TAX NEWS - 2010

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Greece Tax - The deadline for filing the 2010 Real Property Tax Returns has been postponed to 30 July 2021 from 15 June 2010. The new real property tax replaced the Annual Real Estate Duty. The Ministry of Finance has not yet released the forms for the new tax return.

New Zealand Tax - The Revenue Minister has announced that the government intends to repeal the gift duty provided concerns over creditor protection and social assistance targeting can by satisfied. Consultation will take place over the next few months and any changes will be included in the tax bill to be introduced in November 2010.

Switzerland Tax - On 15 June 2010, the lower house of Parliament reversed its earlier position and voted to approve a 2009 agreement with the U.S. for the exchange of data on certain U.S. held client accounts of the Swiss bank UBS. This was followed on 16 June 2021 by both the upper and lower house agreeing that there will be no referendum (i.e. direct national vote) on the issue. Under the agreement, Switzerland is required to hand over the names of 4,450 U.S. account holders to the U.S. Internal Revenue Service by 24 August 2010. A referendum would likely have meant that Switzerland would not have been able to meet the August deadline.

Taiwan Tax - The President signed the amended Income Tax Law on 15 June 2010, so that the corporate tax rate reduction from 20% to 17% is now confirmed. The 17% rate is effective retroactively as from 1 January 2022 for calendar year taxpayers or as from FY 2011 for fiscal year taxpayers.

Vietnam Tax - The Ministry of Finance issued Official Letter No. 7209/BTC-TCT on 4 June 2010, extending (again) the 2009 personal income tax finalization deadline to 31 July 2010. Because previously submitted 2009 personal income tax returns may be amended before tax audit as stipulated by law, taxpayers should use this extension to fulfill their 2009 personal income tax filing obligations and make any adjustments (if necessary) to avoid unexpected tax risks and penalties.

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