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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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| Market Shock At Dubai Property Debt Crisis |
by Lorys Charalambous, Tax-News.com, Cyprus
Monday, November 30, 2009
Global markets tumbled yesterday after Dubai World, the city-state's real estate
vehicle, announced a debt moratorium for at least six months.
The government said it intends "to ask all providers of financing to Dubai
World . . . to 'standstill' and extend maturities until at least 30 May 2010".
The total debt of Dubai World amounts to USD59bn, and it is one small short-term
component of that, falling due in December, which the company is unable to finance.
It has been no secret that Dubai's finances were under pressure as its property
sector deflated sharply. According to a recent report from real estate advisory
Firm Jones Lang LaSalle, Dubai's once-booming commercial property market has
been forced to cut back rental prices significantly as vacancies increase. Property
costs in Dubai declined in Q2 2009 averaged 25% after a 45% decline in Q1 2009.
A further decline in average rents is likely, due to increasing levels of new
supply. By the end of 2011, 25 million square feet of additional office space
is forecast to enter the market which will increase the vacancy rate and place
further downward pressure on average rental rates. In Q2 2009, the vacancy rate
increased to around 25% in the face of more than 2m square feet of additional
space entering the market in a period of subdued leasing demand.
After the UAE invested USD10bn in Dubai’s five-year USD20bn bond programme
earlier in the year, it had been hoped that the Emirate could ride out the crisis,
“This issuance will provide Dubai Government with the necessary liquidity
to substitute the liquidity that has dried up globally in the last 12 months
and accordingly meet all upcoming financial obligations. This programme will
secure the necessary funding for Dubai to meet its financial obligations and
continue its development programme,” said the Finance Ministry in a statement
at the time.
The existence of such a concentration of empty and uncompleted real estate
in one of the world's key investment locations will have a dampening effect
on property values for a long time to come.
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| THE LOWTAX LIBRARY
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