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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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| Canadian Budget Office Report Casts Doubt On Flaherty's Tax Promises |
by Mike Godfrey, Tax-News.com, Washington
Monday, January 25, 2010
The Canadian government is to allow the Home Buyers’ Tax Credit to expire,
as budgeted at the end of January – a move that could be mirrored in a number
of other tax breaks as the country’s parliamentary budget office places
pressure on Finance Minister Jim Flaherty to begin reining in the deficit.
The Home Buyers’ Tax Credit, introduced for purchases of qualifying homes
after January 27, 2009, is set to expire on January 31, 2010. The tax credit
allows eligible taxpayers to offset tax paid on qualifying homes by multiplying the lowest income tax rate for the year (15% in 2009)
by CAD5,000; the credit for 2009 is therefore CAD750 (USD710). The credit is open to individuals or couples that acquire a qualifying
home, and who did not own another home in any of the four preceding years.
Announcing the decision to allow the tax credit to expire to reporters on January
18, Flaherty said: “Some people are anxious to see it extended for a period
of time, but it’s not inexpensive and the key was to try and preserve
jobs in this very difficult past year.”
The decision to allow the tax credit to expire should be a turning point in
government policy, according to the recommendations of a report published earlier
this month by the parliamentary budget office. The report warns that the nation’s
budget will remain in deficit in the fiscal year beginning April 2013, to the tune of CAD19bn (USD18bn), even after the
economy recovers and stimulus measures are withdrawn. According to recent government
projections, a state deficit of some CAD56bn is expected by the end of the 2010
fiscal year, up from just CAD3.2bn in 2008.
Against this background, the report has called for the end of tax credits that
were introduced to support the recovery of the economy, and has called upon
Flaherty to backtrack on supportive measures in favor of tax increases and
comprehensive retrenchment. “Canada won’t be able to balance the
budget within five years unless it raises taxes or implements spending cuts,”
parliamentary budget officer Kevin Page explained in an address to reporters.
Flaherty’s decisions to cut corporation and sales tax have come under
fire for further depriving government coffers of needed revenue, and the report casts
doubt over the Finance Minister’s pledge to make the Canadian tax regime the
most attractive to businesses of all G7 nations.
While the report shows that measures will be needed to stave off the accumulation of
huge debts in the short-term, it does note that without tax reform the budget
deficit would narrow starting 2013-2014 to CAD11.2bn and to CAD5.2bn in the
following year when the global economy is expected to have recovered.
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| THE LOWTAX LIBRARY
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