The Hunt is on for Tax Evaders!

The announcement about the list over the weekend was made by Woerth after France and Switzerland signed a double taxation treaty which is due to come into force in 2010. This will allow information to be shared to clamp down on French tax cheats and anyone else looking to avoid their obligation.

Germany considers imposing a Wealth Tax

The report concludes that property taxes should be increased and welath taxes re-introduced.

Emphasising that taxation of wealth in Germany is currently relatively low when compared internationally, the report indicates that merely bringing this taxation in line with the European average could create an additional EUR25bn for the government.

Carbon tax could be making its way to France

The government-named panel headed by former Socialist prime minister Michel Rocard recommended that the tax be paid "by everybody without exception and exemption."

Trade unions and consumers' associations have already said they oppose any new taxes for French households.

Holiday Home Owners May Face an Extra Tax Levy

The tax levy could be calculated on the value of the property which would hit the thousands of families with summer homes in the likes of Conemarra, Wexford, Louth and Kerry.

However, Herald business analyst Dan White said it would be almost impossible to introduce a tax on second homes in the likes of Spain, France, Italy and Bulgaria.

Spain: Tax avoidance regime makes no sense

In 1988, two years after Spain's incorporation into what was then known as the European Community, the securities market law provided in article 108 a measure designed to prevent tax avoidance in transfers of shares in companies with underlying real estate. This was to prevent transfers of real estate designed as share deals from avoiding the transfer tax charged on real estate purchases that did not attract VAT.

France: Tax treatment more favourable for foreign real estate investors

The tax environment for real estate property held by non-residents globally is now more friendly thanks to tax changes in recent case-laws and in France's last budget.

In a case concerning the sale of shares of a Monegasque company that owned a building in France, a first-level regional court declared this guidance to be contrary to the territoriality principle and ruled that the transfer of foreign movable assets, in particular of shares of a company with assets consisting mainly of French real estate, is free of registration tax when the sale contract has been signed abroad.

IRS Tries To Implement A Similar EU Savings Directive For Non-US Nationals

The new regulation would follow the succesful EU Savings Directive that was brought into force in 2007, that requires all banks to share bank interest payments information the resident tax authority of every foreign EU citizen bank holder.

The current law governing interest payments only concerns payments made to US citizens or to non-residents living in Canada.

Hungary Introduces A Flat Rate Pesonal Income Tax of 16%.

A new Hungarian income tax rate of 16% was voted in a majority of 259 votes to 104

a new bank tax wil also be introduced which will give banks the option of paying a 30% tax on profits that can then be taken into account in the bank tax levied on the balance sheet.

Hungary’s bank tax was approved by parliament by a large majority in July.

French Plan New Tax On Wealth

It has been implied by French President Nicolas Sarkozy that both l'impot de solidaritè sur la fortune (ISF) or Wealth Tax and the unpopular le bouclier fiscal could be abolished as part of a major overhaul to the French tax system.

France have insisted that they want to harmonise the country's tax system in line with other countries such as Germany, their largest trading partner, to remove the possibility of a mass desertion of jobs, capital and industry to other countries with a lower tax structure.

Irish To Face Budget Slaughter

The Government is to implement a 4 year budget plan in an attempt to bring the country's deficit back to 3% of gross domestic product by 2014 (the agreed levels as defined within the Masstricht Criterion.)

The Irish Government has already implemented changes worth an estimated €15bn since 2008 and they plan to make an additional saving of €15bn through the new cuts.

Property Tax Changes Proposed in Germany

The court found that the current practice of taxing both developed and undevloped property on pre 2000 values.

German property tax is currently levied by local authorities and is a reliable source of revenue for towns and cities, generating more than EUR12bn every year.

UK Ranked 4th Highest Tax Rates In EU

The Labour governments introduction of a 50% income tax band was the highest global increase seen last year. The new rate propelled the country into equal fourth place in an EU league of personal tax rates compiled by KPMG.