News

Singapore Details Start-Up Incentives: 2010-06-04; During his keynote address to Singapore’s Fourth Start-up Enterprise Conference, the Permanent Secretary for Finance, Peter Ong, illustrated how the competitive tax regime in Singapore encourages the growth of new start-up companies.

Jersey Finance Industry Rebounds: 2010-06-01; The Jersey government has released statistics on economic activity in Jersey during the first quarter of 2010. Over the period, total banking deposits increased by some 7.5% to GBP177.6bn (USD258.5bn).

Italy Obtains Stolen Offshore Bank Data: 2010-05-28; It has been confirmed that the list containing details of foreign clients, taken in 2007 from HSBC in Switzerland, includes information on 7,000 accounts held by Italians totalling USD6.9bn.

UK To Review Non Dom Regime: 2010-05-26; Price Waterhouse Coopers has noted a number of government announcements which are expected to impact on the taxation of non-domiciled UK employees. Commenting, Sean Drury, international mobility partner at Price Waterhouse Coopers, stated...

Portugal Announces Fresh Tax Hikes: 2010-05-18; Hot on the heels of Spain, Portugal has unveiled a second wave of austerity measures in a bid to further reduce its budget deficit, including plans to introduce new tax rises and to cut top public sector workers’ pay.

All Signs Point to UK VAT Hike: 2010-05-17; According to a survey of leading economists, the new coalition government in the UK will increase value-added tax (VAT) in the forthcoming emergency Budget with the increase coming into force by the end of 2011. 24 of the 29 economists surveyed expect the rate to rise under the new coalition government. The economists who were surveyed have all been used at one time or another by the Treasury.

Caymans Warn Of HIRE Act Implications: 2010-05-11; US citizens living and working in the Cayman Islands will need to familiarize themselves with new legislation that affects their tax obligations, Cayman Finance has said. The rule changes apply to all of those people living in the jurisdiction with US citizenship.

Guernsey to Propose Corporate Tax Changes: 2010-05-04; Guernsey’s Chief Minister, Lyndon Trott has announced to the island’s legislative assembly, the States, that proposals for a new corporate tax regime, to replace its 'zero-ten' system, will be tabled when the budget is debated in December.

IoM Closes Yacht VAT Loophole: 2010-04-29; The Isle of Man Customs and Excise, in cooperation with the UK tax authority, HM Revenue and Customs, has produced final guidance which relates to the value-added tax (VAT) treatment of IOM-based yacht leasing and chartering structures that under recent case law are deemed to be abusive. Provisions in the guidance note apply after September 14, 2009, when the former guidance was retracted.

St Kitts Releases VAT White Paper: 2010-04-26; The St Kitts and Nevis government has released a white paper detailing the introduction of a value-added tax (VAT) regime in the Federation. According to the government, the VAT will consolidate 12 existing taxes – the Consumption Tax, the Hotel and Restaurant Tax, the Cable TV Tax, the Vehicle Rental Levy, the Insurance Premium Tax, the Export Duty, the Public Entertainment Tax, the Lotteries Tax, the Gaming Machine Tax, the Traders Tax, the Telecommunications Levy (IDD Calls) and the Parcel Tax.

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