IFC Newslinks

HONG KONG OPTIMISTIC ON DOHA ROUND
With its commitment to free trade and the technical competence of its trade policy officials, Hong Kong will contribute to the successful conclusion of the Doha Round negotiations, Financial Secretary Henry Tang has said. Attending a dinner hosted by World Trade Organization Director-General Pascal Lamy in Geneva on Monday night, Tang argued that free trade is key to improving the living standard of people in less-developed economies.
http://www.tax-news.com/asp/story/Hong_Kong_Optimistic_On_Doha_Round_xxxx27294.html

FINANCE MINISTRY FLIRTS WITH VAT HIKE
Prime Minister Aigars Kalvitis was forced to weigh in on a Finance Ministry idea to raise Latvia’s VAT rate from 18 to 20 percent, saying it was a rash idea that would only further fuel the country’s runaway inflation. News that the government was contemplating raising the value-added tax by two percentage points hit the business and financial community like a bomb. Almost unanimously, analysts said any such move would spark more inflationary troubles for the Baltic state, which already has one of the highest levels of inflation in the European Union.
http://www.baltictimes.com/news/articles/17849/

BANKS REVEAL OFFSHORE COMPANY AND TRUST DETAILS TO HMRC
PKF warns that individuals with offshore company and trusts may be in for 'a nasty surprise', as banks reveal more than expected to HMRC as part of tax 'amnesty.' HMRC's tax 'amnesty' is wider-ranging than previously believed, with banks providing the taxman details of accounts held by offshore companies and trusts with a connection to UK individuals.
http://www.financialdirector.co.uk/accountancyage/news/2189953/banks-provide-offshore-company

MALTA EMERGES AS NEW EUROPEAN NEARSHORE CONTACT CENTER OUTSOURCING DESTINATION
The emergence of new outsourcing markets continues within Europe’s nearshore, and Malta is positioning itself as a location that is able to provide multilingual services across verticals. This is a according to Peter Ryan, Senior Analyst of Contact Center Outsourcing Research with independent market analyst Datamonitor (DTM.L). Ryan recently had the opportunity to visit the location and examine its contact center sector. In his view, Malta's established contact center sector, language capabilities - capacity to provide multilingual services over the long term and its open business environment and incentives, bode well.
http://www.crm2day.com/news/crm/122312.php

ROMANIA SIGNS ACCORD TO JOIN EUROPEAN ECONOMIC AREA
Romania, Bulgaria and three member states of the European Free Trade Association - Norway, Island and Liechtenstein, sign an accord for the accession of Romania and Bulgaria in the European Economic Area in Brussels on Monday. The EFTA-EEA countries agreed to provide a financial contribution of about 100 million euro through two mechanisms for Romania until April 2009.
http://english.hotnews.ro/Romania-signs-accord-to-join-European-Economic-Area-articol_44963.htm

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SFST PROMOTES HK IN KAZAKHSTAN
The Secretary for Financial Services and the Treasury, Mr Frederick Ma, promoted Hong Kong's strengths and services as an international financial centre among Kazakhstani Government officials and business leaders in Almaty today (May 11) during his two-day visit to the country.
http://media-newswire.com/release_1049524.html

SWISS INVESTIGATING BAE IN MONEY LAUNDERING CASE
Law enforcement authorities in Switzerland confirmed Monday that they had opened a criminal investigation into possible money laundering at BAE Systems, adding to the international scrutiny of the company, the top British military contractor.
http://www.nytimes.com/2007/05/15/business/worldbusiness/15bae.html

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CCTS is a SAFI, a Sociedad Anonima Financiera de Inversion (Financial Investment Company) authorized by the Government of Uruguay to carry out offshore commercial operations on behalf of third parties.

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