Daily Tax News

BP Seeks USD10bn Tax Credit BP has included a tax credit claim of almost USD10bn in its second quarter results as the company seeks to mitigate the impact of the Gulf of Mexico oil spill on its finances - a move which is unlikely to pour oil on troubled political waters. Click Here for Full Story »»

US Court Strikes Down Stock Option Scheme A recent United States Tax Court ruling has attacked the basis of a scheme whereby many US company executives have, in the past, deferred the capital gains tax due on share options. Click Here for Full Story »»

HK Fund Management Business Booms The annual survey of fund management activities released by the Securities and Futures Commission shows that fund management in Hong Kong rebounded strongly last year. Click Here for Full Story »»

Levin Publishes Clean Energy Tax Bill As expected, US House Ways and Means Committee Chairman Sander Levin has released a draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010, which provides tax incentives for the production of clean energy equipment. Click Here for Full Story »»

Guernsey To Exchange Tax Information Guernsey's Chief Minister, Lyndon Trott, has announced a date for the introduction of an automatic exchange of information regime in the island, which will allow for the transmission of information relating to interest income earned by EU-resident individuals to their home authorities. Click Here for Full Story »»

CIOT Welcomes UK Tax Review The President of the Chartered Institute of Taxation, Vincent Oratore has on behalf of the body welcomed the government’s publication of nine discussion and consultation documents relating to tax. Click Here for Full Story »»

Israel To Create Financial R and D Centres Israeli Finance Ministry Director General, Haim Shani, has visited New York in a bid to encourage international banks to set up research and development centres in Israel by offering attractive incentives. Click Here for Full Story »»

UAE, Hong Kong Initial DTA The United Arab Emirates’ Ministry of Finance has announced that a double tax convention was recently initialled with Hong Kong. Click Here for Full Story »»