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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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| 09/09 New
Lowtax Editor Column, by Kitty Miv |
| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 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 |
| 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 |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 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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| Reckitt Benckiser Considering Quitting UK Over Tax |
by Robert Lee, Tax-News.com, London
Wednesday, August 19, 2009
Reckitt Benckiser, the manufacturer of several well-known brands of household
cleaning and health products, has become the latest major British company to consider
moving its headquarters out of the UK to save on tax.
Despite the government’s efforts to improve the corporate tax system
for multinational companies based in the UK, the company’s chief executive,
Bart Brecht, has indicated that the tax regime is becoming less attractive relative
to other jurisdictions. "Clearly the tax situation in the UK is not improving
for companies,” he told the Daily Mail, adding that the firm was holding "ongoing
discussions" on the issue of tax domicile.
The UK’s corporate tax rate, at 28%, is above average for the European
Union, but it is other aspects of the regime, along with ongoing uncertainty
over future tax laws, that are frustrating UK-based firms.
Last month, the company revealed in its half-year results that its average
tax rate rose slightly to 25% from 24%.
Under long-awaited international tax reforms, dividends from overseas subsidiaries
can generally be received completely free of UK corporation tax, a move that
was supposed to benefit companies like Reckitt, which manufactures the vast
majority of its goods outside of the UK. However, this exemption only applies
to dividends derived from "real" economic activity, not income from
intellectual property, trademarks and copyright – something which has
led several companies with substantial IP income to move their tax domicile
out of the UK, or to reconsider their UK tax position.
Companies have also expressed concern over anti-avoidance rules that restrict
the tax deduction available for finance expenses of groups of companies –
the so called "debt cap" rules.
In July, fast food chain McDonalds revealed plans to move its European HQ from
the UK to Switzerland to enable “the strategic management of key international
intellectual property rights.” Prior to that, Informa, the publishing
and conference company, announced that it was switching its tax residence to
Switzerland to take advantage of “a less complex taxation system which
offers upfront certainty of treatment and does not seek to impose tax on the
unremitted profits of subsidiary companies in other jurisdictions.”
They join a growing list of firms from a variety of sectors which have publicly
announced plans to relocate for tax purposes, including pharmaceutical firm
Shire, publishing company United Business Media, advertising agency WPP, Brit
Insurance, engineering firm Charter, and investment company Henderson. Ireland,
Luxembourg and Switzerland are among the main beneficiary countries of these
corporate defections.
After the government announced a new 50% top rate of income tax in the last
budget, which is due to come into effect next year on annual income above GBP150,000, Brecht also complained that the UK’s high personal taxes are
adding to the problems, with the company finding it increasingly difficult to
recruit foreign personnel.
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| THE LOWTAX LIBRARY
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