Uruguay Expands Tax Treaty Network

Uruguay and Finland have signed an agreement to avoid double taxation with respect to taxes on income and on capital. As with all agreements signed recently, Uruguay adopted the international standards and technical recommendations from the Organization for Economic Cooperation and Development (OECD).MORE>

Airline SAS sees Q1 loss before tax of $138 mln

STOCKHOLM  — Scandinavian airline group SAS AB says it expects a loss before tax of 1 billion kronor ($138 million) in the first quarter due to weak demand and negative effects from currency exchange rates.MORE>

Qatar And Bulgaria Sign DTA

A convention for the avoidance of double taxation and fiscal evasion was signed between Bulgaria and Qatar last week, during an official visit to Qatar by Bulgaria’s Prime Minister, Boyko Borisov.MORE>

Australian Bank, AXA in $13B bid for insurer

SYDNEY  — National Australia Bank Ltd. and AXA SA are making a joint 13 billion Australian dollar ($12 billion) bid for insurer AXA Asia Pacific Holdings Ltd., entering into direct competition with another bid by AMP Ltd.MORE>

Germany, Switzerland Initial DTA

Switzerland and Germany have initialled a revised bilateral double taxation agreement (DTA) between the two countries, providing for administrative assistance in tax matters in accordance with the Organization for Economic Cooperation and Development’s (OECD) standard.MORE>

Anglo Irish Bank to get 8.3bn euros in fresh bailout

The Irish government will inject another 8.3bn euros (£7.4bn, $9.9bn) into the nationalised Anglo Irish Bank, it has been announced. MORE>

Miners agree landmark iron ore contracts

Two of the world's biggest mining companies have agreed landmark deals with Asian steel mills to buy iron ore on quarterly contracts.MORE>

Isa savers ‘cheated of billions’ by banks

A tax break created by Gordon Brown to encourage millions of people to save has degenerated into a £3 billion a year rip-off that enriches the banks, according to a damning verdict from the statutory consumer watchdog. MORE>

Gartmore suspends star trader Guillaume Rambourg

Guillaume Rambourg, star trader at Gartmore and one Britain's top money managers, was suspended in a move that plunged the investment house into chaos and wiped nearly £150m off the value of its shares.MORE>

Tremonti Talks Of EU VAT Reform

While discussing the scope of Italy’s proposed tax reforms, the Minister of the Economy, Giulio Tremonti, has floated the hypothesis of changing the rates of value-added tax (VAT) on imports of goods from countries outside of the European Union (EU). MORE>

Panama Granted Coveted Rating Hike

Panama has received an upgrade to the credit rating on its debt to investment-grade after ‘sustained improvements in public finances, underpinned by recent tax reforms’.MORE>

Greece raises 5bn euros from bond issue

Greece has raised 5bn euros ($6.7bn; £4.5bn) by a sale of government bonds, to secure more funds to help pull the country out of its debt crisis.MORE>

Ireland Tackles Corporate Governance

A new Code of Practice was launched on March 25, by the National Standards Authority of Ireland (NSAI) and the Institute of Directors in Ireland (IoD), to tackle corporate governance challenges facing Irish public and private organizations. The new guidelines, on assessing corporate governance, will provide companies meeting best standards, as defined by the Code, with a reputational boost via new corporate governance certification.MORE>

Energy giants pinpoint location of new British nuclear power plant

Britain’s next nuclear power station will be built on Anglesey, North Wales, under a £7.5 billion plan being drawn up by two of biggest energy providers in the UK, The Times has learnt.MORE>

Rio Tinto distances itself from China four jailed for bribery

Mining giant Rio Tinto sacked four employees after they were convicted in a Chinese court of accepting bribes and stealing commercial secrets.MORE>

Belize signs tax deal with UK

Britons in Belize will find it harder to avoid UK taxes after an agreement signed yesterday by the UK and Belize governments. It was welcomed by Labour MPs, because of the link between Belize and Lord Ashcroft, the deputy chairman of the Tory party.MORE>

RBS fined £28.6m for breaking competition rules

Royal Bank of Scotland has been fined £28.6m by the Office of Fair Trading (OFT) after breaking competition rules.MORE>

Falkland Islands oil disappoints for Desire Petroleum

Shares in Desire Petroleum have almost halved after the oil explorer said a well being drilled off the Falkland Islands may not be economically viable.MORE>

Heritage Performs Landmark PCC Merger

Heritage Insurance Management in Guernsey has achieved a worldwide first by amalgamating two Protected Cell Companies (PCCs). MORE>

Volvo sale signed by Geely and Ford

The Chinese car maker Geely has signed a deal to buy Volvo from US car giant Ford for $1.8bn 1.2bn). MORE>

US Senate Wraps Up Health Bill

The United States Senate has approved changes to the landmark health care reform bill signed into law by President Barack Obama on March 23.MORE>

Switzerland, Greece Initial DTA

It has recently emerged that Switzerland and Greece have initialled a revised bilateral double taxation agreement (DTA) between the two countries, extending administrative assistance in tax matters in accordance with the Organization for Economic Cooperation and Development’s (OECD) standard.MORE>

EC Endorses Cypriot Maritime Tax

The Cypriot government has received approval from the European Commission to phase out levying corporation tax on companies engaged in international maritime transport in favour of a tonnage-based tax regime. A Commission investigation of the scheme found that it will enhance the competitiveness of the Cypriot fleet without unduly distorting competition in the European Union (EU). MORE>

Siemens to boost UK wind turbine industry

Siemens will this week announce plans to build a wind turbine factory in the UK. The investment, which is likely to be between £50 million and £100 million, will seek to capitalise on Britain’s expanding market for offshore windmills and will put the German engineering giant in head-to-head competition with GE, its American rival.MORE>

Caribbean Territories White-Listed

The Organization for Economic Cooperation and Development (OECD) has welcomed a late drive by three Caribbean territories to conclude multiple tax information exchange agreements (TIEAs) to gain a place on the list of territories that have substantially-implemented the internationally-agreed standard in transparency and tax information exchange.MORE>

Budgets slashed by millions

LAWMAKERS yesterday froze millions of euros before approving the budgets of the island’s four biggest semi-government organisations (SGO), with the worst-hit being the Cyprus Telecommunications Authority (CyTA).MORE>

Putin Announces Tax Package For Small Businesses

Russian prime minister, Vladimir Putin, has set out a new plan for an additional RUB13bn (USD441m) of support for small businesses owners in a speech at an innovation forum.MORE>

Toyota's $1 billion sales incentive

NEW YORK -- Toyota is trying to buy back a lot of the sales it lost during the recall crisis earlier this year -- in the form of fat incentives for consumers.MORE>

Germany Adopts 2010 Budget

Germany’s lower house of parliament has recently adopted the country’s 2010 budget, containing a series of ambitious austerity measures designed to significantly reduce debt and to increase Germany’s competitiveness, although not containing tax rises. MORE>

Deal reached over Greece debts at Brussels summit

All 16 eurozone countries have backed a financing plan to help debt-laden Greece, which will include IMF money. MORE>

France's Lagarde Mulls Bank Tax

Having already agreed a tax on bonuses, French Finance Minister Christine Lagarde has now announced plans to introduce a tax on banks, the product of which could be used to safeguard institutions from future financial insolvency.MORE>

BAE signs £127m contract to design Navy warship

The Ministry of Defence has announced plans to spend £127m to design a new warship for the Royal Navy.MORE>

Dubai World gets $9.5bn government backing

The Dubai government has announced it will provide $9.5bn (£6.4bn) in funding to help its Dubai World investment vehicle to restructure its debt.MORE>

National Lottery owner Camelot sold to Canada teachers

National Lottery operator Camelot has been sold to a Canadian teachers' pension fund for £389m.MORE>

Lebedevs buy Independent titles to secure future

The future of The Independent and The Independent on Sunday was secured yesterday when Independent Print Limited (IPL), a company owned by the Lebedev family, agreed to acquire the newspapers from Independent News and Media (INM).MORE>

Alistair Darling: we will cut deeper than Margaret Thatcher

Thinktank warns of 'two parliaments of pain' with spending slashed by 25% to repair black hole in finances. MORE>

Seventh man arrested in City insider trading ring investigation

Ben Anderson, a former stockbroker, has become the seventh man to be arrested in connection with the Financial Services Authority and Serious Organised Crime Agency investigation into what they allege is the largest City insider trading ring yet discovered.MORE>

Markets Data Courtesy of FT.com

Indian Ruling Backs Mauritius Tax Treaty

After a long running dispute on the incidence of capital gains tax, the Indian Authority for Advance Ruling (AAR) has issued a ruling which maintains the validity of Article 13 (4) of the India Mauritius double taxation treaty on exemption from capital gains tax (CGT) normally payable in India. MORE>

France Plans Corporate Tax Reform

French Finance Minister Christine Lagarde has confirmed plans to reform corporate taxation in France.MORE>

Darling Leaves UK Tax On Hold

Delivering the government's last budget before the general election, Chancellor Alistair Darling decided against any further increases in income tax over and above those measures he has already announced.MORE>

Nordic Countries Conclude More TIEAs

The Nordic Council, comprising of the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden, has recently announced the signing of tax information exchange agreements (TIEAs) with St Vincent and the Grenadines and St Kitts and Nevis.MORE>

IoM Air Traffic Stronger In February

After two months of unprecedented weather disruption at UK airports causing cancellations to many Island services, February saw an improvement to the weather – and an increase in passengers using Isle of Man Airport.MORE>

St Kitts And Nevis To Introduce VAT

In his 2010 budget address, St Kitts and Nevis Prime Minister and Minister for Finance, Denzil Douglas, announced that on November 1, 2010, the twin-island Federation will commence levying a value-added tax (VAT).MORE>

IMF Unveils Switzerland Report

In its annual report, the International Monetary Fund (IMF) noted that, by international comparison, Switzerland has managed the global financial and economic crisis well.MORE>

Alderney Plans Tech Park

Guernsey has detailed plans for the creation of a technology park in Alderney, which will continue to bolster Alderney’s prowess as a place for the e-gaming industry to establish operations. MORE>

Liechtenstein, Uruguay Initial DTA

It has recently emerged that chief negotiators from Liechtenstein and Uruguay have initialled a bilateral double taxation agreement (DTA) between the two countries, thus marking an end to the negotiations.MORE>

NZ To Close Tax Loopholes

New Zealand’s Finance Minister, Bill English, will attempt in the forthcoming budget to make the tax system fairer by closing certain loopholes to ensure that taxable income more accurately reflects true economic income.MORE>

Germany Signs TIEA With Anguillla

The German Ministry of Finance has announced the signing of a tax information exchange agreement with the Caribbean territory of Anguilla. MORE>

US new home sales hit record low as cold weather bites

Sales of new homes in the US fell to their lowest level on record in February as the cold weather discouraged buyers, figures have shown. MORE>

Swiss Lawmakers Approve TIEAs

Switzerland’s upper house of parliament has approved five tax information exchange agreements (TIEAs), with the US, the UK, Denmark, France and Mexico. MORE>

Google stops censoring in China

NEW YORK (CNNMoney.com) -- In a long-awaited announcement, Google said Monday that it will stop censoring search services on google.cn, its Chinese search site.MORE>

Russia To Grant Tax Concession On IP

The Russian Ministry of Finance has published a draft federal law which allows more discretion on depreciation of intellectual property for tax purposes. MORE>

Britain to launch executive space agency

The UK will formally launch its new space agency on Tuesday.MORE>

South Africa And Bermuda Conclude TIEA

Bermuda’s Finance Minister, Paula Cox, has disclosed that South Africa and Bermuda have concluded negotiations on a tax information exchange agreement (TIEA) between the two countries, incorporating the Organisation for Economic Co-operation and Development (OECD) standard.MORE>

Bank of Greece: Economy to contract 2 pct in 2010

ATHENS — Greece's economy will contract by 2 percent in 2010 — the same as in 2009 and worse than the government predicts — due to the painful impact of government spending cuts, the Bank of Greece forecast on Monday.MORE>

Hong Kong And Brunei Sign DTA 

Hong Kong’s Financial Secretary, John C Tsang, and Brunei’s Second Minister of Finance, Pehin Dato Abdul Rahman Ibrahim, have signed a comprehensive double taxation agreement (DTA) agreement between their two countries.MORE>

General Dynamics beats BAE to win UK tank-making deal

US defence firm General Dynamics has won a contract to build a new light tank for the British army.MORE>

We’re still flying but strike is costing us £7m a day, says BA

Passengers braced themselves for the cancellation of hundreds of flights and four more days of disruption as both sides in the British Airways cabin crew dispute licked their wounds and prepared for a second bout of unrest.MORE>

Rio Tinto executives 'admit bribery' at China trial

Four executives of mining giant Rio Tinto have admitted to a court in the Chinese city of Shanghai that they took bribes, officials have said.MORE>

South Africa And Ireland Update DTA

In Cape Town, Ireland’s Minister of State for Overseas Development, Peter Power, and South Africa’s Minister of Finance, Pravin Gordhan, have signed a protocol updating the existing double taxation agreement (DTA) between the two countries.MORE>

Health reform: The $$$ story

NEW YORK -- The political whirlwind that surrounded the House's historic health reform votes on Sunday was powered by many issues. Cost was chief among them.MORE>

Zimbabwe law on firms' ownership comes into effect 

A new Zimbabwean law that forces companies to sell a majority stake in their businesses to indigenous people has come into effect. MORE>

Switzerland, Uruguay Initial Revised DTA

Switzerland and Uruguay on March 18 initialled a new double tax agreement that contains provisions for the exchange of tax information in accordance with the Organization for Economic Cooperation and Development (OECD) standard. MORE>

Unite union calls on BA board to restart negotiations

The Unite union has appealed to the board of British Airways to try to resolve the increasingly bitter dispute between the airline and its cabin crew.MORE>

Fall In Polish 'Tax Wedge' Welcomed

The International Monetary Fund (IMF) has welcomed measures taken by the Polish government to mitigate the country's "exceptionally low labor participation," although the Fund warns that Poland's high 'tax wedge' could continue to act as a drag on future economic growth.MORE>

Shell and PetroChina ready to pay $4.3bn for Arrow

Royal Dutch Shell and PetroChina have had an improved 3.44bn Australian dollars ($3.14bn, £2.1bn) takeover bid for Australia's Arrow Energy accepted.MORE>

Mandelson Backpedals On Tax

UK Business Secretary Peter Mandelson has attempted to distance himself from comments he made in a debate with his opposite number in the Conservative Party that a re-elected Labour government would have to re-examine its loose pledge not to raise any more taxes.MORE>

EMI gambles on £400m pact with rivals to beat the bank

EMI could be facing a fresh legal battle with Citigroup over an audacious plan to lease its American catalogue to rivals in a £400 million move to stop the bank taking over the business.MORE>

Budget 2010: Darling aims to launch green investment bank

The Government will this week commit to its first deliberate direct involvement in state banking since the 1970s when the Chancellor launches a "green investment bank" to channel cash towards environmental projects. MORE>

Hong Kong And Malaysia To Sign DTA

In Kuala Lumpur, at the start of a Southeast Asian tour, Hong Kong’s Financial Secretary, John Tsang, met the Malaysian Prime Minister, Najib Razak, and both sides agreed to negotiate a double taxation agreement between Hong Kong and Malaysia.MORE>

Rio Tinto announces Chinese deal

The Anglo-Australian mining company Rio Tinto says it has signed a deal with China to develop a massive iron ore project in West Africa.MORE>

Canada Rejects Bank Tax

In interviews this week, Canadian Finance Minister, Jim Flaherty has reiterated his government’s opposition to introducing a financial services levy in Canada, saying that it would be a tax on investment, and would work against efforts to bring about economic recovery. Instead, Flaherty said G20 nations should tackle excessive leveraging through increased regulation and transparency.MORE>

Lloyds Banking Group predicts a profitable 2010

Lloyds Banking Group has said it expects to make a profit this year - having made heavy losses due to bad loans in 2009.MORE>

Senate Approves HIRE Act

The United States Senate has approved legislation providing new incentives for companies to hire unemployed workers and extending a measure allowing taxpayers to write off up to USD250,000 in certain capital expenditures.MORE>

Alistair Darling given £13 billion Budget boost

Alistair Darling faces pressure from Gordon Brown to fund pre-election giveaways as better-than-expected borrowing figures lifted some of the gloom about public finances.MORE>

Markets spooked as Greek rescue plan crumbles

Europe’s rescue plan for Greece appears to be crumbling after the country threatened to call in the International Monetary Fund unless Brussels comes up with real money on acceptable terms within a week.MORE>

Blair's fight to keep his oil cash secret: Former PM's deals are revealed as his earnings since 2007 reach £20million

Putin's One Day in India Brought $10 Billion to Russia

Putin made a one-day visit to India on March 12. The visit resulted in the signing of more than a dozen of business contracts between Russia and India. The total amount of deals concluded in the defense industry, nuclear power and the field of telecommunications is evaluated at about $10 billion.MORE>

Ecofin Adopts Mutual Assistance Law

The European Council of Finance Ministers (Ecofin) has adopted a Directive aimed at better clamping down on tax evasion by strengthening mutual assistance between member states in the recovery of taxes.MORE>

Taxman scrutinises property amateurs

The taxman is targeting holiday-home owners and buy-to-let landlords to boost Treasury coffers as receipts fall with the rise in unemployment, accountants say.MORE>

Panama Cuts Corporate Tax

Panama’s President, Ricardo Martinelli signed on March 15 a bill to reform Panama's Tax Code, adopting several tax measures to lower the company tax burden, ensure fiscal sustainability, and simplify the tax system.MORE>

Lebedev gets Independent go-ahead

Alexander Lebedev moved closer to control of the Independent newspapers after the deal was allowed by the Office of Fair Trading (OFT).MORE>

Liechtenstein And HK Initial DTA

The Liechtenstein government has announced that negotiations for a convention for the avoidance of double taxation and fiscal evasion with Hong Kong have been concluded, and a text initialled. MORE>

Nissan Leaf electric car to be built in UK

Nissan is to build its new electric car - the Leaf - at its Sunderland plant, the Japanese company has announced.MORE>

New Zealand Adds Two More TIEAs

New Zealand’s Revenue Minister, Peter Dunne, has announced the signing of two new tax information exchange agreements (TIEAs), one with Dominica and the other with St Vincent and the Grenadines.MORE>

Stavrakis advocates no pain no gains

UBS Confirms Non-US Tax Information Requests

Within its annual report for 2009, the Swiss bank, UBS, has disclosed that, following its settlement agreement with the United States Internal Revenue Service (IRS), it has received requests for information from a number of other jurisdictions relating to its provision of cross-border wealth management services.MORE>

Greece threatens to call in IMF as Europe dithers

Greece has upped the ante in an escalating game of brinkmanship, threatening to turn to the International Monetary Fund for support unless EU leaders come up with an acceptable rescue package at their next summit on March 25.MORE>

China's Economy Expected to Grow 9.5% in 2010