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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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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 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 |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 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 |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 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 Tax Breaks For Forestry Investment Under Attack |
by Mary Swire, Tax-News.com, Hong Kong
Friday, February 12, 2010
Australia’s Assistant Treasurer, Nick Sherry, has welcomed the introduction
into parliament of a tax reform bill which includes a measure to protect investors
in recently-collapsed forestry managed investment schemes (MIS).
Four-year holding rules were introduced in 2007 as part of a package to regulate
secondary trading of forestry interests. It is a requirement that an investor
has held an interest in an MIS for four years as a condition of an up-front
tax deduction.
The government had previously announced that it was aware that the collapse,
in 2009, of MISs managed by Timbercorp and Great Southern could be expected
to lead to a number of forestry MISs being wound up or restructured. That could
cause investors to fail the four-year holding rules.
"With this measure, the government is protecting around 19,000 investors
in collapsed forestry managed investment schemes from an unintended adverse
tax outcome," Sherry said.
The draft legislation amends the four-year rule to allow an investor's deduction
to stand if a capital gains tax (CGT) event happens because of circumstances
outside the initial investor's control, and the initial investor could not have
reasonably foreseen this CGT event happening, at the time they acquired the
forestry interest. The rule applies to CGT events from July 1, 2007, and the
amendments in the legislation before parliament will take effect from that date.
This measure to protect the tax breaks for forestry MIS comes at a time when
they have been criticised recently for costing around AUD1bn (USD890m) over
the five years ending 2008 and reducing the land and water available to food
growing.
New research from an Australian National University economist, Judith Ajani,
suggests that, “far from being an attractive investment proposition, plantation
managed investment schemes are high cost to both the government and investors.”
Her study includes evidence that many investors may recoup just 25% of their
funds.
She estimates that “government assistance to forestry and logging is
equivalent to 42% of the industry’s unassisted value added. Tax-based
subsidies through plantation managed investment schemes are estimated to make
up 77% of the assistance.
“Assistance to forestry is substantial, especially when compared to assistance
to food growers competing for agricultural land and water,” she added.
“The Productivity Commission estimated that assistance to grain, sheep
and beef growers, which includes drought related payments, was equivalent to
7.2% of the industry’s unassisted value added in 2008.”
This contrasts with the conclusions of a parliamentary committee in September
last year that, from a forestry MIS perspective, tax deductibility is an important
component of the industry’s development strategy. However, that committee
formed its opinion after accepting the official strategy that Australia's plantation
timber output should be trebled by 2020 to meet future paper demand.
A comprehensive report in our Intelligence Report series
examining tax-sheltering arrangements for investors, including Venture Capital,
Forest Finance and Film Finance in a number of key jurisdictions, 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_report5.asp
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| THE LOWTAX LIBRARY
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