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Thursday, December 17, 2009

Australia Tightens Tax Rules on Private Equity

by taxnick on December 17, 2009

Australian tax authorities on Wednesday ruled that profits from the sale of assets by private-equity firms can in some cases be classified as taxable income, a move industry participants said could reduce foreign investment in the country.
Australian tax officials say they are simply reinforcing a longstanding tax principle. Tax experts said the move amounts to [...]

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White House Defends Citigroup Tax Break

by taxnick on December 17, 2009

With a quiet change to the law on Friday, the federal government allowed Citigroup to avoid paying billions of dollars in taxes.
Pressed about the move Wednesday, the White House danced around the question of whether the government was giving a “tax break” to the bank, which already benefited from a government bailout.
White House Press Secretary [...]

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