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Switzerland, EU kick off tax talks

Switzerland and Brussels began talks Friday to update a deal under which taxes on savings banked in the Alpine country by EU citizens are paid back anonymously to their homelands. "The aim of the revision is to close the gaps and prevent people from evading the taxation of their interest income by interposing bogus companies or resorting to certain financial instruments," the Swiss international financial department said in a statement.

S. Korea, India agree to revise double taxation avoidance pact

SEJONG, Jan. 16 (Yonhap) -- South Korea and India agreed to revise their double taxation avoidance pact in a way that helps reduce tax burden on their companies and expand information sharing on offshore tax evasion, the finance ministry said Thursday. The tentative revision deal was reached on the sidelines of the summit talks held in New Delhi between President Park Geun-hye and Indian Prime Minister Manmohan Singh, according to the ministry.

China foreign exchange regulator urges 'Tobin Tax' study

A top Chinese financial regulator has suggested the country could introduce a tax on foreign exchange transactions among other steps to guard against speculative capital flows amid further economic liberalisation. Yi Gang, head of the State Administration of Foreign Exchange (SAFE), wrote in an article for the Communist Party theoretical journal Qiushi that China should "study in depth" the so-called "Tobin Tax" on financial transactions.

China foreign exchange regulator urges 'Tobin Tax' study

A top Chinese financial regulator has suggested the country could introduce a tax on foreign exchange transactions among other steps to guard against speculative capital flows amid further economic liberalisation. Yi Gang, head of the State Administration of Foreign Exchange (SAFE), wrote in an article for the Communist Party theoretical journal Qiushi that China should "study in depth" the so-called "Tobin Tax" on financial transactions.

EU would accept watered-down transaction tax: paper

BERLIN (Reuters) - The European Union's Taxation Commissioner has said he is prepared to accept a more limited tax on financial transactions, following concerns from some countries that the scope of the original proposal was too wide. "We would support a compromise with a more limited remit... the only red line for us is that any loopholes which would jeopardize the main principle of the tax be avoided," Algirdas Semeta told German financial newspaper Boersen Zeitung.

U.S. Treasury signs anti-tax evasion pacts with six jurisdictions

WASHINGTON (Reuters) - The U.S. Treasury Department said on Thursday it has signed six more anti-tax evasion pacts with foreign governments, including several jurisdictions previously criticized as tax havens. The agreements were completed this past week with Bermuda, Malta, the Netherlands and three UK Crown Dependencies: Jersey, Guernsey and the Isle of Man, the department said. The agreements are part of a U.S. effort to enforce the Foreign Account Tax Compliance Act (FATCA), enacted in 2010 and set to take effect next July.

U.S. Treasury official urges Senate action on tax treaties

By Patrick Temple-West WASHINGTON (Reuters) - A U.S. Treasury official on Thursday called on the Senate to ratify five tax treaties the United States has signed with other nations but that have languished without a vote since 2011. Though tax treaties previously have routinely won Senate approval, they have recently fallen victim to partisan gridlock despite a corporate lobbying effort to get them ratified.

Eleven EU states to consider narrower transaction tax

By Huw Jones LONDON (Reuters) - The 11 European Union countries that have pledged to tax financial transactions will consider narrowing the levy's scope to shield pensions, government debt and markets that help to grease the economy, an EU document shows. The aim of the tax is to make banks pay for some of the taxpayer money they received during the 2007/09 financial crisis, but worries over unintended consequences have mounted among some of the countries taking part.

Eleven EU states to consider narrower transaction tax

LONDON (Reuters) - The 11 European Union countries that have pledged to tax financial transactions will consider excluding several key markets from the levy's scope, an EU document showed. The 11 countries meet on Thursday to review plans for a tax on stock, bond and derivatives trades after conflicting legal opinions on the legality of the original proposal. The document set out key areas for discussion in order to provide "guidance for further work on the proposal".

Philippines hopes to be removed from Italy's blacklist of tax havens

Philippines hopes to be removed from Italy's blacklist of tax havens MANILA, Dec. 9 (Xinhua) -- The Philippines signed an agreement with Italy on Monday, seeking to remove the country from Italy's blacklist of tax haven countries, a senior official said. Finance Secretary Cesar Purisima said that the Philippine Department of Finance and the Bureau of Internal Revenue negotiated and concluded the Protocol Amending the Convention with Italy for the Avoidance of Double Taxation with respect to Taxes in Income and Prevention of Fiscal Evasion originally signed on Dec. 5, 1980.
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