EU orders Greece to cut deeper

Brussels has given Greece two weeks to answer allegations that it used complex derivatives earlier this decade to mask its public debt, and called for even tougher austerity measures to bring its budget deficit under control.MORE>

Inflation jump will force explanation from Bank

Consumer price inflation is expected to have jumped to a 15-month high of 3.5 percent in January, but the news is unlikely to shift the Bank of England’s view that this is a transitory surge which will soon fade away.MORE>

Hong Kong Produces Exchange Of Information Rules

The Hong Kong government has submitted the Inland Revenue (Disclosure of Information) Rules to the Legislative Council (Legco), that will enable Hong Kong to adopt the internationally-agreed Organization for Economic Cooperation and Development standard for the exchange of information (EoI) for tax purposes in double taxation agreements (DTAs).MORE>

UK VAT Set To Rise

It seems that whoever wins the forthcoming general election in the UK, taxes are going to have to rise to help narrow the GBP180bn budget deficit and reduce mounting public debt, and the main political parties are targeting an increase in the rate of value-added tax (VAT) as possibly the most painless revenue raiser.MORE>

Liechtenstein Pledges Swift Implementation Of Proposed Tax Reform

At this year’s opening of Parliament, Hereditary Prince Alois von und zu Liechtenstein outlined future challenges facing the principality, notably the transformation of the country’s financial center through negotiation and implementation of international tax agreements, and through overhauling the existing tax system.MORE>

Switzerland, Canada Initial DTA

It has recently emerged that Switzerland and Canada have concluded negotiations on extending administrative assistance in tax matters in accordance with the Organization for Economic Cooperation and Development’s (OECD) standard and on other points, and have initialled a Protocol of Amendment on the existing double taxation agreement (DTA).MORE>

Japan To Allow 24-hour Commodities Trading

Japan plans to introduce around-the-clock commodities trading due to a drop-off in volume, according to a report Tuesday.MORE>

Posted via web from The Alterego Group Blog