Canadian Financial System Doing Well, FSB Says
The Financial Stability Board has praised the Canadian government's response to the global financial crisis and highlighted the resilience of the country's financial system.
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Gibraltar, South Africa Sign TIEA
Gibraltar's Minister for Financial Services, Gilbert Licudi, has welcomed the signing
of the territory's 20th tax information exchange agreement, with South Africa.
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Hong Kong To Foster Ties With ASEAN Countries
According to the Director of the Hong Kong Economic and Trade Office in Singapore,
Fong Ngai, Hong Kong will continue to make the most of its 'China advantage'
and global connectivity to foster economic ties with Association of Southeast
Asian Nations countries in 2012.
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Switzerland Yields To US Tax Demands
Following mounting pressure from the US attorney's office, Switzerland has
finally handed over to US investigators comprehensive, encrypted, banking data
pertaining to eleven Swiss banks, alleged to have aided wealthy Americans to evade
US taxes amounting to billions of euros.
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IoM Updates 'Fit And Proper' Framework
The Isle of Man Financial Supervision Commission on Januay 27, 2012, published a revised version
of its Training and Competence Framework.
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DFSA Signs Agreement With US Audit Regulator
The Dubai Financial Services Authority has entered into a Statement of Protocol with the Public Company Accounting Oversight Board to facilitate the sharing of information between the two regulators.
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Cameron Mocks 'Mad' French FTT Plans
Signalling perhaps the demise of the Entente Cordiale, British Prime Minister
David Cameron has openly and pointedly mocked French President Nicolas Sarkozy's
plans for the introduction of a tax on financial transactions in France.
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China Pushes Shanghai As International Financial Centre
China's National Development and Reform Commission and the Shanghai Municipal
Government have disclosed that it is intended that Shanghai will be a centre
for onshore renminbi trading, clearing and pricing by 2015, before it becomes
an international financial centre by 2020.
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Manx Budget 'Will Not Undermine Economic Potential'
Discussing the state of the Isle of Man economy, Chief Minister Allan Bell
said that the local business community would need to work with the government
as it attempts to consolidate the nation's financial position in its upcoming budget in order to exit strongly
from the global recession.
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Panama Plans More TIEAs
Panama's Minister for the Economy and Finance, Frank De Lima has confirmed
the government will continue to seek out tax information exchange agreements
with other nations despite having reached the twelve
agreement quota set for inclusion on the Organisation for Economic Cooperation
and Development's white list.
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Ireland, Switzerland Sign DTA Protocol
Switzerland and Ireland have inked a revised double tax agreement which alters dividend withholding tax rates.
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Manx Contribution To UK Economy Highlighted
The role played by the Isle of Man in supporting the creation of jobs and growth
in the United Kingdom economy has been praised by the Lord Mayor of the City of
London, David Wootton, during his first visit to the island.
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Swiss Financial Market Regulation Praised
According to the Swiss Federal Department of Finance, the Financial Stability
Board has taken a positive view of the 'too big to fail' legislation
in its peer review report on Switzerland.
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Liechtenstein's PM Welcomes Dawn Of New Tax Era
Determined to portray a new and positive image of the Principality, Liechtenstein's
Prime Minister and Finance Minister Klaus Tschütscher has recently insisted
that the age of so-called tax havens, jurisdictions deemed to be uncooperative
in tax matters, is now over.
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Hong Kong To Implement AML Guidelines
Following the release of a set of consultation conclusions, Hong Kong's
Securities and Futures Commission has announced the gazetting of a new set
of guidelines on anti-money laundering and counter-terrorist financing,
which will take effect on April 1, 2012.
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UK To Overhaul Executive Remuneration
UK shareholders will be given more powers to block excessive pay proposals and payments for failure under new proposals from the Business Secretary, Vince Cable.
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India Signs Multilateral Tax Cooperation Convention
India is the latest signatory to join the multilateral Convention on Mutual
Administrative Assistance in Tax Matters, an agreement drafted to promote international
tax cooperation.
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Malta Signs TIEA With Gibraltar
Malta has welcomed the signing of a Tax Information Exchange Agreement with Gibraltar,
which will provide both countries with tax information on request when there is evidence of fiscal crime.
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US Treasury Aims To Lower FATCA Burdens
During her remarks at the New York State Bar Association Annual Meeting, Acting
Assistant Secretary for Tax Policy, Emily McMahon, indicated that regulations
for the implementation of the provisions of the Foreign Account Tax Compliance Act are in the final stages of clearance at the United States Treasury and
the Internal Revenue Service.
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EU Modifies Derivatives Proposals
In an effort to achieve a rapid agreement with the European Parliament, the
European Council has adjusted its position on a draft regulation aimed at
increasing transparency on all derivatives and reducing risk in the over-the-counter derivatives market.
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