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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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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 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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| Swiss Figures Expose Flaws In EU Savings Tax Directive |
by Ulrika Lomas, Tax-News.com, Brussels
07 July 2006
Evidence, if any more was needed, that investors have easily outwitted European
tax collectors by placing their assets out of reach of the EU Savings Tax Directive
has been further borne out this week after Switzerland revealed withholding
tax revenues that were far below expectations.
In the first six months of the operation of the legislation, which came into
effect on July 1, 2005, Swiss institutions withheld and passed on to the tax
authority about EUR100 million (US$128 million) from the savings of individuals
resident in EU member states.
On the surface it seems implausible that Switzerland, the world's largest
private banking centre with more than 500 major banking institutions and home
to an estimated 35% of the world's private wealth, could collect such a relatively
small amount; but given the relative ease with which the directive can be circumvented,
the figures are not really surprising.
The most obvious route is for investors to place their assets in jurisdictions
not covered by the directive; anecdotal evidence suggests that Dubai, Hong Kong
and Singapore have been major beneficiaries. However, there are a number of
investment instruments that have, for whatever reason, not been included within
the scope of the directive.
Other major banking centres have also reported lowly withholding tax revenues:
Luxembourg EUR48 million, Jersey EUR13 million, Belgium EUR9.7 million, Guernsey
EUR4.5 million and Liechtenstein EUR2.5 million.
The system of tax retention applies to all interest payments covered by the
agreement, made by a paying agent on Swiss territory to an individual resident
for tax purposes in an EU member state. Initially the rate is set at 15%, rising
to 35% from 2011. Three-quarters of the revenues from this system of tax retention
go to the beneficiary member states, the remainder goes to Switzerland and the
cantons.
In the case of Switzerland, the largest portion of the withholding tax revenues
were remitted to the Italian and German tax authorities.
According to a Financial Times report, European Commissioner for Taxation,
Laszlo Kovacs, has ordered a review of the operation of the directive with a
view to clearer definition of investment funds and clarifying the treatment of interest payments
made to trusts.
“The Commission is aware of causes for concern relating to the interpretation
of the directive," a spokeswoman for the Tax Commissioner was quoted as
stating by the FT.
However, Dieter Leutwyler of Switzerland's federal finance ministry has reportedly
pointed out that consultations with the EU over "substantive changes"
to the directive could only happen after July 2011 or when both sides agreed
to such talks.
A comprehensive report in our Intelligence Report series
examining offshore confidentiality 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_report1.asp
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| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
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reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
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