South African Budget phases out STC
5-May-2008Confirmation that the Secondary Tax on Companies (STC) is to be replaced with a withholding tax on dividends was the key feature of the 2008 budget announced by South African Finance Minister Trevor Manuel on 20 February. It also included a cut in the ...
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DIFC releases Exempt Company Regulations
5-May-2008The DIFC Authority issued for public consultation the Exempt Companies Regulations, designed to assist financial institutions to carry out, among other things, securitisation transactions using the existing Dubai International Financial Centre (DIFC) ...
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UK Revenue targets 5,000 accounts for offshore investigation
2-May-2008The UK Revenue (HMRC) is set to contact around 5,000 holders of offshore bank accounts to request a formal declaration of their account details. HM Revenue & Customs obtained the details of 400,000 offshore bank accounts from High Street banks and ...
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Australian council calls for client legal privilege extension
2-May-2008The Australian Law Reform Council issued a report, on 13 February 2008, recommending that client legal privilege be extended to tax advice provided by professional accounting advisors in some specified circumstances. Under the ALRC's recommendations, ...
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India seeks to close tax treaty loopholes
2-May-2008India is looking to include limitation on benefits clauses and switch to taxation based on where the profits arise rather than on the residency of the taxpayer in its renegotiations of income tax treaties with Cyprus, the United Arab Emirates and ...
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