BVI moves to automatic exchange of information under the EU Savings Tax Directive
The government gazetted, on 12 July 2011, the Mutual Legal Assistance (Tax Matters) (Automatic Exchange Information) Order 2011, which changes the way that the British Virgin Islands complies with the EU Savings Tax Directive (STD). Under the order, the ...
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Cyprus MPs approve austerity measures package
31 August 2011, Parliament approved the Cyprus government's first package of austerity measures aimed at tackling its high deficit without putting at risk the competitiveness of Cyprus as a financial centre. Authorities say the measures could pull the ...
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OECD publishes report on corporate tax avoidance
The OECD published, on 30 August 2011, a new report titled "Corporate Loss Utilisation Through Aggressive Tax Planning", which examines three key risk areas in which companies claim losses to avoid taxes -- corporate reorganisations, invalid ...
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Spain refunds euro 10.6 million in withholding taxes to Chinese telecom firm
The Spanish tax authorities have refunded euro 10.62 million in withholding tax to China Unicom (Hong Kong) Ltd after applying the 10% tax rate provided under the 1990 China-Spain double tax agreement to the dividend income which it earned from Spanish ...
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Switzerland and UK initial tax agreement
24 August 2011, British and Swiss negotiators initialled an agreement on outstanding tax issues between the two countries and agreed in principle on taxing funds held by Britons in Swiss bank accounts. Swiss banks have undertaken to pay a guarantee in ...
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