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Israel: Tax Exemptions for Foreign Investors, Residents of Areas Affected by Hamas Rockets

(Jan. 30, 2009) On December 29, 2008, Israel's Knesset (Parliament) passed an amendment to the Income Tax Ordinance. According to the revised law, foreign residents will be exempt from interest and foreign currency adjustment rates on stock sold in the Israeli stock market in accordance with conditions specified by law. The amendment further provides that […]

China: Tax on Interest Income Suspended

(Nov. 14, 2008) In an announcement issued on October 26, 2008, China's Ministry of Finance stated that, with State Council (Cabinet) approval, the Ministry of Finance and the State Taxation Administration decided to temporarily suspend, as of October 9, 2008, collection of income tax on the interest income of individual stock account balances. The aim […]

Organisation for Economic Cooperation and Development: Tax Havens Targeted

(Nov. 6, 2008) On October 21, 2008, at a conference to combat international tax evasion and avoidance, representatives of 17 leading economies that are Member States of the Organisation for Economic Cooperation and Development (OECD) made a recommendation to the OECD that it compile a new blacklist targeting uncooperative tax jurisdictions. The current list targets […]

Nigeria: Economic Laws Amended in Legislature

(Sept. 15, 2008) The House of Representatives, the lower house of Nigeria's National Assembly, has amended some financial and economic laws in an effort to stabilize the business environment. Among the laws passed are the Personal Income Tax Amendment Act; the Petroleum Profit Tax Act; the Customs, Excise Tariff, and Amendment Act; and the Companies […]

Taiwan: Tax Collection Law Amended

(Sept. 10, 2008) Taiwan's Law on Tax Collection was amended on August 13, 2008. The revision adds details on the amount of tax owed that may prompt a ban on the taxpayer's leaving the country – NT1 million (roughly US$31,400) and above for an individual and NT2 million or more for a profit-seeking enterprise, and […]

Guatemala: Congress Passes Reform to Tax Free Zones Law

(June 2, 2008) On April 30, 2008, the Guatemalan Congress approved a reform to the Organic Law on Tax Free Zones, Zona de Libre Industria y Comercio Santo Tomás de Castilla (Zolic) that will permit the creation of new, special economic zones to attract investments and generate jobs in regions that need them. These regions […]

Switzerland: Heavy Vehicle Tax

(May 2, 2008) On March 26, 2008, Switzerland promulgated amendments to the Heavy Vehicle Tax Act that enhance enforcement of the user fees imposed on heavy passenger cars and trucks and to the Heavy Vehicle Tax Regulation (Bundesgesetz, Oct. 5, 2007, AMTLICHE SAMMLUNG DES BUNDESRECHTS (AS) 765 (2008) & Verordnung, Mar. 7, 2008, AS 769 […]

Taiwan: Business Tax Law Amended

(Apr. 2, 2008) On March 10, 2008, an amendment to Taiwan's Value-Added Business Tax and Non-Value-Added Business Tax Law was promulgated. The new article 9-1 stipulates that "to meet special circumstances of the economy," the Executive Yuan (Cabinet) may flexibly adjust the business tax for imported wheat, barley, corn, and soybeans, without the limits prescribed […]

Vietnam: Law on Personal Income Tax

(Apr. 2, 2008) The National Assembly of the Socialist Republic of Vietnam approved the country's first Personal Income Tax Law on November 21, 2007 (Law No. 04/2007/QH12). It was promulgated by Decree No. 13/2007/L-CTN on December 5, 2007, and published in the OFFICIAL GAZETTE on January 13, 2008. It is scheduled to take effect on […]

Canada: Proposal to Deny Tax Credits to Offensive Films

(Mar. 2, 2008) Tax credits offered by the federal and provincial governments have attracted many North American filmmakers to Canada. An issue respecting the federal credits has now arisen. In its lengthy bill to amend the Income Tax Act, which has already been passed by the House of Commons, the Conservative Government has included changes […]