Weekly Tax Newsletter

US Senate Approves Housing Tax Package 15/07/2008
Senate Finance Committee Chairman Max Baucus (D-Mont., pictured) and Ranking Member Chuck Grassley (R-Iowa) have won Senate passage, by a vote of 63-5, of a package of tax measures designed to help owners and boost the housing market. Click here for full story

Japan Scraps Controversial 'iPod Tax' Plans 11/07/2008
	It emerged on Thursday that the Japanese authorities have been forced to drop, for the moment at least, a plan to impose a so-called 'iPod tax' in order to compensate record companies and recording artists for home duplication of their products. Click here for full story

Kuwait To Implement Tax Cuts For Foreign Businesses 16/07/2008
Kuwait's Finance Ministry has this week announced details of significant changes to the taxation laws surrounding foreign businesses working within the country. Click here for full story

US Treasury Comments On Pending Income Tax Treaties 14/07/2008
	Michael F. Mundaca, Deputy Assistant Secretary for International Tax Affairs at the US Department of the Treasury, has spoken out this week before the Senate Committee on Foreign Relations on Pending Income Tax Treaties in the US. Click here for full story

Commons Foreign Affairs Committee Publishes Report On Overseas Territories And Offshore Centres 11/07/2008
The Commons Select Committee on Foreign Affairs in the UK late last month published its seventh report addressing issues surrounding overseas territories and offshore centres. Click here for full story

China Announces Oil Tax Rebate Will Continue 17/07/2008
	China has announced this week that it is extending the availability of VAT rebates on sources of imported fuel for another two months, meaning that the purchase of all diesel, gasoline and crude oil from importers will now be subject to refunds until September. Click here for full story

HK Tax Breaks To Boost Islamic Investment Bonds 17/07/2008
Ceajar Chan Ka-keung, secretary for Financial Services and the Treasury in Hong Kong announced on Wednesday that the territory is set to implement tax breaks in order to support the country's first Islamic Bond, to be issued by the Airport Authority. Click here for full story

Irish Government Speaks Out About Public Spending Measures 11/07/2008
	The Irish Government has spoken out this week to announce how they will be addressing issues related to public spending within the country. Click here for full story

HMRC Clarifies Tax Position Of Northern Rock Shareholders 11/07/2008
HM Revenue and Customs on Wednesday published a brief setting out its understanding of the consequences of the transfer of Northern Rock plc into temporary public ownership in relation to the capital gains tax position of former shareholders. Click here for full story

Hungarian Tax System Not Too Complex, Says Finance Minister 16/07/2008
	Hungary's Finance Minister János Veres (pictured) has spoken out this week to assure taxpayers that he will do all he can to continue simplifying the country's tax system. Click here for full story

IMF Comments On 2008 Article IV Consultation With Korea 15/07/2008
The International Monetary Fund (IMF) last week released details of its staff mission to Korea, following the conclusion of its 2008 Article IV Consultation late last month. Click here for full story

IoM Government Publishes Submission To Commons Treasury Committee 11/07/2008
	The Isle of Man Government has now published its submission to the inquiry into ‘Offshore Financial Centres’ being undertaken by the House of Commons Treasury Committee, it was announced on Thursday. Click here for full story

IRS Rulings Set To Hit Hedge Fund Investors 16/07/2008
A recent ruling by the Internal Revenue Service (IRS) may have a direct impact upon the deductibility of certain expenses for funds of hedge funds and their investors. Click here for full story

South Africa And Netherlands Sign Protocol Amending Treaty 11/07/2008
	South Africa's Finance Minister, Trevor Manuel (pictured) and Rob de Vos, Ambassador of the Netherlands in South Africa, signed a protocol amending the tax convention between the Netherlands and South Africa in Pretoria on Tuesday. Click here for full story

DFSA Expands International Network 11/07/2008
The Dubai Financial Services Authority (DFSA) is this week entering into three important agreements with international regulators in Ireland, Belgium and Malta. Click here for full story

Appeals Court Upholds Aquittal Of Ericsson Execs In Tax Case 11/07/2008
	The Svea Court of Appeal in Sweden has upheld the acquittals of all current and former Ericsson employees who faced charges of evasion of tax control, filed by the Swedish National Economic Crimes Bureau. Click here for full story

Grenada's New Prime Minister Sworn In 14/07/2008
It has been announced this week that Veteran politician Tillman Thomas is the new Prime Minister of Grenada, Carriacou and Petite Martinique. Click here for full story

ECJ Judgement Puts Paid To Dutch Supermarket's VAT Minimisation Plan 14/07/2008
	The European Court of Justice has ruled that the Dutch authorities have the right to prevent retailers from basing VAT payments on individual items in a transaction. Click here for full story

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