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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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| Flaherty Delivers Tax-Lite Budget |
by Mike Godfrey, Tax-News.com, Washington
Monday, March 08, 2010
Canadian Finance Minister Jim Flaherty resisted the temptation to increase income tax or defer planned cuts in the rate of corporate tax in tabling the 2010 budget on March 4, announcing a deficit reduction package based largely on the removal of economic stimulus measures.
According to Flaherty, his 2010 “jobs and growth budget,” will
be realized by achieving three key objectives:
Firstly, new stimulus measures, worth CAD19bn (USD18.4bn):
- CAD3.2bn in personal income tax relief;
- Over CAD4bn in additional benefits, training opportunities and Employment
Insurance premium relief to help unemployed Canadians;
- CAD7.7bn in infrastructure stimulus to create jobs;
- CAD1.9bn towards enhancing the Canadian economy; and
- CAD2.2bn to support industries and communities.
This is to be complemented by individual measures at municipal level, to the
tune of a further CAD6bn, Flaherty explained.
The second feature of the government’s budget, as agreed with Canada’s
opposition parties, will focus on improving the Canadian economy, harnessing
innovation, and through this, protecting and creating jobs. Measures will
include:
- Over CAD100m to protect jobs by extending the maximum length for work-sharing
agreements;
- CAD108m to support young workers through internships and skills development
to help them find jobs and to support Aboriginal students;
- Over CAD600m to help develop and attract talented people, to strengthen
Canada's capacity for world-leading research and development, and to improve the
commercialization of research;
- Creating a tariff-free zone for manufacturers, by eliminating all remaining
tariffs in Canada on machinery and equipment and goods imported for further
manufacturing in Canada;
- Establishing a Red Tape Reduction Commission to reduce paperwork for businesses;
and
- Measures to support investment in clean energy generation.
Lastly, the Budget commits to reigning in the country’s deficit, beginning when the economy is on a steady footing. This will include the removal of stimulus, currently
being provided under the Economic Action Plan on a staggered basis; retrenchment
through targeted spending reductions, worth CAD17.6bn over five years; and a
comprehensive review of government administrative functions and overhead costs
to identify additional savings and improve service delivery.
Flaherty underscored that the budget would not increase taxation at all, and major transfers
for health care, education and pensioners would be sustained at current levels.
Flaherty projects that, as a result of the expiration of the Economic Action
Plan and the measures in this Budget, the deficit is to decline by almost a
half over the next two years to CAD27.6bn (USD26.7bn) in 2011–12; by two-thirds
to CAD17.5bn (USD17bn) in 2012–13; and will be CAD1.8bn (USD1.75bn) in 2014–15.
The budget must receive approval by at least one of Canada’s opposition
parties in order to be enacted.
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| THE LOWTAX LIBRARY
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