The Liechtenstein tax administration has recently negotiated and initialed a double taxation agreement in the area of taxes on income and on wealth with the Kingdom of Bahrain


The Bundesrat, Germany’s upper house of parliament has recently adopted the German-Liechtenstein bilateral double taxation agreement


As expected, the upper house of German parliament, Bundesrat, has rejected the tax deal between Germany and Switzerland during the recent plenary sitting


The President of Latvia Andris Berzins supports introduction of a progressive personal income tax, however, noting that an excessive tax rate may discourage people from working and earning more. At the same time Latvian President is against introduction of the progressive rate of the estate tax


Hungary’s Economy Minister announced that consumption taxes will rise and income tax will decrease. These measures are the part of a strategy to keep the state budget deficit below 3% of GDP


The UK tax authority, Her Majesty Revenue & Customs, issued a factsheet on the new Swiss/UK tax cooperation agreement, prepared to inform UK taxpayers and their advisers of what to expect when the agreement comes into effect (January 01, 2013)


A tax amnesty introduced in November 2011 in Cyprus now is extended for the second time till December 31, 2013. The first period of tax amnesty has ended on March 31, 2012 and was initially extended till the end of October 2012


The Swiss authority responsible for information exchange in tax matters, established within the country’s tax administration is to be strengthened by means of the deployment of additional personnel


The Singapore’s Monetary Authority of Singapore found out that despite a significant slowdown in economic growth Singapore’s tax revenue in the first half of 2012 had increased slightly


The International Monetary Fund noted that the Seychelles had succeeded in achieving its medium-term debt reduction target, welcoming the forthcoming introduction of a VAT regime from January 2013, as a key feature of the territory’s reform

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