It has been reported that the China Securities Regulatory Commission (CSRC) and the State Administration of Taxation (SAT) have agreed on expanding the taxation of qualified foreign institutional investors (QFII) recently. Currently, QFIIs are subject to enterprise income tax at a rate of 10% on dividends, profits and interest and are exempt from capital gains […]

On 8 January 2013, HM Revenue & Customs (HMRC) announced that it will offer to individuals, companies and partnerships that have entered into specific tax avoidance schemes, the opportunity to finalize their tax position and settle their tax liabilities by agreement without recourse to litigation. The schemes covered include UK Generally Accepted Accounting Practice (GAAP) […]

The US Department of Justice (DOJ) and the US Internal Revenue Service (IRS) have announced that a Swiss private bank (Wegelin & Co.) entered a guilty plea before a US District Court for conspiring with US taxpayers and others to hide more than USD 1.2 billion in secret Swiss accounts and to evade US taxes […]

On 29 December 2012, the Constitutional Council considered incompatible the temporary 75% tax rate on high income earners with the French Constitution. The 75% rate was supposed to apply to the part of the income exceeding EUR 1 million and be levied only for fiscal years 2013 and 2014. The 75% tax rate for high […]

HM Treasury have announced that the Individual Savings Account (ISA) limit for 2013-14 will be GBP 11,520 ( previously GBP 11,280), of which up to GBP 5,760 (previously GBP 5,640) may be saved in cash. Junior ISA investment allowance, and the Child Trust Fund investment allowance, will each be increased to GBP 3,720 (from GBP […]