Foreign Account Tax Compliance Act in 2010
The world of international taxation becomes more transparent with every passing year. This reflects the desire of global tax authorities to achieve compliance efficiency, prevent the inappropriate avoidance of taxpaying obligations and promote equity among taxpayers. The most recent evolution of this process in the US was enactment of the so-called Foreign Account Tax Compliance Act (FATCA) in 2010 and release of extensive proposed regulations implementing FATCA in February 2012.
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In a speech delivered at the College of Europe in Bruges on 14 January 2013, Joaquín Almunia, Vice-President of the European Commission, and Commissioner responsible for Competition, stated that the Commission hopes to settle around half of its outstanding cartel investigations in 2013, using the settlement procedure instituted in July 2008.
On 24 January 2013, the Internal Market and Consumer Protection committee of the European Parliament endorsed a new Regulation setting out customs procedures for goods suspected of infringing intellectual property rights.
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Shanghai’s ground-breaking Pilot Free Trade Zone could mark the beginning of the long-awaited liberalisation of China’s legal services sector.