UK Backs Revised FATF Standards The UK has announced its support for the Financial Action Task Force's new standards to combat money laundering and terrorist financing. Read More
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Switzerland Mulls 'White Money Strategy' Switzerland's Finance Minister Eveline Widmer-Schlumpf has recently put
forward the idea of compelling Swiss banks to obtain in future a declaration from
their foreign clients confirming that their assets held in the Confederation are correctly
taxed. Read More
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Another Solid Year For The DIFC Despite the impact of the European debt crisis, the global economic downturn and political turmoil in certain parts of the region, the Dubai International Financial Centre continues to strengthen its position as the leading international financial centre in the region. Read More
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Austria Launches Talks On Swiss Tax Deal Austria's Finance Minister Maria Fekter has recently announced that talks
on a planned bilateral tax agreement with Switzerland are due to begin in April. Read More
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FATF Adopts Revised International AML Standards The Financial Action Task Force anti-money laundering standards have
been revised to strengthen global safeguards and further protect the integrity
of the financial system, by providing governments with stronger tools to take
action against financial and tax crimes. Read More
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Isle Of Man Banking Deposits Fall 6.4% In 2011 The Isle of Man government has published a report on the territory's banking sector
and its performance during 2011. Read More
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Ireland Unveils New Tax Incentives Tax reform features heavily in Ireland's new Action Plan for Jobs, a package designed to boost job creation and establish Ireland as the best small country in which to do business. Read More
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Jersey Reviewing FATCA Impact The Jersey government has published an initial response to the release of further details by the US tax authority and Treasury on the US Foreign Account Tax Compliance Act, which will impact Jersey's financial services industry. Read More
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Grenada To Ensure Adherence To Tax Standards The government of Grenada has established a high-level committee of public and
private sector individuals to aid the government in overhauling legislation regulating the territory's financial services sector to ensure adherence to international standards. Read More
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Thailand Increases Bank Tax From July 31, 2012, all banks in Thailand will have to pay an increased levy to
help fund the public debt that arose out of financing their rescue during the
1997 Asian financial crisis. Read More
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IoM Consults On Ombudsman Scheme Changes The Isle of Man's Office of Fair Trading is proposing to increase the maximum
award limit under the Isle of Man Financial Services Ombudsman Scheme from GBP100,000
to GBP150,000. Read More
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Hong Kong Concludes Short Position Reporting Rules Hong Kong's Securities and Futures Commission has published the conclusions
to its consultation on proposed short position reporting rules, which will now
be submitted to the Legislative Council for consideration. Read More
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Ireland Publishes 2012 Finance Bill The Irish Finance Bill 2012, introduced on February 8, 2012, proposes extensive
changes to the nation's tax regime, including a hike in the headline value-added tax rate to 23%, and targeted tax amendments to improve the competitiveness
of the country's financial services industry. Read More
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Guernsey Firms Scoop Offshore Business Awards A number of Guernsey-based law and wealth management firms were among the winners at the recent Citywealth Offshore Awards in London. Read More
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France Adopts FTT In Supplementary Finance Bill Within the framework of a supplementary finance bill, the French council of
ministers has recently adopted the government's plans for a rise in the
standard rate of value-added tax and for a tax on financial transactions;
measures intended to enter into force in France later this year. Read More
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Switzerland Steps Up Plans To Abolish Stamp Duty The Committee for Economic Affairs and Taxation of the Swiss National
Council has recently announced that it has adopted a bill providing for a revision
of the federal law on stamp duty. Read More
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St Kitts And Nevis Boosts Tax Cooperation Saint Kitts and Nevis's Cabinet has approved the signing of a Tax Information Exchange
Agreement with India and has endorsed the commencement of negotiations towards
similar agreements with a further four nations. Read More
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US To Cooperate With EU Countries On FATCA The United States Treasury Department and the Internal Revenue Service have
issued proposed regulations for the next major phase of implementing the Foreign
Account Tax Compliance Act, which also includes a joint statement with
France, Germany, Italy, Spain and the United Kingdom on a possible government-to-government
framework for information exchange. Read More
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France Intensifies Clamp Down On Tax Evasion The French budget ministry has recently announced that its legal arsenal to combat
tax fraud has been strengthened over the course of the past two years, and has
confirmed that measures designed to further toughen sanctions will be included
in the country's next supplementary finance bill. Read More
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Dutch Central Bank Deems FTT 'Unworkable' The Dutch central bank has recently insisted that the introduction of
a European financial transaction tax is 'undesirable', and
warned that it is indeed doubtful whether it will counteract risky market
behaviour. Read More
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