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Hong Kong Revises Bank Market Entry Criteria
Amendments to the Banking Ordinance, which seek to update market entry criteria for Hong Kong's banking sector, will be submitted to the Legislative Council on May 23 and, subject to its negative vetting, will take effect on July 12, 2012.
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Swiss Asset Managers Slam 'Incoherent' Financial Centre Strategy
During its general assembly in Zurich, the Swiss Association of Asset Managers criticized the government's 'white money strategy', a new financial market policy geared towards the management of taxed assets, calling instead for a coherent strategy for the Swiss financial centre.
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IRS Non-Resident Reporting Rule Questioned Again
The Treasury Department's failure to provide sufficient answers about Internal Revenue Service regulations requiring United States banks to disclose interest paid to non-resident aliens has prompted the House of Representatives' Ways and Means Oversight Subcommittee Chairman Charles Boustany to request additional information.
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San Marino Urged To Consider New Economic Model
Despite a 15% decline in tax revenues in San Marino over the past two years, authorities have been able to maintain a comparatively low deficit. However, the most significant challenges relate to the stability of the nation's banking sector, which has suffered capital flight as tax transparency initiatives gain ground, a new International Monetary Fund report says.
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Italy, Switzerland Agree To Tax Talks
Following the recent positive developments with regard to the tax treaties between Switzerland and various European Union member states, a meeting held on May 9 between Swiss and Italian officials has agreed to the establishment of a working group to resolve the outstanding tax problems between their two countries.
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Turks And Caicos Takes Strides Towards Self-Rule
The provisional Governor of the Turks and Caicos Islands, Ric Todd, has released a report detailing progress made towards fundamental reforms to the island's frameworks to prevent corruption, and correct fiscal imbalances, deemed necessary before the islands are returned to self-rule by the UK government.
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Hungary To Abolish Bank Tax
The Hungarian government has announced plans to halve the country's bank tax in 2013, before subsequently abolishing the levy in 2014.
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IMF Identifies Risks In Swiss Banking Sector
The International Monetary Fund has said in its latest Article IV consultation with Switzerland that, while the fiscal position is healthy, there remain a number of risks to the country's financial services sector, amid the possibility of a real estate bubble.
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Jersey Enhances Regulatory Cooperation With Germany
The Jersey Financial Services Commission has announced the signing of a cooperation agreement to boost its relationship with the German banking, insurance and investment firms' regulator, the Bundesanstalt fur Finanzdienstleistungsaufsicht.
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Rajoy Eyes Taxpayer Funds To Shore Up Ailing Banks
Marking a dramatic about-turn, Spain's Prime Minister Mariano Rajoy has confirmed that he is no longer ruling out the idea of using taxpayers' money to support ailing banks in Spain to avert a crisis and to restore confidence.
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DIFC To Accept Credit Rating Agencies
The Dubai Financial Services Authority has launched a consultation on new rules which would allow credit rating agencies to establish operations from the Dubai International Financial Centre tax-free zone.
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Financial Crisis Hits Jersey Finance Industry Profits
The Jersey government's latest statistical report shows a significant decline in the profitability and size of the nation's financial services industry since the start of the financial crisis, putting pressure on Jersey tax receipts. Recent figures for 2011, however, show modest signs of improvements.
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Offshore Merger And Acquisition Activity Rises
A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
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Left Demands Improvements To Swiss-German Tax Deal
Despite cracks appearing in cross-party relations, Germany's red-green federal states, governed by both the Social Democrats and by the Green Party, are said to remain united in their firm opposition to the Swiss-German tax deal, and in their demands for improvements to be made to the text.
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Swiss Left Seeks To Delay Debate On Tax Deals
Switzerland's Social Democrats have threatened to block in parliament the landmark withholding tax agreements concluded recently with Germany, the UK and Austria, if the treaties are not in accordance with the party line.
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HKMA Reviews Its Progress In 2011
In addition to its actions to strengthen further the risk management of banks through its supervisory actions and countercyclical measures on property mortgages, the Hong Kong Monetary Authority pointed, in its 2011 Annual Report, to its support to the further expansion of renminbi market activities in Hong Kong.
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HMRC Will Not Appeal Stamp Duty Ruling
The UK tax authority, HM Revenue and Customs, will no longer seek to impose Stamp Duty Reserve Tax on the issue of shares to depositary receipt issuers and clearance services outside the European Union following a recent legal ruling.
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Dutch PM Confirms Bank Tax Rise
The caretaker Prime Minister of the Netherlands Mark Rutte has confirmed that the country's proposed bank tax will be increased as part of the government's latest budget agreement, designed to reduce the deficit to 3% of gross domestic product next year.
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India Obtains TIE Relaxations From Switzerland
According to a statement from the India's Ministry of Finance, the Indian and Swiss governments have signed a protocol to their bilateral double taxation agreement, which will allow for a 'liberal interpretation' of the identity requirements before the exchange of information.
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Barbados Targets US Investors
Barbados's Prime Minister Freundel Stuart has highlighted the advantages of doing business in the territory for United States investors as the US Chamber of Commerce prepares to launch an office in the country this year.
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