Allegations that Socialist minister used secret Swiss bank account to avoid tax, as he headed cuts programme
France’s budget minister, Jétôme Cahuzac, has stepped down from his position as allegations of tax evasion emerged. The minister has been accused of using Swiss bank accounts to avoid paying appropriate tax. Cahuazac initially vehemently denied acc...
‘Big data’ is being hyped as a revolutionary new innovation that is set to change how businesses work. The key is getting data to work in favour of a business model, and turning knowledge into efficiency and profit
Touted by many as the next big innovation for business, many hope that so-called ‘big data’ will aid companies in predicting market trends and creating greater efficiencies in the future. KPMG has been advising clients to look toward big data to mould...
In spite of the debt crisis, international investors are increasingly looking to Europe to get value in private equity deals, writes Jules Gray
Seeking value through long-term investments is the reason private equity has attracted such healthy levels of investment over the years: but with strong returns come considerable risk. Unlisted companies are often harder to analyse and so provide investor...
At the moment, recent changes to Russia’s tax code, while generally seen as beneficial, are not being implemented consistently enough, writes Ernst & Young specialists Peter Reinhardt and Maureen O’Donoghue
The Federal Tax Service of the Russian Federation (FTS) has been executing ambitious plans to create a high-tech digital infrastructure in order to increase tax revenue and provide better services to tax payers. Under its current leadership, the once spra...
Reacting to a multitude of new taxation practices in Latin America, Cecilia Goldemberg of Goldemberg and Associates sheds light on the importance of having a strong team with an international presence
Argentina is a culturally complex country – politically immature, with a changing economy that usually challenges global trends. Firms are feeling the consequences of an economy closed to foreign investments, affecting profitability and exacerbating buy...
Intellectual property rights can be a complicated business. Luckily for investors, changes to Cypriot tax laws have made the process a lot clearer
The recent amendments to Cyprus’ Income Tax Law 118(1)/02 could be considered the most important development in the country’s efforts to establish itself as a competitive Intellectual Property (IP) jurisdiction, rendering Cypriot company status an ide...
As the tax landscape changes across Europe, it’s important to have experts at hand to provide the necessary advice and support
The attorneys at Afschrift Law specialise in tax law and legal financial matters. In the face of an increasingly regulated and complicated European tax environment, the Brussels-based firm aids professional and institutional clients to make the most of th...
Brazil’s taxation system can often confuse newcomers, which is why Sevilha Contabilidade offers services to get businesses up to speed before they make deals
It is common for non-Brazilians to consider the Brazilian tax system complex. The Brazilian accounting company Sevilha Contabilidade has the solution to this problem. Brazil is one of the world’s largest economies and has a very strong potential to grow...
Tax consultancy firm Intercorp is singling itself out in Brazil’s booming economy by relying on the experience and advice of professional consultants
As Brazil strengthens its position on the international stage, the country is attracting significant amounts of investment thanks to a mixture of several economic factors. It’s been largely protected from the more serious effects of the 2008 crisis than...
Germany and Switzerland have signed a withholding tax agreement in light of recent events, which could have significant effects on German taxpayers in particular
After a now infamous ‘data CD’ was obtained from Switzerland by the German government – a CD containing bank details of alleged tax avoiders – the suspicion held by a lot of Germans that wealthy people had transferred considerable amounts of money...
Tax law firm Afschrift puts taxpayer defence right at the heart of its mandate, keeping abreast of regulatory changes and offering up-to-date legal representation
Acting as principal counsel for a number of high-profile European banks, financial institutions and individuals for over 20 years, Afschrift Law Firm is proud the position it finds itself in: to be able to help companies and individuals get the best out o...
The Indian government has recently announced huge changes to its tax legislation and is to backdate the changes to 1962.The new rules will introduce a tax on any overseas investment in India
The UK’s Chancellor, George Osborne has claimed that the legislation will harm investment; specifically citing that ‘retrospective taxation’ on overseas investments would damage the Indian economy. The Indian government’s move follows a victory by...
Getting in line with internationally accepted practices and legislation is paramount to attracting global investment. Cyprus has done exactly that
Cyprus, which like many countries is extremely reliant on amendments to legislation, continuously aims to optimise tax by revisiting, reviewing and rethinking its laws from all possible angles. Located strategically at the crossroads of Europe, Asia and A...
The landmark case surrounding Vodafone’s tax dealings in India may have set a precedent as far as international investment is concerned
The Indian Supreme Court has put an end to the country’s tax office’s pursuit of UK telephone operator Vodafone for tax arrears of £1.3bn. The case related to the company’s acquisition of Hutchison Essar for £7bn. The move is widely seen to pro...
US store owners prepare for tax code changes to credit card sales
IRS Form 1099-K is used to report income from merchant card and third party network payments. Generally, this income is reported by storefront owners who have to notify the IRS of their credit card sales each year. However, recent changes to the tax code ...
European countries are scrambling to raise every last penny of funds through taxes. But some countries may have gone too far...
Though all business taxes in Belgium can be paid online with little effort and preparation, the rates are still sky-high at 57.7 percent, including a staggering 50.8 percent total rate on profits only in social security contributions.
In Belarus, a company spends up to 338 hours annually preparing for and paying ten different taxes and duties. The total tax rate has incredibly been lowered to 60.7 percent, from 117.5 percent in 2008.
A company in France pays seven different taxes and duties, the sum of which can amount to 65.7 percent of profits; though President François Hollande has announced a wave of business tax rate cuts coming up.
A business in Estonia pays 67.3 percent of profits in tax, 37.2 percent exclusively in social security contributions. The country has gone against the grain in Europe by raising businesses taxes from 48.6 percent in 2008 to the current rates.
While corporate income tax (IRES) in Italy is limited to 38 percent of taxable profit, a company operating in Italy can expect to pay 14 other taxes and duties, including social security contributions, bringing their total payable tax to 68.7 percent of profits, according to the World Bank.
Norway taxes motor fuels twice, with a road use tax and a CO2 emissions tax. Combined with strikes in the energy sector that have curbed output, the price of gas at a local pump has soared to $10.12 per gallon.
Though Turkey sits on the Suez Canal and neighbours many oil rich countries, the price of a gallon of average gas clocks in at $9.41 in Turkish pumps, because of a 60 percent share of taxes.
Like Turkey, Israel is surrounded by oil-rich neighbours, but drills very little itself. Gas prices are controlled by the government, so about half of the $9.28 per gallon goes to taxes.
There are few gas stations in Hong Kong, but the ones available charge up to 76 percent more per gallon than mainland China, where the government caps the cost of fuel. A gallon at the pumps will cost around $8.61 on the island.
Expensive labour costs make the Dutch petrol prices the dearest in Europe, at $8.26 per gallon; though the 57 percent tax add-ons don’t help.
8 February 2007
HSBC warns of subprime mortgage losses
2 April 2007
New Century goes bus
14 September 2007
Wholesale markets have dried up
17 March 2008
Rescue of Bear Stearns
7 September 2008
Rescue of Fannie Mae
15 September 2008
Lehman Brothers file for bankruptcy
3 October 2008
US congress approves $700bn bailout
14 February 2009
$787bn stimulus approved by congress
The effects of the current financial crisis are global and irrefutable. With the collapse of Lehman Brothers, the domino effect of irresponsible public monetary policies, huge levels of unsustainable debt, and a deregulated financial sector, has escalated to the point where no corner of the globe has been left untouched.
Syria and Egypt launch an attack on Israel on Yom Kippur and set off a twenty day war;
US President Carter creates Department of Energy, which develops the US strategic petroleum reserve
The Organisation of Petroleum Exporting Countries (OPEC) used their oil reserves as a weapon with the Arab Oil Embargo against those who supported Israel. By January 1974, world oil prices were four times higher than they were at the start of the crisis, especially in the US, and the shock led to a huge drop in the stock market with NYSE losing $97bn in just six weeks. The embargo lasted five months, and the effects are still seen today.
1923 – 1924
The trouble began when Germany missed a repatriation payment, worth about one third of the German deficit in this period. Inflation was already high but by 1923 it was raging. Prices doubled within hours, and by late 1923, it cost 200bn marks to buy a single loaf of bread. People burned money as it was cheaper than buying firewood. Germany eventually regained control of its economy when it introduced the Rentenmark into circulation in 1923, and then the Reichmark in 1924.
The Great Crash
Recovery and Recession
After the decadence of the Roaring Twenties, the 1930s saw the biggest economic slump of all time. The stock market crashed on 29 October 1929, and optimism and decadent living tumbled along with the figures. The GDP fell from $103.6bn in 1929, to $66bn in 1934 and the subsequent years of recovery were the most dramatic in US history.
Otto Heinze and his brother Augustus Heinze bought shares of United Copper.
The stock market was already cautious over the tight money supply, but the US was thrown into a depression after the stock market fell nearly 50 percent from its peak in 1906. The Heinze brothers thought they could influence market shares but ended up bankrupting lenders that provided the financing to buy the stock. A chain reaction left nine institutions bankrupt. By February 1908, the panic was over and the government created the Federal Reserve system, to prevent banks from exercising too much control over the economy.