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Archive

Month:   Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
  • November 2011

    ANALYSIS: How FATCA violates fundamental European rights

    November 30, 2011

    Much has been reported on FATCA, but not on how it breaches the two basic European principles of the right to protect personal data and the free movement of capital.

  • OECD’s Owens predicts more stability in tax take

    November 30, 2011

    The OECD’s Jeffrey Owens expects to see continued stability in the tax revenues of member countries for 2011 and 2012.

  • Why US aggression is leading to more taxpayer indirect tax compliance

    November 30, 2011

    Taxpayers should dedicate more resources towards indirect tax compliance if they are to avoid the attention of the US tax authorities, a survey has revealed.

  • AUTUMN STATEMENT: UK raises bank levy and continues objection to FTT

    November 29, 2011

    George Osborne, the UK Chancellor of the Exchequer, today raised the UK bank levy and reiterated his objection to the UK introducing a financial transactions tax (FTT).

  • Elinore Richardson joins Wolf Theiss

    November 29, 2011

  • INTERVIEW: Head of EC’s CCCTB unit tackles double taxation

    November 29, 2011

    In an exclusive interview, Thomas Neale, head of the CCCTB Task Force in the DG Taxation and Customs Union of the European Commission, argues that eradicating double taxation within the EU is an essential pre-requisite for strengthening the internal market.

  • REACTION: Why InterContinental welcomes the UK GAAR proposals

    November 29, 2011

    Following last week’s release of a final review into the feasibility of a UK GAAR, the reactions have been wide-ranging, with some fearing the possibility of added complexity and uncertainty. But the head of tax at InterContinental Hotels Group sees no reason why taxpayers should be worried by Graham Aaronson’s report.

  • What Monti’s Italian indirect tax reforms will look like

    November 29, 2011

    Mario Monti last year made recommendations that were instrumental in the European Commission’s decision to reform the EU VAT system. Now, as Italy’s new prime minister, predictions are being made as to how he will reform the country’s indirect tax system.

  • Fiji reduces corporate tax rate

    November 28, 2011

    The Fijian government on Friday slashed the country’s corporate tax rate from 28% to 20%.

  • Brazil braces for indirect tax revisions

    November 25, 2011

    Disputes between oil and gas producing states, especially Rio de Janeiro and Espírito Santo, and non-producing states are likely to cause revisions to Brazil’s indirect tax regime.

  • Germany eases anti-treaty/directive-shopping rule

    November 25, 2011

    Today the German Upper House adopted the Act for Implementation of the Directive on the EU Recovery of Tax Claims which includes the amendment of the German anti-treaty/directive shopping rule set forth in Sec. 50d (3) of the German Income Tax Act (ITA).

  • Protocol opens door for investment from Luxembourg to Russia

    November 25, 2011

    Russian companies should expect more foreign investment from Luxembourg after the two countries signed a protocol to slash the withholding tax rate on dividends.

  • Self assessment under Indian customs laws – a paradigm shift

    November 25, 2011

    Rajeev Dimri, head of indirect tax at BMR Advisors – Taxand looks at the transition to self-assessment based clearance of goods.

  • Hungary hikes VAT to highest in Europe

    November 23, 2011

    Hungary’s parliament has passed legislation to increase VAT from 25% to 27% in a move that will take its rate above the EU maximum.

  • Shulman sets out IRS’s compliance vision

    November 23, 2011

    The head of the Internal Revenue Service in the US has said his organisation wants to improve large taxpayer compliance and so is committed to cutting the amount of time and resources it takes to resolve issues between it and corporations.

  • Skadden loses Olson to PwC US

    November 23, 2011

  • UK CFC update will be out on December 6

    November 23, 2011

    The UK Treasury will publish an update on controlled-foreign company (CFC) reform on December 6, the same day as the draft clauses of Finance Bill 2012.

  • UK disclosure rules are working, say practitioners

    November 23, 2011

    In a Written Answer to Parliament in London on November 15, David Gauke, a UK Treasury minister, has revealed that almost 500 direct tax avoidance schemes have been disclosed to the UK tax authorities since the end of April 2008.

  • What you need to know about Kenya’s VAT reform

    November 23, 2011

    Kenya has come forward with plans to radically overhaul its VAT system with a number of changes that will affect day-to-day business operations.

  • ANALYSIS: US debate on territorial tax system rumbles on

    November 22, 2011

    Following House Ways & Means Committee chairman Dave Camp’s (Rep-MI) release of a discussion draft proposal to reform the US corporate tax regime in late October, several hearings have taken place which suggest US tax reform in the near future is inevitable.

  • EU: A new dawn for further European tax harmonisation

    November 22, 2011

    A single European market in the area of taxation still does not exist. In practice, this means that multinational corporations doing business in the EU need to navigate their way through (up to) 27 different national tax administrations and administrative requirements, and widely differing national interpretations of EU tax law, directives and regulations.

  • Finland: Ruling on life insurance saving agreement

    November 22, 2011

    The Finnish Central Tax Board (CTB) has given a preliminary ruling (KVL 34/2011) regarding taxation in connection with transfers of investments in life insurance saving agreement and capitalisation agreement where the taxpayer has the right to decide on which assets the policy funds are invested in.

  • India: Taxability of procurement activities undertaken by a liaison office

    November 22, 2011

    The Authority for Advance Rulings (AAR) in the case of Columbia Sportswear Company [2011-TII-21-ARA-INTL], adjudicated on the taxability of procurement activity undertaken by a non-resident company through its liaison office (LO) in India.

  • Irish banks to lose out in VAT hike

    November 22, 2011

    Financial institutions could be the biggest losers if the Irish government carries out its plans to raise VAT by two percentage points.

  • New guidance for corporate tax deferral in Canada

    November 22, 2011

    After the publication of new proposed rules on corporate tax deferral, the Canada Revenue Agency has now issued guidance dealing with interim filing for the proposals.

  • Ten things you need to know about the UK GAAR proposals

    November 22, 2011

    The issue of a general anti-avoidance rule (GAAR) in the UK has been long-discussed. Now that Graham Aaronson QC has submitted his final report on the feasibility of a UK GAAR to the government, here are 10 things you cannot afford to miss.

  • Top tax issues to be aware of with Australian covered bonds

    November 22, 2011

    The first Australian covered bonds were issued last week, allowing all Australian banks, credit unions and building societies to access cheaper sources of funding, but there are tax implications, warn advisers.

  • TREATY ANALYSIS: Netherlands-Hong Kong DTA

    November 22, 2011

    The double taxation avoidance treaty (DTA) between Hong Kong and the Netherlands, signed last year, will enter into force in 2012 and will increase the tax planning opportunities for companies in both jurisdictions.

  • REACTION: Why the UK GAAR report raises issues of complexity and certainty

    November 21, 2011

    The report into the proposed UK general anti-avoidance rule (GAAR) has been submitted to the government. The report raises various concerns and most stakeholders have reacted by speaking out against the GAAR’s introduction.

  • The challenges of cutting the US corporate tax rate

    November 21, 2011

    Tax reform in the US is easier said than done. With the congressional supercommittee failing yesterday to agree on a deal to tackle the nation's deficit, the likelihood of a lower corporate tax rate looks even more unlikely.

  • UK GAAR report submitted to government

    November 21, 2011

    Graham Aaronson QC has submitted his final report on the feasibility of a general anti-avoidance rule (GAAR) to the UK government, stating that a broad spectrum GAAR would undermine certainty and make the UK less attractive to multinationals, preferring instead a more targeted approach.

  • VAT not on UAE’s horizon

    November 21, 2011

    Contrary to earlier reports, the UAE has ruled out introducing VAT next year, while Gulf Cooperation Council (GCC) states have indefinitely delayed plans to introduce the tax.

  • China launches pilot programme to reform turnover tax regime

    November 18, 2011

    China this week released details of its pilot programme to reform its turnover tax regime.

  • Leaked documents confirm Irish 2% VAT hike

    November 18, 2011

    Ireland will increase its VAT rate by 2% in next month's budget, leaked documents to the German parliament confirm.

  • VAT relief for Channel Islands will end in April

    November 17, 2011

    The UK government has decided to end VAT relief available on products from the Channel Islands, effective from April 1 2012, saying it will bring increased fairness for UK businesses, benefit the economy and protect millions of pounds in tax revenue.

  • Why carbon tax is not the main reason Rio Tinto is closing its UK smelter

    November 17, 2011

    Rio Tinto announced this week that it is closing its only aluminium smelting plant in the UK. Much of the coverage surrounding the decision suggests that it is a reaction to the burden of changing environmental tax policy, but the reality is somewhat different.

  • Amendments to maquila rules enter into force in Mexico

    November 16, 2011

    On June 30 2011, August 9 2011 and October 10 2011, modifications to the Miscellaneous Foreign Trade Rules were published in Mexico's official gazette.

  • Inspector’s report highlights need for more compliance data for IRS

    November 16, 2011

    A lack of information reporting on many cross-border transactions is a substantial challenge for the Internal Revenue Service (IRS) in the US, says a report from one of the Service’s watchdogs.

  • Montenegro to maintain competitive tax system

    November 16, 2011

    To prevent consequences similar to those in the European countries regarding current debt crisis, the Montenegrin government plans to implement a number of economic measures by the end of the year, which will mostly concern public sector spending.

  • Persoff moves from Clifford Chance

    November 16, 2011

  • How to comply with Brazil’s updated consortium rules

    November 15, 2011

    The Federal Revenue of Brazil has updated rules on how consortiums are regulated with changes on how to contract on behalf of a consortium, elect a leader company, and bill a consortium’s operations.

  • Malta budget introduces VAT amnesty

    November 15, 2011

    Malta’s 2012 budget, introduced by the minister of finance yesterday evening, will launch a temporary VAT amnesty allowing taxpayers to clear up their arrears.

  • New Australian schedule will affect cross-border transactions

    November 15, 2011

    The Australian Taxation Office has announced that it will introduce a new schedule for the 2012 financial year that will affect taxpayers who do business overseas.

  • Obama picks new assistant secretary for tax policy

    November 15, 2011

    After six months, the US government has a new official responsible for tax policy.

  • UK Chancellor slams “suicidal” FTT

    November 15, 2011

    UK Chancellor of the Exchequer George Osborne has denounced the European Commission’s plans for a financial transactions tax (FTT) as suicidal for not just the UK, but the EU as well.

  • US proposal clarifies exemptions for foreign governments

    November 15, 2011

    Proposed regulations from the US Treasury provide welcome clarification on the scope of section 892 of the Internal Revenue Code (1986) and increase the exceptions to what is classified as commercial activity.

  • Why 2012 will herald greater scrutiny for Danish taxpayers

    November 15, 2011

    Taxpayers in Denmark should prepare for increased scrutiny in 2012 as the new government looks set to close numerous corporate tax loopholes as early as January.

  • Country-by-country reporting wins UK Treasury support

    November 14, 2011

    A UK Treasury minister has told Parliament in London that his government is in favour of a European reporting system for companies in the extractive industries.

  • How the G20 is tackling tax secrecy

    November 14, 2011

    David McNair, principal economic justice adviser at Christian Aid, London, analyses how well G20 countries are living up to their 2009 commitments to support poor countries’ tax collection and crack down on tax haven secrecy.

  • India set to delay DTC, but likely to introduce CFC, GAAR & POEM in February

    November 14, 2011

    Indian taxpayers thinking they had six months to prepare for the Direct Taxes Code (DTC) were dealt a blow today with the news that certain aspects of the new law are likely to be brought forward by two months.

  • Tax to be at forefront as Mario Monti takes Italy’s top job

    November 14, 2011

    Mario Monti, Italy’s new Prime Minister, is likely to place taxation high on his government’s agenda and will put his experience as former European Commissioner for tax to good use.

  • ANALYSIS: Financial transactions tax debate spreads to the US

    November 11, 2011

    As debate continues to swirl around the issue in Europe, the notion of a tax on financial transactions (FTT) is also gaining traction in the US. Senator Tom Harkin (Dem-Iowa), and Congressman Peter DeFazio (Dem-Oregon) have tabled legislation to introduce a form of the tax. But how does the US approach to an FTT differ from the European debate?

  • ECJ backs Rank in £250 million VAT reclaim

    November 11, 2011

    The ECJ has ruled in favour of Rank Group's claim that it overpaid VAT to HM Revenue & Customs by more than £250 million ($397 million).

  • EU changes tax and customs assistance for member states

    November 11, 2011

    The European Commission hopes to boost the effectiveness of the Internal Market by reforming how the EU supports cooperation between customs and tax authorities.

  • US senators target Amazon and online retailers with new sales tax bill

    November 11, 2011

    The dispute over whether online retailers should pay sales tax in the US has stepped up a gear after a bipartisan group of senators this week introduced a bill that would make it easier for states to levy the tax.

  • VAT relief to end for Channel Islands

    November 11, 2011

    The UK has decided to end VAT relief on products from the Channel Islands.

  • Advisers object to compulsory VAT registration for non-UK companies

    November 09, 2011

    One of the leading international organisations of tax practitioners has come out against the UK government’s plan to require non-UK businesses to register for VAT.

  • FREE: Canada seeks comments on tax law changes

    November 09, 2011

    The Canadian Department of Finance has released for public comment a package of draft legislative proposals relating to a number of technical changes to the country’s tax laws.

  • FREE: New list of software and forms for UK tax returns

    November 09, 2011

    HM Revenue and Customs has published the latest list of software and forms for corporation tax return filing purposes in the UK.

  • How tax administration in Malta will change

    November 09, 2011

    Malta has reformed the structure of its tax administration to bring four organisations together under a new chief, who will be known as the commissioner for revenue.

  • Indian court explains how to calculate tax holidays

    November 09, 2011

    An Indian high court ruling has clarified one of the important issues surrounding tax holiday computation when a holiday period has ended.

  • Latham & Watkins adds to tax partners

    November 09, 2011

  • Australia’s carbon tax clears final hurdle

    November 08, 2011

    Australia’s plan to tax carbon emissions was given the final seal of approval today, but critics are still concerned that it will cost too much and generate few benefits.

  • France to tax companies 5% more in second austerity package

    November 08, 2011

    The French government has announced that companies with revenue over €250 million ($344 million) will be hit with an additional corporate tax equal to 5% of their assessed tax, for the fiscal years 2011 and 2012.

  • IBA 2011: How to manage group taxation around the world

    November 08, 2011

    Many jurisdictions have systems in place to tax multiple companies together as if they were a singular taxable unit. But how do approaches to group taxation vary in different parts of the world?

  • IBA 2011: The benefits of being a JITSIC member

    November 08, 2011

    David Gillon, representative of HMRC in the UK and the Joint International Tax Shelter Information Centre (JITSIC), told delegates at the IBA annual conference of the benefits that JITSIC is providing.

  • IBA 2011: What to look for in investment structures in high-growth countries

    November 08, 2011

    The global trends section of the programme presented by the IBA Taxes Committee in Dubai last week explored emerging trends in investment structures for India, Russia, Cyprus, Singapore and China, and examined the similarities and differences that can be found in these high-growth jurisdictions.

  • India seeks streamlining of service tax refunds for service exporters

    November 07, 2011

    In a step that should be welcomed by service exporters, the Central Board of Excise and Customs (CBEC) has issued a draft circular on the refunds of service tax.

  • EXCLUSIVE: Commissioner Semeta reveals his plans for the year ahead

    November 06, 2011

    Next year will be challenging for the European Commission as it presses ahead with its plans to reform the EU’s VAT system, revise the Energy Tax Directive and implement a financial transactions tax. In an exclusive interview, Algirdas Šemeta, European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud explains how he will be keeping taxpayers busy in 2012.

  • Australian carbon tax will be law on Tuesday, but uncertainty remains

    November 04, 2011

    Having passed through the lower house of Parliament last month, the 18 clean energy Bills are set to be voted into law by Tuesday. A final deadline had been set at November 21, and initial reports claimed next Thursday would be the big day, but things will move faster than that.

  • Bill Gates brings FTT one step closer

    November 04, 2011

    The once-fringe financial transactions tax (FTT) has found a powerful new supporter in the founder of Microsoft.

  • Dutch Supreme Court refers questions to ECJ on real estate company shares exemption

    November 04, 2011

    Jeroen Bijl of PwC looks at a case concerning the VAT qualification of the services provided a real estate agent (DTZ Zadelhoff) in to two separate transactions, both sales of immovable property owned as sole assets by separate Dutch limited liability companies.

  • G20 hears of strong progress from exchange of information group

    November 04, 2011

    Only eight jurisdictions around the world fulfil all the elements required for effective exchange of information, G20 leaders were told at their summit in Cannes today.

  • China raises VAT threshold

    November 02, 2011

    China plans to raise the threshold at which VAT applies to small businesses.

  • EXCLUSIVE: Saint-Amans defines role as OECD's new head of tax

    November 02, 2011

    When Jeffrey Owens announced his retirement as head of tax policy and administration at the OECD, the race was on to replace one of the most important figures in global tax affairs. Pascal Saint-Amans is that man and, in an exclusive interview, he discusses his priorities on transparency, transfer pricing and tax avoidance before taking up the position in February.

  • How information exchange will benefit taxpayers

    November 02, 2011

    Taxpayers will have to put up with an increased compliance burden as global efforts to improve information exchange grow, but the benefits are just around the corner, say international specialists.

  • IBA 2011: The increasing convergence of taxpayers and tax administrators

    November 02, 2011

    The hurdles for information request and exchange are becoming lower, Gert Mueller-Gatermann, international taxation representative of the German Federal Ministry of Finance, yesterday told IBA delegates attending a session titled The bear hug, or will taxpayers and tax administrators soon be sharing the same bed, in Dubai.

  • The OECD does not have all the answers

    November 02, 2011

    Responding to Pascal Saint-Amans’s comments in an exclusive interview with International Tax Review, Martin Hearson, policy adviser at ActionAid, argues that the OECD does not have all the answers in the formulation of international tax standards.

  • UK opposition party backs FTT, but only on global level

    November 02, 2011

    Shadow Chancellor Ed Balls has declared his opposition to an EU financial transactions tax (FTT), but has said he would be in favour of instituting the tax on a global level.

  • US must improve knowledge management, says LB&I commissioner

    November 02, 2011

    The commissioner for large business at the IRS has outlined a plan to improve the department’s information sharing structure after admitting they “are not very good at collaborating” within the organisation.

  • Albania: Albania-Ireland tax treaty enters into force

    November 01, 2011

    The income tax treaty that was signed back in October 2009 for the avoidance of double taxation and prevention of fiscal evasion between Albania and Ireland entered into force on July 12 2011 and will be applicable from January 1 2012.

  • Chile: Additional withholding tax applicable to the forgiveness of interest

    November 01, 2011

    According to Article 59 No 1 of the Chilean Income Tax Law (ITL), interest remitted abroad is subject to additional withholding tax.

  • EU: A new dawn for further European tax harmonisation

    November 01, 2011

    A single European market in the area of taxation still does not exist. In practice, this means that multinational corporations doing business in the EU need to navigate their way through (up to) 27 different national tax administrations and administrative requirements, and widely differing national interpretations of EU tax law, directives and regulations.

  • Finland: Ruling on life insurance saving agreement

    November 01, 2011

    The Finnish Central Tax Board (CTB) has given a preliminary ruling (KVL 34/2011) regarding taxation in connection with transfers of investments in life insurance saving agreement and capitalisation agreement where the taxpayer has the right to decide on which assets the policy funds are invested in.

  • IBA learns of deeper GCC tax systems

    November 01, 2011

    One of the most frequently asked questions about tax in the Gulf Cooperation Council (GCC) countries is: what does a tax adviser do in a tax-free environment? Delegates at the International Bar Association’s annual conference, being held this year in Dubai, gained some insights.

  • India: Taxability of procurement activities undertaken by a liaison office

    November 01, 2011

    The Authority for Advance Rulings (AAR) in the case of Columbia Sportswear Company [2011-TII-21-ARA-INTL], adjudicated on the taxability of procurement activity undertaken by a non-resident company through its liaison office (LO) in India.

  • Thailand: Recent cases of anti-avoidance

    November 01, 2011

    In recent years, the courts of both lower and higher courts have ruled in favour of the tax authorities. It is interesting to learn from the lessons of this development.

  • UK reforms to cost £2 billion a year, HMRC official tells tax executives

    November 01, 2011

    The UK’s efforts to make the country’s tax system the most competitive in the G20 will end up costing the exchequer £2 billion ($3.2 billion) a year, says a senior HMRC official

  • What Republicans want in new US tax system

    November 01, 2011

    US corporations are fully behind the principles in a discussion draft from members of the House Ways and Means Committee on moving to a territorial tax system, if early reaction is a good guide.

  • World Tax 2012 is now online

    November 01, 2011

    World Tax 2012, International Tax Review's directory of the leading tax advisory firms around the world is now available online.

International Tax Review Profile

RT @CBItweets: UK needs a Budget that enables the country to grow its way out of austerity. Here are 5 business priorities https://t.co/CAw

Oct 19 2017 09:19 ·  reply ·  retweet ·  favourite
International Tax Review Profile

This year's World Tax directory is now online. How does your firm stack up? https://t.co/CtRbW1Ub5j

Oct 19 2017 09:13 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @AuroChardon: Let's honour the #memory of a brave #journalist and woman ➡️ vigil tomorrow, 18 Oct, 6pm, in front of Residence Palace #Da…

Oct 18 2017 04:42 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Big Soda scores victory as Chicago-area tax repealed - could this be the beginning of the end of the sugar tax trend?https://t.co/PNuafWHy9K

Oct 12 2017 04:03 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Ebay and Netflix pay total UK tax of less than £1.9m - How long until HMRC investigate their TP practices? https://t.co/VPPsT3aGMZ via @FT

Oct 12 2017 03:59 ·  reply ·  retweet ·  favourite
International Correspondents