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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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| Liechtenstein Account Holders Have Unfair Advantage, Says Advisor |
by Robert Lee, Tax-News.com, London
Monday, August 17, 2009
The terms of the new tax amnesty announced recently between HM Revenue and Customs
(HMRC) and the Liechtenstein authorities puts those who will file under the UK’s
New Disclosure Opportunity at an unfair disadvantage, says PKF Accountants and
business advisors.
The Liechtenstein tax deal offers account holders the opportunity to settle
any unpaid tax with only a 10% penalty and going back only as far as 10 years.
In contrast, the NDO, set to begin in September this year, is asking UK taxpayers
with investments in other offshore jurisdictions to declare unpaid tax as far
back as 20 years. In some cases they may also have to pay a 20% rather than
a 10% penalty.
John Cassidy, Tax Investigations partner at PKF, said: “It is wholly unfair
that there are different rules for those with investments in Liechtenstein and
those with investments in other offshore jurisdictions."
“The rights or wrongs of how the original data for Liechtenstein was
obtained are one thing, but to make it clear that the data was not even used,
by offering an amnesty, takes the situation to another level. The disparity
of terms between the new amnesty and the NDO is the final nail in the coffin.”
Cassidy continued: “For those with investments in Liechtenstein there
is no doubt that this is a great opportunity to declare any undeclared income
or gains and square matters away with HMRC once and for all so I would urge
people to make use of the facility. But I also urge HMRC to align the terms
of the NDO with this new amnesty.”
“Anecdotal evidence suggests that the 20-year time limit had a hugely
negative impact on the overall amount of tax that HMRC collected for the previous
amnesty, the Offshore Disclosure Opportunity (ODF) in 2007, as many were put
off by the sheer enormity of the project; 20 years was simply seen by many as
too daunting. Today’s news only provides a further disincentive for those
supposed to use the NDO simply because they banked in a different place.”
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent 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_report2.asp
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| THE LOWTAX LIBRARY
One of the web's largest and
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tax-planning in depth, including banking secrecy, the EU's savings tax
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Reports are available for immediate downloading or as subscription
services with news pages.
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