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EU executive document says transaction tax plan legal

By Huw Jones LONDON (Reuters) - The proposed tax on financial transactions in 11 European Union countries complies with EU and international laws, the bloc's executive said, hoping to revive the flagging project. The tax on stock, bond and derivatives trades has been proposed as a way of raising about 35 billion euros a year from banks starting in 2014 to claw back the taxpayer aid they received in the financial crisis.

Taxing times for Singapore as corporate strategy faces scrutiny

By Rachel Armstrong SINGAPORE (Reuters) - Tiny Singapore does not look at first sight like one of Apple Inc's priority markets: it has no official Apple Store and doesn't even rate a mention in the company's latest annual report. Apple South Asia Pte Ltd, however, its Singapore entity, booked $14.9 billion in revenue for the 12 months to September 2012 - more than it would have received had the country's entire 5.3 million population each bought an iPhone 5S, an iPad Air and a MacBook Pro.

Hand over tax audit information, clock is running: IRS

By Patrick Temple-West WASHINGTON (Reuters) - The U.S. Internal Revenue Service audit, already a feared ordeal, will get even sharper teeth in January when the IRS will start setting strict deadlines for delivery of information it wants from companies and wealthy people it is auditing. No such deadlines now exist. So taxpayers can put off IRS requests for documents or personal interviews and drag out audits for months, sometimes even years, said tax experts familiar with the rules.

Luxembourg dents EU hopes of deal to end banking secrecy

Luxembourg warned Thursday that EU finance ministers will be wasting their time on a bid to secure a deal for an early end to banking secrecy at two-day EU talks. Finance ministers from the 28 European Union member states will be asked Friday to give their unanimous consent to the automatic exchange of information on personal savings accounts by the end of 2013.

U.S. Treasury signs pact with France for anti-tax evasion law

WASHINGTON (Reuters) - The United States has signed an anti-tax evasion agreement with France, the 10th country to join a U.S. global dragnet that goes into effect next July, the U.S. Treasury said on Thursday. The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, will from then require financial institutions abroad to disclose Americans' offshore accounts worth more than $50,000 to the tax-collecting U.S. Internal Revenue Service.

Tax fraud fight steps up in Liechtenstein, France

The global fight against tax evasion strengthened on Thursday with Liechtenstein agreeing to join international guidelines on discouraging tax cheats and France and the US agreeing cooperation. The US government shutdown last month delayed France joining up to the US Foreign Account Tax Compliance Act (FATCA), a fraud fighting weapon aimed at blocking rich Americans from hiding taxable money abroad.

Tax fraud fight steps up in Liechtenstein, France

The global fight against tax evasion strengthened on Thursday with Liechtenstein agreeing to join international guidelines on discouraging tax cheats and France and the US agreeing cooperation. The US government shutdown last month delayed France joining up to the US Foreign Account Tax Compliance Act (FATCA), a fraud fighting weapon aimed at blocking rich Americans from hiding taxable money abroad.

Tax fraud fight steps up in Lichtenstein, France

The global fight against tax evasion strengthened on Thursday with Lichtenstein agreeing to join international guidelines on discouraging tax cheats and France and the US agreeing cooperation. The US government shutdown last month delayed France joining up to the US Foreign Account Tax Compliance Act (FATCA), a fraud fighting weapon aimed at blocking rich Americans from hiding taxable money abroad.

Five banks must divulge info on alleged tax dodgers: U.S. attorneys

WASHINGTON (Reuters) - The Internal Revenue Service has obtained court orders to force five U.S. banks to divulge information about U.S. account holders who allegedly hid money with banks based in Switzerland and Bermuda to evade taxes, federal prosecutors said on Tuesday.

Senior German lawmaker says financial transaction tax unlikely

BERLIN (Reuters) - An influential regional leader in Chancellor Angela Merkel's conservative party said he does not believe a financial transaction tax (FTT) will be enacted in Germany even though coalition negotiators have agreed to push for the tax. Merkel's CDU and the Social Democrats said last Wednesday they agreed to renew a push for an FTT, which would tax banks in 11 EU states about 35 billion euros ($45 billion) a year, partly in return for taxpayers' help over the financial crisis.
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