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February 28, 2015
Arun Jaitley delivered India’s Union Budget 2015-16 today, sticking to the government’s script of encouraging increased investment from the business community. While the overall reaction has been positive, silence on the future of certain aspects of the minimum alternate tax (MAT) is one drawback for taxpayers.
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February 27, 2015
The two highly competitive Asian financial hubs have announced their Budget plans for the 2015-16 fiscal year. Though frequently compared based on their size and attractiveness to global businesses, Hong Kong and Singapore’s respective Budgets conveyed disparate views on how best to attract foreign investment and stoke home-grown innovation through tax incentives.
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February 26, 2015
February 28 will see the Narendra Modi government deliver its first full Budget, for 2015-16. Finance Minister Arun Jaitley’s speech has been shrouded in speculation, but taxpayers should expect incentives related to manufacturing and the ‘Make in India’ campaign, while the general anti-avoidance rule (GAAR) is likely to be deferred.
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February 24, 2015
In the first of his regular monthly updates, Keith Brockman, global tax director at Mars, lecturer and author of the Strategizing Multinational Tax Risks blog, looks at why countries are enacting unilateral legislation to limit interest deductibility, the shift in focus from eliminating double taxation to eliminating non-taxation, and why, as a result, double taxation via interest limitations is here to stay.
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February 24, 2015
In the last quarter of 2007, the European Commission notified Spain of its decision to open a formal investigation procedure under article 88(2) of the EC Treaty concerning the tax regime for the amortisation of financial goodwill. Jose Maria Garcia-Valdecasas Alloza, partner of Balaguer – Morera & Asociados and associate lecturer at the University of Barcelona, explores the EC’s “negative tax harmonisation”
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February 24, 2015
International Tax Review analyses global M&A trends from the past year and highlights the leading firms for tax transactional advice by jurisdiction.
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February 24, 2015
Maik Thomas Heggmair of WTS discusses recent transfer pricing changes in Germany, including the adoption of the authorised OECD approach (AOA) into German legislation and incoming reporting changes and provides practical views on recent audit experiences.
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February 24, 2015
Donald Moorehead, partner at Squire Patton Boggs in Washington, DC, assesses the prospects for action towards US tax reform in 2015, explaining that it's no surprise many are looking back at 1986 - the last time reform was achieved - for keys to unlock the process, but significant challenges remain.
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February 23, 2015
The closing date for entries for the European Tax Awards 2015 has now passed.
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February 18, 2015
With the Indian Budget fast-approaching, Subhankar Sinha, senior vice president, head of tax for the South Asia region at Siemens, looks at the tax measures that could be used to incentivise the government's 'Make in India' campaign.
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February 18, 2015
Incoming changes to the provisions of the France-Luxembourg tax treaty should not cause too much concern for taxpayers, who will still have means for tax efficient real estate structuring in France.
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February 17, 2015
Reports that the US Internal Revenue Service suspects Asian jurisdictions including Hong Kong and Singapore of making tax evasion easier has caused concern in the market, especially amid allegations that banks around the world have been helping clients evade tax. This concern has been heightened because under the terms of the Foreign Account Tax Compliance Act (FATCA), Hong Kong financial institutions are due to begin reporting to the IRS from March 31.
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February 13, 2015
Work on the G20 / OECD base erosion and profit shifting (BEPS) project has entered a new phase with the presentation of implementation guidance to a meeting of G20 finance ministers this week.
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February 12, 2015
The UK revenue authority, HMRC, will work with the police and the Serious Fraud Office (SFO) on leaked HSBC files showing that the bank helped clients avoid tax, after coming under pressure from members of parliament (MPs).
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February 11, 2015
Accountants in the US are calling on the Senate to approve the tax treaties and protocols pending before it.
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February 11, 2015
In a strong indication of its growing commitment to enforcing tax compliance, China’s State Administration of Taxation released updated indirect transfer rules to replace Notice 698. Tax professionals say the more stringent tax rules, which include safe harbour regulations, withholding tax obligations of the buyer, and clarifications of reasonable commercial purpose, are both welcome and concerning.
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February 11, 2015
The UK's tax authority, HM Revenue and Customs (HMRC), has withdrawn one of its most influential officials from questioning by the Public Accounts Committee (PAC) due to take place today.
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February 09, 2015
The UK tax authority, HM Revenue & Customs (HMRC) will face questions from the parliamentary Public Accounts Committee (PAC) on Wednesday afternoon.
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February 06, 2015
The Australian Tax Office (ATO) has confirmed it has commenced 20 audits of ‘high risk’ corporations including 12 international technology companies.
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February 06, 2015
As a last resort at enforcement and to reach ambitious collection goals, the Indonesian government has jailed at least eight executives and plans to send dozens more to debtors’ prison. The detainees work at five unnamed businesses that were found guilty of evading Indonesian corporate taxes totalling IDR13.6 billion ($1.07 million).
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February 06, 2015
G20 finance ministers will hear about the OECD's three-pronged approach to implementation of the BEPS Action Plan at their meeting in Istanbul on Monday and Tuesday of next week (February 9 and 10).
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February 06, 2015
The Public Accounts Committee (PAC) of the UK House of Commons has delivered a damning indictment of PwC’s tax advisory services, as well as criticising the UK’s own revenue authority, HMRC.
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February 05, 2015
President Obama unveiled his FY 2016 Budget plan this week, seeking to replace the existing deferral system for US multinational companies and impose a minimum 19% tax on their foreign earnings, as well as charging a 14% tax on previously untaxed foreign income.
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January 30, 2015
Amid collapsing oil prices, the recent 2% tax reduction for British oil exploration companies is not enough, say tax advisers and analysts. North Sea oil companies say that their ability to stay competitive in the long term will be severely shaken unless steps are taken to alleviate the tax burden.