee.

The Korean government has passed wide-ranging revisions to its tax legislation. Don Yang and Jeremy Everett from Deloitte & Touche reveal where the new opportunities lie

The US IRS and Treasury have sharpened their focus on so-called tax shelter transactions and all offshore dealings. F Roy Sedore, Marnin J Michaels and Sahel Assar of Baker & McKenzie explain what this means for foreign banks