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Four More US States Line Up To Tax E-Commerce

Tuesday, February 23, 2010

Maryland, Illinois, Vermont and Virginia have followed the lead of New York, North Carolina and Rhode Island, by submitting bills which would force online retailers with locally based marketing affiliates to collect sales tax for their state, the so-called 'Amazon tax'.

The threshold amounts were in each case set at USD10,000 for cumulative gross receipts during the preceding four quarterly periods and are proceeding despite the litigation taking place in the New York courts which questions the constitutionality of such measures.

Bill (SB660) was passed through the Virginia Senate on February 16, in spite of a Department of Taxes fiscal impact statement that stated; "Given the response to similar legislation enacted in other states, it is unlikely that online retailers would comply with the provisions of the bill and begin to collect the Retail Sales and Use Tax."

The Fiscal Impact Statement went on to say that when similar legislation was enacted in Rhode Island and North Carolina, large online retailers ended their affiliate programs. "If this were to happen as a result of this bill, there would be no additional revenue from the enactment of this bill."

Similar bills passed by the senates in California and Hawaii were vetoed by their respective governors, when it became clear that the large online retailers, Amazon and Overstock, were threatening to terminate their agreements with their local affiliates.

Hawaii's Governor Linda Lingle stated that it would be premature to enact legislation similar to New York’s, noting that the New York law was still being litigated, and adding that the legislation was “not well thought out” and could have negative consequences for many smaller businesses.

Netchoice.org, which has set itself up as the arbiter of poorly drafted legislation on e-commerce, commented: "Online companies and content providers are still experimenting with new models for advertising and distribution. State laws that use Internet advertising as a proxy for an in-state sales representative will stunt the growth of new business models and distort the evolution of Internet marketing."

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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