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• Guernsey and Jersey initial tax information exchange agreement (TIEA) with Indonesia

  
  The governments of the Channel Islands, Guernsey and Jersey, have announced the initialling of TIEAs with Indonesia. The initialling is the first stage in the conclusion of arrangements to share tax information bilaterally on request. Both agreements require signing and ratification before their provisions can enter into force. Jersey, as a vice-chair of the OECD Global Forum Peer Review Group, is determined to lead by example, and attaches particular importance to entering into agreements on tax information exchange with all G20 members. The agreement takes the total number of TIEAs that Guernsey has now signed to 23.

  Published on 6th May 2011

• Cyprus to introduce tax on banks' revenue

  
  Cypriot lawmakers have approved legislation to introduce a permanent levy on the country’s banks, revenues from which will be transferred into a Financial Institutions’ Support Fund (FISF). Expected to generate 60 million Euros annually, a proportion of the levy in its first two years will contribute to efforts to tackle the nation's deficit, but from 2013 will wholly contribute towards a FISF to establish a buffer to protect the country against financial shocks. The levy will impose a tax amounting to 0.095% on deposits of Cypriot banks (excluding foreign deposits), Cypriot subsidiaries of foreign banks, co-operatives, and branches of credit institutions. It will be calculated based on a bank’s total deposits (local and cross-border) as at 31 December each year. Deposits from foreign financial institution and domestic interbank deposits will not be included in this calculation. Tax paid under the levy will not be tax deductible for income tax purposes but will reduce the accounting profits of a bank for deemed distribution purposes.

  Published on 29th April 2011

• Singapore and Spain sign a bilateral double tax agreement (DTA)

  
  On 13 April 2011 Singapore and Spain signed a DTA. Amongst other provisions, the DTA incorporates the OECD internationally agreed standard for the exchange of information for tax purposes upon request, provides for lower withholding taxes for dividends, interest and royalties, and sets out permanent establishment rules.

  Published on 15th April 2011

• Hong Kong and Spain signed Double Taxation Agreement (DTA)

  
  On 1 April 2011, Hong Kong signed its 20th comprehensive DTA with Spain. The DTA sets out clearly the allocation of taxing rights between the two jurisdictions and the relief on tax rates on different types of passive income, it will help investors better assess their potential tax liabilities from cross-border economic activities. In the absence of a DTA, income earned by Spanish residents in Hong Kong are subject to both Hong Kong and Spanish income tax. Profits of Spanish companies doing business through a branch in Hong Kong are fully taxed in both places. Under the agreement, tax paid in Hong Kong will be allowed as a credit against Spanish tax payable.

  Published on 8th April 2011

• Spain signs the protocol amending the multilateral Convention on Mutual Administrative Assistance in Tax Matters

  
  Spain has become the latest country to sign the protocol amending the multilateral Convention on Mutual Administrative Assistance in Tax Matters, which responds to the call of the G20 in 2009 for a multilateral framework for the exchange of information for tax purposes. Signed on 11 March 2011 at OECD headquarters in Paris, Spain now joins Denmark, Finland, France, Georgia, Iceland, Italy, Korea, Mexico, Moldova, the Netherlands, Norway, Poland, Portugal, Slovenia, Sweden, the Ukraine, the United Kingdom and the United States in agreeing to the protocol. The result of this amendment was the protocol, which updates the standard on exchange of information and opens the amended Convention to all countries. The Convention has a wide scope permitting all forms of administrative assistance (including information exchange on request, automatic exchange of information, simultaneous tax examinations and assistance in tax collection) on all types of taxes.

  Published on 18th March 2011

• Isle of Man and Poland sign three tax agreements

  
  The Isle of Man government has announced the signing of three tax agreements, a TIEA and two DTAs with Poland. The TIEA, in line with the OECD’s standard, will allow for the exchange of tax information between the two countries’ tax authorities on request. The remaining two agreements will ensure that enterprises operating ships or aircraft in international traffic, and certain income of individuals are not double taxed. The agreements lay a beneficial framework that will encourage increased trade and investment between the two countries. The TIEA with Poland is the island’s 20th TIEA and its 24th agreement that meets the OECD international standard on tax co-operation and transparency.

  Published on 11th March 2011

• Switzerland and Russia initial double tax agreement (DTA)

  
  Switzerland and Russia have recently initialled a revised bilateral DTA to be put in place between the two countries. According to the Swiss Federal Administration, along with an administrative assistance clause in accordance with the OECD standards, the revised agreement contains various provisions that are beneficial to the Swiss economy. The content of the revised agreement with Russia is to remain confidential at first, with the next step to be disclosed to the Swiss cantons and business associations concerned for their comments. The agreement will then be signed and subsequently presented to the National Council and Council of States for approval.

  Published on 4th March 2011

• Isle of Man signs a tax information exchange agreement (TIEA) with India

  
  The Isle of Man government has announced the signing of its 19th TIEA, with India. The TIEA with India means that the Isle of Man has now signed 23 agreements that meet the OECD's international standard on tax co-operation and transparency.

  Published on 18th February 2011

• Isle of Man signs a tax information exchange agreement (TIEA) with Bahrain

  
  The Isle of Man has announced the signing of its 22nd agreement which incorporates provisions for the exchange of tax information, in the form of a DTA with Bahrain. The DTA will comprehensively address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Bahrain, and closely follows the model text published by the OECD.

  Published on 11th February 2011

• Japan and the Bahamas conclude a tax information exchange agreement (TIEA)

  
  The Bahamas and Japan concluded a TIEA on the purpose of the prevention of fiscal evasion and on the allocation of the countries’ taxing rights with respect to individuals’ income. The agreement represents the 23rd TIEA that the Bahamas has signed. The Bahamas now has TIEAs with seventeen OECD members and nine members of the G-20.

  Published on 4th February 2011

• Germany and Austria signed a protocol revising the existing Double Tax Treaty

  
  Germany and Austria have recently signed a protocol revising the existing bilateral DTA in place between the two countries, implementing the OECD’s standard on transparency and effective information exchange in tax matters. Following entry into force of the revisions protocol, Austria will transfer banking information to the German tax authorities without the need for a formal initiation of criminal proceedings in Germany, as previously stipulated under Austrian law.

  Published on 28th January 2011

• Isle of Man signs a tax information exchange agreement (TIEA) with Canada

  
  The Isle of Man government has announced the signing of a TIEA with Canada. The latest agreement takes the number of TIEAs the Isle of Mant has concluded to 18, and to 21 the number of tax cooperation agreements it has concluded that incorporate the OECD international standard on tax transparency and information exchange. The Isle of Man’s first TIEA was with the United States in 2002 and agreements since then have included the Netherlands, Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden, Ireland, the United Kingdom, Australia, Germany, France and most recently China. In addition the Isle of Man has three DTAs that have been revised to incorporate the OECD standard, with Estonia, Belgium and Malta.

  Published on 21st January 2011

• Liechtenstein new tax regime comes into force

  
  The government of the principality of Liechtenstein has announced the fact that since 1 January 2011 its new tax law, one of the most modern and attractive in the world, has been in force. According to the government, the new, competitive tax system fulfils current requirements for legislation that is both internationally compatible and in accordance with European law. Liechtenstein’s new tax law provides crucially for a new flat-rate of tax of 12.5% for all companies, for the abolition of coupon and capital tax, as well as for the abolition of both inheritance and gift tax.

  Published on 7th January 2011

• EU calling for the abolition of various tax regimes in Switzerland

  
  European Union foreign affairs ministers are due to adopt a report on bilateral relations between Switzerland and the European Union, calling notably for the abolition of the various tax regimes applied by the Swiss cantons. Ministers are reportedly concerned that certain cantonal tax regimes benefit holding companies and therefore create simply unacceptable distortions of competition. Alluding to the measures as ‘state aid’, ministers have called for the abolition of the cantonal regimes.

  Published on 17th December 2010

• United States and Panama sign a new tax information exchange agreement (TIEA)

  
  The United States and Panama have signed a new TIEA. Upon entry into force, the TIEA will provide the United States with access to the information it needs to enforce United States tax laws, including information related to bank accounts in Panama, regardless of whether the requested party has a domestic tax interest in such information. The agreement will permit the United States and Panama to seek information from each other on various types of national taxes, in both civil and criminal matters, for the tax years beginning on or after 30 November 2007.

  Published on 10th December 2010

• Fitch improve Hong Kong's credit rating

  
  The government of Hong Kong has welcomed Fitch Rating's decision to upgrade Hong Kong’s long-term foreign currency sovereign rating to AA+ from AA, with a stable outlook. Fitch attributed the upgrade to the fact that Hong Kong's sovereign creditworthiness is underpinned by its strong external financial position, solid public finances, well regulated and capitalised banking system, its dynamic and flexible economy and strong standards of governance.

  Published on 3rd December 2010

• India considering to renegotiate its double tax treaties

  
  The Indian government is attempting to renegotiate its double tax treaties in order to establish how much money has been moved out of the country by its residents. Finance Minister Pranab Mukherjee has written to 78 countries asking them to amend existing tax treaties, and he has insisted on their adding on Article 26 of the Model Tax Convention of the OECD, which provides a legal basis for the bilateral exchange of information for tax purposes.

  Published on 26th November 2010

• Ukrainian Prime Minister calls for the signing of a new DTA with Cyprus

  
  The Prime Minister of Ukraine, Mykola Azarov has called for the renegotiation of DTA between Ukraine and Cyprus while meeting with the President of the Cypriot House of Representatives, Marios Karoyan. Azarov said that the renegotiated convention for the avoidance of double taxation (replacing the treaty inherited from the former Soviet Union) would be signed on a forthcoming visit by the Cypriot Finance Minister. The signing of a new DTA would enhance bilateral economic relations by assigning the taxing rights of the respective countries, preventing the incidence of double taxation on those trading and investing in Ukraine from Cyprus and vice versa. To support efforts to enhance bilateral cooperation, the two countries have agreed to hold a joint Ukrainian-Cypriot business forum in Kiev in the first quarter of 2011.

  Published on 19th November 2010

• UK tax authorities try to battle tax bureaucracy

  
  More than one thousand tax reliefs are under review by the United Kingdom's Office of Tax Simplification (OTS) as the coalition government battles to make the country's tax system more user friendly. The OTS has drawn up a list of 1,042 relief measures that are currently in place in the United Kingdom tax system for businesses and individuals, across all the taxes administered by HMRC. This is the first time such comprehensive data has been documented. The government funded OTS team includes secondees from a variety of tax and accountancy firms. They will use the review criteria, together with their experience and expertise, to provide independent advice on the reliefs, and make recommendations to the United Kingdom Chancellor on ways to simplify the tax system.

  Published on 12th November 2010

• United Kingdom signs a tax information exchange agreement (TIEA) with Liberia

  
  The United Kingdom tax authority, HMRC, has announced the signing of a TIEA with Liberia. The pact conforms to the OECD model agreement, and will provide the respective countries’ tax authorities with access to information relating to residents from either country on request. According to information provided by the OECD, Liberia, aside from the agreement with the United Kingdom, has only concluded one other such agreement, with the Netherlands on 27 May 2010.

  Published on 5th November 2010

• Singapore and Ireland sign a bilateral double tax agreement (DTA)

  
  On 28 October 2010 Singapore and Ireland signed a DTA. Amongst other provisions, the DTA includes the OECD internationally agreed standard for the exchange of information for tax purposes upon request, provides for lower withholding taxes for dividends, interest and royalties, and sets out permanent establishment rules.

  Published on 29th October 2010

• Singapore and Panama sign a bilateral double tax agreement (DTA)

  
  Singapore and Panama have signed a bilateral DTA. The DTA is expected to enhance bilateral trade links by minimizing the double taxation of income that may occur as a result of cross border economic activities between the two countries. Amongst other provisions, the DTA lowers withholding taxes, sets out permanent establishment rules for businesses, and provides for the exchange of information for tax purposes based on the internationally agreed OECD’s standard.

  Published on 22nd October 2010

• Cyprus signs two new double tax agreements (DTAs)

  
  Cyprus has signed a treaty for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income with both Denmark and Slovenia. The new agreements between Cyprus and the two countries will contribute greatly to the further development of trade and economic relations of the island.

  Published on 15th October 2010

• Belize signing tax information exchange agreements (TIEAs) with Nordic countries

  
  Belize has signed TIEAs with seven Nordic countries, which will allow for the sharing of tax related information in accordance with the standards established by the OECD. The agreements with Belize were signed on 15 September 2010 by Denmark, Finland, Norway, Sweden, Greenland, Iceland and the Faroe Islands. Belize has already signed TIEAs with the United Kingdom, Belgium, Australia and the Netherlands, and initialed TIEAs with Ireland, Italy, Mexico, and Aruba. It has also been in discussions with the United States, Poland, and Canada on agreements based on the OECD model.

  Published on 24th September 2010

• Vondafone confident on Indian capital gains tax outcome

  
  United Kingdom telecoms giant Vodafone has expressed continuing confidence that it is not liable for Indian capital gains tax from its purchase of the Indian mobile phone network Hutchison Essar in 2007 despite a setback in the Mumbai High Court. The Mumbai High Court ruled that the Indian tax authorities did have jurisdiction to impose tax on the transaction because the operating assets of the company under sale were in India. Vodafone’s counsel has announced that the company is to make an appeal to India’s highest judicial body, the Supreme Court in New Delhi. Vodafone is being chased for over 2 billion US dollars in unpaid capital gains taxes relating to its 11 billionn US dollars purchase of Indian operator Hutchison Essar from Hong Kong based Hutchison Telecommunications International Ltd in 2007.

  Published on 17th September 2010

• Hong Kong registers its 1,500,000th company

  
  The Hong Kong Companies Registry has announced that it has incorporated Hong Kong's 1,500,000th local company. The first company in the history of Hong Kong was incorporated in 1865 and the number of company incorporations has been increasing rapidly. The 500,000th company was incorporated in 1994 and the 1,000,000th in 2005. Despite the significant increase in the number of new incorporations, the Companies Registry has shortened the processing time for incorporating a local company from 6 to 4 working days since 2008. The number of local companies incorporated during the first 8 months of this year was 92,500, up 31% on the corresponding period last year.

  Published on 10th September 2010

• India and Switzerland sign revised double tax agreement (DTA)

  
  India and Switzerland have signed a protocol to revise the two countries’ existing DTA. The agreement will introduce new provisions concerning administrative assistance in accordance with OECD standards together with a comprehensive most favoured nation clause. The most favoured nation clause provides that the lowest rate of withholding tax which India has agreed with other OECD countries will also automatically apply for Switzerland in cases concerning dividends, interest, license fees and commissions for technical services. Additionally, Indian tax authorities could seek information about account holders with Swiss banks, if they present a case with evidence, but the agreement would not allow the fishing of data.

  Published on 3rd September 2010

• Sarkozy to give tax incentives to UK investment banks to relocate to France

  
  United Kingdom investment banks have been offered long term tax breaks in exchange for relocating to France. French president, Nicolas Sarkozy, has approached several European heads of investment banks with offers of incentives lasting up to 20 years in an attempt to lure banks out of London. Concerned over a potential exodus, the British Bankers’ Association (BBA) has since urged ministers to delay launching new rules on pay, bonuses and banks’ capital holdings. Whilst some banks have reduced their investment in London, it is thought unlikely the big investment banks will relocate their European headquarters out of London.

  Published on 27th August 2010

• Hong Kong and Liechtenstein sign a double tax agreement (DTA)

  
  Hong Kong signed its 14th DTA with Liechtenstein incorporating the latest OECD standard on exchange of information for tax purposes. The DTA sets out clearly the allocation of taxing rights between the jurisdictions, and the relief on tax rates on different types of passive income and capital gains. As such, it currently applies to Hong Kong’s profits, salaries and property taxes, and, for Liechtenstein, the personal and corporate income, corporation, real estate capital gains, wealth and coupon taxes. Hong Kong or Liechtenstein residents receiving dividends, interest or royalties, or earning capital gains, from the other country will be subject to tax only in their resident jurisdiction. Similarly, under the DTA, Hong Kong or Liechtenstein airlines operating international flights, or international shipping businesses, will also only be taxed in their resident country.

  Published on 20th August 2010

• South Africa negotiates tax information exchange agreements (TIEAs) with international financial centers

  
  The South African Revenue Service (SARS) is negotiating TIEAs with several international finance centres to improve bilateral tax transparency. SARS has in particular identified planned agreements with Guernsey, Jersey, San Marino, the Cayman Islands, and the Bahamas. The agreements are to be based on the OECD’s standard on transparency and tax information exchange, which will, upon entry into force, allow the South African tax authority to request information to assist in civil tax matters and in the investigation of fiscal crimes.

  Published on 13th August 2010

• Austria and Israel initial revised double tax agreement (DTA)

  
  Austria and Israel have initialled a revised DTA between the two countries. Under the new agreement terms, a 5% tax rate will be applicable on interest paid, and taxes previously due on royalties will be exempted, which will be beneficial to Israeli software development companies. Tax on capital gains, other than on real estate, will be exempted, so that it is only payable in the taxpayers' country of residence. Where a company has a significant controlling interest, a tax exemption on dividends has been established and a 10% withholding tax is set on other dividends.

  Published on 30th July 2010

• German tax authorities to purchase data disc with tax-sensitive information

  
  Tax authorities in the German state of Schleswig-Holstein have been offered a new tax data disc, allegedly containing information on around a hundred German clients suspected of having evaded taxes through accounts with Liechtenstein Landesbank, amounting to an estimated 500 million Euros. The authorities intend to purchase the disc following sample analysis of the data. While this has already been discussed and agreed with the federal finance ministry, a final decision regarding the purchase has as yet not been made.

  Published on 23rd July 2010

• European Parliament ratifies anti-terrorist agreement with the United States

  
  The European Parliament has approved the European Union - United States Terrorist Finance Tracking Programme (TFTP) Agreement. The anti-terrorist agreement applies to bank data transfers to the United States by international providers operating in the European Union and the United States and applies to transactions effected by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The agreement is due to take effect on 1 August of this year. Europol will have to check that every data transfer request by the United States Treasury is justified by counter-terrorism needs and that the volume of data requested is as small as possible. The agreement prohibits the United States from engaging in data mining or any other type of algorithmic or automated profiling or computer filtering. Any searches of SWIFT data will have to be based on existing information showing that the object of the search relates to terrorism or terrorism finance.

  Published on 16th July 2010

• British Virgin Islands and the United States to share supervisory information

  
  The Financial Services Commission of the British Virgin Islands and banking regulators in the United States have entered into an arrangement to share supervisory information to enhance the regulatory oversight of the industry and to promote the safe and sound functioning of banks and banking organisations in their respective jurisdictions. In addition the two countries' regulators committed to cooperating closely when they identify suspected money laundering, terrorist financing, unauthorised banking business, and other criminal financial activities.

  Published on 9th July 2010

• Isle of Man shipping registry receives three international certifications

  
  The Isle of Man’s ship registry has announced that it has received three important international certifications. The registry announced that it had completed its International Maritime Organization (IMO) voluntary member state audit with a positive report, was placed on the Paris MOU White List for Port State Control in Europe and has secured entry into the United States Coast Guard Qualship 21 Scheme. Together the three represent very important measures which are recognised by the international shipping community as a measure of the Isle of Man’s quality and commitment to its international maritime obligations.

  Published on 2nd July 2010

• Hong King signs a double tax agreement (DTA) with both United Kingdom and Ireland

  
  On 21 and 22 June 2010, Hong Kong signed DTAs with the United Kingdom and Ireland. Under the Hong Kong-Ireland DTA, Hong Kong airlines operating flights to Ireland will be taxed at Hong Kong's corporation tax rate. Profits from international shipping transport earned by Hong Kong residents that arise in Ireland, which are currently subject to tax there, will enjoy tax exemption under the agreement. The Hong Kong-United Kingdom DTA incorporates the latest OECD standard on exchange of information, limited to taxes covered by the agreement. Such taxes are those imposed on total income, or on elements of income, including taxes on gains from the alienation of movable or immovable property and taxes on capital appreciation.

  Published on 25th June 2010

• France opening up in private gambling

  
  In a landmark move that signals the opening of the gambling market to taxed private competition, the French government has issued 17 licenses to 11 gambling operators. Despite strict rules on operators, which have deterred a number of offshore operators, a total of 35 companies have applied to the government for licenses. 9 of the 11 operators granted licenses ahead of the FIFA 2010 World Cup are wholly French-owned.

  Published on 18th June 2010

• Germany to purchase HSBC’s stolen disc

  
  Following months of indecision and deliberation, the German government has announced its decision to jointly purchase with the federal state of Lower Saxony a stolen tax data disc, containing the names and details of more than 20,000 Germans alleged to have evaded taxes in Switzerland. Initially offered to the German state of Baden-Württemberg in February 2010, the controversial disc, purchased for EUR 185,000, is now in the hands of tax investigators. Germany’s financial authorities have estimated that the move will serve to generate tens of millions of euros in additional revenue, and are anticipating a new wave of self-declarations.

  Published on 11th June 2010

• Russia removes Cyprus from its black list

  
  On 29 May 2010 the Central Bank of the Russian Federation issued instructions for the removal of Cyprus from the list of countries described as “offshore zones” with a privileged taxation system. According to a Central Bank of Cyprus press release, the removal of Cyprus from the list is a positive development and strengthens the reputation and esteem of Cyprus as an international financial centre.

  Published on 4th June 2010

• Update on HSBC’s stolen disc

  
  It has been confirmed that the list containing details of foreign clients taken in 2008 from HSBC in Switzerland includes information on 7,000 accounts held by Italians totalling 6.9 billion US dollars. IT expert, Hervé Falciani, admitted to passing the information to the French tax authorities, with encryption codes, in July 2008, and tax authorities have been using that information to secure prosecutions. 51% of the individual account holders identified are business owners, while the various professions such as lawyers and dentists represent a further 14%. Ordinary individuals and company employees take up a further 15% and 11% respectively, while pensioners are only 4.5% of the total. Interestingly, 63% of the names obtained are resident in Lombardy, Italy.

  Published on 28th May 2010

• Dominica, Grenada and Saint Lucia promoted to OECD’s white list

  
  Dominica, Grenada and Saint Lucia have been moved into the OECD white list category of jurisdictions considered to have substantially implemented the standard on transparency and exchange of information, having now all signed at least 12 exchange of information agreements conforming to the standard. This brings the number of jurisdictions that have moved into this category since April 2009 to 28. The move affecting Dominica, Grenada and Saint Lucia follows the signature of a series of agreements involving these three jurisdictions along with Antigua and Barbuda, and Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden.

  Published on 21st May 2010

• Gibraltar to sign a tax information exchange agreement (TIEA) with Spain

  
  Gibraltar has underlined the territory’s willingness to enter into a TIEA with Spain as soon as possible. The announcement follows the conclusion of year long negotiations on a trilateral agreement with Spain, mediated by the United Kingdom. Gibraltar has already concluded a total of 18 TIEAs, classifying it as a territory that has substantially implemented the OECD internationally agreed standard in transparency and information exchange. While the Spanish authorities have said that the agreement will facilitate efforts towards reducing tax evasion, the TIEA is not expected to deter companies from registering in Gibraltar. Indeed, Gibraltar’s new 10% corporate tax regime, to come into force at the end of 2010, compares very favourably with Spain's 30% corporate tax rate.

  Published on 14th May 2010

• Singapore and Saudi Arabia sign a double tax agreement (DTA)

  
  Singapore and Saudi Arabia have signed a DTA to further enhance strong trade links by minimizing the double taxation of income that may occur as a result of cross border economic activities between the two countries. Amongst other provisions, the DTA includes the internationally agreed OECD standard for the exchange of information upon request for tax purposes, provides for lower withholding taxes on dividends, interest and royalties, places rules on the taxation of capital gains, and sets out permanent establishment rules for businesses. Profits from the operation of ships or aircraft in international traffic shall be taxable only in the state in which the place of effective management of the enterprise is situated.

  Published on 7th May 2010

• Liechtenstein approves 11 tax agreements

  
  Liechtenstein’s parliament has, by a large majority, approved 11 tax agreements submitted by the government and which are compliant with the OECD standards on tax information exchange. Ratified on 22 April 2010, the bilateral tax agreements are those with Germany, the United Kingdom, France, the Netherlands, Ireland, Belgium, Monaco, Andorra, St Vincent and the Grenadines, St Kitts and Nevis, and Antigua and Barbuda.

  Published on 30th April 2010

• Survey: UK voters say that tax will be the deciding factor in their voting decision for the forthcoming general election

  
  A survey conducted by the Association of Chartered Certified Accountants has found that 43% of UK citizens say tax will be the biggest influence over their voting decision at the forthcoming general election, but more than 80% feel they have little or practically no understanding of the main political parties' tax policies.

  Published on 28th April 2010

• Switzerland and Hong Kong initial double tax agreement (DTA)

  
  Switzerland and Hong Kong have initialled a bilateral DTA, extending administrative assistance in tax matters in accordance with the OECD standard. The agreement with Hong Kong marks the 24th DTA executed by Switzerland containing the extended administrative assistance clause.

  Published on 28th April 2010

• Parliament of Liechtenstein approves eleven tax information exchange agreements (TIEAs)

  
  Liechtenstein's parliament has, by a large majority, approved eleven TIEAs submitted by the government and which are compliant with the Organization for Economic Cooperation and Development’s standards on tax information exchange. The bilateral tax agreements are those with Germany, the United Kingdom, France, the Netherlands, Ireland, Belgium, Monaco, Andorra, St Vincent and the Grenadines, St Kitts and Nevis, and Antigua and Barbuda.

  Published on 27th April 2010

• New Zealand and Turkey sign double tax agreement (DTA)

  
  New Zealand's Prime Minister, John Key, and Turkey's Prime Minister, Recep Tayyip Erdogan, met in Ankara on April 22 and completed various bilateral arrangements between their two countries.

  Published on 26th April 2010

• Switzerland and Poland sign revised double tax agreement (DTA)

  
  Switzerland and Poland have signed a revised bilateral DTA, extending administrative assistance in tax matters in accordance with the OECD standard. The revised DTA was signed in Warsaw, and amends the original DTA in the area of taxes on income and capital. The protocol sets out the right of the source state to levy 5% tax on interest and royalty payments. Additionally, withholding tax exemption is provided for in the case of interest and royalty payments between related companies, i.e. for companies with a direct holding of at least 25%, or for companies with an indirect holding of at least 25% via a company domiciled in the European Union.

  Published on 25th April 2010

• Australia and Vanuatu sign information exchange agreement (TIEA)

  
  On 21 April 2010 Australia and Vanuatu signed a TIEA between their two countries. The TIEA conforms to the internationally agreed OECD standard for the exchange of information upon request for tax purposes. It will give the countries’ tax authorities a greater ability to exchange taxpayer information. The agreement covers all federal Australian taxes, and all taxes in Vanuatu. It also provides that neither tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.

  Published on 24th April 2010

• Obedient to intensifying United States government pressure to crack down on offshore tax evaders, in January Israeli banks began ordering clients they identify as United States tax residents to close investment accounts they hold in Israel. It is apparently an anticipatory measure, ahead of changes in United States law and local banks are apparently responding to changes as their legal counsels interpret them.

  Published on 6th April 2010

• In a recently adopted resolution, the European Parliament has emphasized the need to develop plans for a global tax to discourage excessive risk taking by financial institutions and to ensure that the financial industry pays for damage caused by the financial crisis. According to a recent European parliamentary statement, European Members of Parliament (MEPs) have stated that, if a worldwide tax proves unachievable, the European Union (EU) could consider the option of going it alone. Parliament has asked the Commission to develop the transaction tax plan in time for the EU to present a common position to the G20 in June 2010, and to assess how such a tax could help stabilize financial markets and prevent a similar crisis by targeting "undesirable" transactions. The resolution states that these “undesirable” transactions should be specifically identified by the Commission. Although MEPs favour a global approach through the G20, they are eager to evaluate the advantages and disadvantages of introducing a purely EU-wide tax, even if the EU's main partners do not introduce such a tax. The resolution on a financial transaction tax was approved with 536 votes in favour, 80 against and 33 abstentions.

  Published on 6th April 2010