Financial Regulatory Forum

UK slaps tax on bank bonuses, to spread pain later

December 9, 2009

A trader looks at her screens before Britain's Chancellor of the Exchequer Alistair Darling's pre-budget speech, on a trading floor in London December 9, 2009.  Darling set the stage for the coming election, announcing on Wednesday a one-off super tax on bank bonuses and other higher taxes on the rich.    REUTERS/Andrew Winning (BRITAIN - Tags: BUSINESS POLITICS EMPLOYMENT)  By Sumeet Desai

LONDON, Dec 9 (Reuters) – Britain’s Labour government slapped a one-off levy on bank bonuses on Wednesday and said it would hike income tax for all but the poorest in 2011, delaying action to tackle a record deficit until after an election it is expected to lose.

Darling says will not harm UK’s financial sector

By Reuters Staff
December 7, 2009

 A man looks out over Hampstead Heath, with the City of London in the background October 29, 2009.   By Matt Falloon and Steve Slater

HORSHAM, England, Dec 7 (Reuters) – The British government will not do anything to hurt London’s financial prowess and would rather go too far with economic support measures than not go far enough, Finance Minister Alistair Darling said on Monday.

Swiss to hand over US names of wealthy UBS clients

November 17, 2009

UBS/TAX   By Jason Rhodes
   BERNE, Nov 17 (Reuters) – Switzerland will hand over the names of wealthy U.S. clients of UBS <UBSN.VX> suspected of tax evasion or fraud, to settle a bitter row that cut through bank secrecy and threatened to bring the bank to its knees. (more…)

Swiss bank J.Baer says tax clampdowns slow money flows

By Reuters Staff
November 10, 2009

By Jason Rhodes
ZURICH, Nov 10 (Reuters) – Swiss private bank Julius Baer Group AG said money from wealthy clients had been flowing into the group at a slower pace since mid-year due to international tax clampdowns.

Britain’s offshore havens asked to bump up taxes

By Reuters Staff
October 29, 2009

By Huw Jones
LONDON, Oct 29 (Reuters) – Britain’s overseas financial havens should bump up taxes to wean their economies off credit crunch hit banking, insurance and funds services, a government-commissioned report said on Thursday.

French lower house of parliament backs bank tax

By Reuters Staff
October 23, 2009

PARIS, Oct 23 (Reuters) – France’s lower house of parliament on Friday approved a plan to impose a 10 percent tax on bank profits in 2010 despite opposition from the government.The National Assembly, adopted the opposition-proposed measure by 44 votes to 40.

FACTBOX-Tax amnesties around the world

October 15, 2009

    Oct 15 (Reuters) – A U.S. voluntary disclosure programme that helps wealthy Americans avoid criminal prosecution when disclosing secret offshore bank accounts expires on Oct. 15. (more…)

Hidden Swiss funds must return in Italian tax amnesty

October 12, 2009

SANMARINO/    ROME, Oct 10 (Reuters) – Italians who hold undeclared funds in Switzerland, Montecarlo and San Marino must repatriate them to be covered by a new tax amnesty, unlike other countries and the EU, the Italian tax agency said on Saturday. (more…)

ANALYSIS-Obama faces clamor for action on economy

By Reuters Staff
October 9, 2009

By Caren Bohan
WASHINGTON, Oct 8 (Reuters) – As the U.S. unemployment rate climbs toward 10 percent, President Barack Obama is facing a rising clamor from within his Democratic party to take new steps to lift the economy and jump-start job growth. (more…)

IMF chief: “simplistic” financial tax won’t work

October 2, 2009

Dominique Strauss-Kahn, managing director, International Monetary Fund (IMF), is introduced at the International Economic Forum of the Americas conference in Montreal, June 8, 2009.  REUTERS/Christinne Muschi (CANADA BUSINESS POLITICS)    ISTANBUL, Oct 2 (Reuters) – International Monetary Fund Managing Director Dominique Strauss-Kahn said on Friday a “simplistic” tax on financial transactions would not be a good idea, but the IMF will continue work on proposals for systemic risk funding from the financial sector. (more…)