The European Commission has asked the Council for authorization to begin negotiating changes to agreements signed in 2004 by Switzerland, Liechtenstein, Monaco, Andorra and San Marino on the taxation of savings income received by European Union (EU) residents under the Savings Tax Directive.
Advisory
US delays reporting rule for foreign banks
The US Internal Revenue Service has responded to pressure from foreign
governments and banks by delaying a controversial law that requires financial
groups to report their American clients to the
Crown dependencies no longer blacklisted
Guernsey, Jersey and the Isle of Man were among a number of offshore jurisdictions on a withdrawn US “blacklist".
Urgent measures for Italian financial stabilization
On July 17, 2011, the Italian parliament enacted Law Decree n. 98/2011 (the Decree"), concerning urgent measures for Italian financial stabilization. The decree introduced a number of changes to existing tax law, the main features of newsalert.
Hong Kong Investors To Pay Chinese Dividend Tax
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has
confirmed that dividends paid to Hong Kong investors by companies in mainland
Latvia has ratified tax treaty with Russia
On 9 June 2011, the Latvian parliament ratified the Latvia-Russia double tax treaty signed in Moscow on 20 December 2010. The treaty is planned to come into force on 1 January 2012 after being ratified by the Russian State Duma.
Ukraine's New Anti-Corruption Law
On 1 July 2011, the new Law of
Liechtenstein Presents EU Withholding Tax Figures
According
to the
Transfer pricing bill in Russian Parliament
On 7 and 8
July, a bill setting new transfer pricing rules in
Monaco Reforms Property Tax Law
Determined to ensure greater equity in its property tax provisions, to boost the attractiveness of the country as a location, and to encourage property investment, Monaco has passed a new law amending the taxation on the transfer and purchase of real estate.