A government tax break to encourage oil and gas exploration could lead to a number of new contracts for engineering firms in the Tees Valley, it has been revealed.

Financial services secretary Paul Myners has delivered a speech at Number 11 Downing Street prior to today's (January 25th) seminar on the UK's financial services industry, which may interest those involved in offshore tax planning.

Banking giant Goldman Sachs may be set to move its operations out of London in order to make use of offshore financial centres after the introduction of the 50 per cent bonus tax for the country's highest earners.

Italy has recouped a record €95 billion (£86 billion) from its latest tax amnesty scheme aimed at those using offshore tax planning services, the country's economy minister Giulio Tremonti has announced.

The island of Mauritius could see economic growth return to the levels seen before the economic downturn within as little as two years, people involved in international tax planning have been told.

The impact of Chancellor Alistair Darling's pre-budget report on contactors using international tax services is likely to be mixed, according to one commentator.

Monaco may be the next offshore financial centre to fall under the gaze of the UK's taxman, according to AccountancyAge.

Britain's tax havens like Jersey, the Isle of Man and the Cayman Islands are facing a new threat - a Treasury-commissioned report which will tell them to raise new taxes in response to fears that more bail-outs may be necessary.

Canada has been working to improve its corporate tax competitiveness compared with other nations.

Switzerland's expertise in offshore tax planning together with its stability will help the country to remain a major force in private banking even following a global crackdown on tax havens, industry figures have claimed.

Proposals to introduce a standard global corporation tax rate in order to prevent companies from relocating to cheaper countries are to be discussed at this week's G20 summit in Pittsburgh, according to reports.

The UK has been hit by large declines in foreign investment, according to a report from the United Nations (UN) Conference on Trade and Development.

The International Accounting Standards Board (IASB) has this week published its exposure draft of proposed amendments to 11 International Financial Reporting Standards (IFRSs) for public comment.

Lloyds Banking Group is facing an investigation by tax authorities over claims that its wealthier clients are being encouraged to use offshore tax planning strategies that involve channelling money through China, according to a BBC Panorama programme.

Following a lengthy period of discussions, the UK government has agreed to bail out the Cayman Islands - a popular choice for those considering offshore tax planning - with a loan of £38 million.

Several offshore financial centres, including the Cayman Islands, are coming under increasing pressure from the G20 to comply with corporate taxation regulations.

London has been named as the world's number one financial centre by the World Economic Forum, in news of interest to those involved in personal tax planning and corporate taxation.