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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Australian Panel Calls For Executive Pay Tax Changes |
by Mary Swire, Tax-News.com, Hong Kong
Wednesday, January 06, 2010
Australia’s Productivity Commission has issued its report on executive remuneration,
in which it recommends that the government should make legislative changes to
remove the cessation of employment trigger for the taxation of equity and options,
that would otherwise qualify for tax deferral.
In its report, the Commission notes that the Australian tax system does not
specifically target executive remuneration structures, as in other jurisdictions.
This has meant that, in Australia, additional taxes have not been imposed on
components of executive remuneration, nor access to concessions disallowed.
It says, in fact, that using the tax system to constrain particular components
of executive remuneration can have perverse consequences, including consequential
increases in other components of executive remuneration and the use of tax ‘gross-ups,’
which may increase total remuneration and raise costs to the company.
The report observes, however, that equity-based payments are an increasingly significant
component of executive remuneration. Taxation of equity-based payments can be
complex, as different amounts may be variously taxed as salary or substitutes
for salary, fringe benefits, or capital gains. Consequently, there are several
points in time at which tax can apply, and the value of future, or contingent,
equity rights can be very difficult to determine.
Currently, in Australia, income tax on equity-based payments is generally payable
at termination of employment, irrespective of whether performance conditions
or holding requirements still apply. The Commission’s view is that, from
an executive’s perspective, this creates a disincentive to deferring equity
over the longer term, and thus could work counter to approaches that seek to
improve managerial alignment with shareholder interests.
While there may be some costs to revenue from extending tax deferral beyond
the termination of employment, the Commission thinks that the broader economic
costs of not changing this policy are more important.
It therefore recommends that equity-based payments to employees of a company,
such as in employee share schemes, should be taxed at the point at which ownership
of, and free title to, the shares or rights is transferred to the employee,
or seven years after the employee acquires the shares, whichever is the earlier.
A comprehensive report in our Intelligence Report series
devoted to a study of the ways in which expatriate executives and employees
can optimise their remuneration and taxation situations in a number of the main
English-speaking countries is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report10.asp
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