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  • December 2012

    Australia considers lowering GST threshold for online goods

    December 19, 2012

    The Australian government is looking into the possibility of lowering the GST threshold for imported goods purchased online.

  • BAE Systems believes compliance agreement will be key to Australian certainty

    December 19, 2012

    BAE Systems has followed Alcoa’s recent example and successfully negotiated an Annual Compliance Agreement (ACA) with the Australian Taxation Office (ATO).

  • Simpler EU VAT invoicing rules will cut compliance costs

    December 19, 2012

    New EU VAT rules that will simplify VAT invoicing procedures and cut compliance costs for European business will come into effect from January 1 next year.

  • UK approach to bad debt relief has implications across the EU

    December 19, 2012

    Gary Harley, head of indirect tax at KPMG, looks at the implications the UK approach to bad debt relief (BDR) has for EU member states.

  • UK parliamentarians start inquiry into impact of tax, accounting and audit on banking standards

    December 19, 2012

    Key UK tax and accounting compliance initiatives, such as the tax code of conduct for banks and the Senior Accounting Officer (SAO) legislation, as well as International Financial Reporting Standards (IFRS), are all in the sights of the panel set up by the Parliamentary Commission on Banking Standards (PCBS) to look at tax, audit and accounting.

  • UK publishes draft guidance on FATCA agreement

    December 19, 2012

    February 13 is the deadline for any responses to the latest stage of the process for implementing the UK-US agreement on the Foreign Account Tax Compliance Act (FATCA).

  • Vodafone wants Commission to go further with telecommunications VAT reform

    December 19, 2012

    The European Commission yesterday adopted the final proposal in a package of measures that is aimed at making the taxation of telecommunications, broadcasting and electronic services fairer and more business friendly. But Europe’s largest mobile telecommunications company does not believe it goes far enough to ease the administrative burden.

  • IASB rejects new accounting standard for income taxes and country-by-country reporting

    December 18, 2012

    The International Accounting Standards Board (IASB), which is responsible for the development of international financial reporting standards (IFRS), has dashed the hopes of those hoping for better and more transparent rules on accounting for income taxes by saying no to work on a new standard and ruling out a requirement for country-by-country reporting.

  • India continues to expand tax treaty network

    December 18, 2012

    SS Palanimanickam, India’s Minister of State for Finance, in written response to a question in the Rajya Sabha last week, confirmed that India is in the process of signing double taxation avoidance agreements (DTAAs) with 12 countries and tax information exchange agreements (TIEAs) with 34 countries.

  • Switzerland: No more untaxed assets in our banks

    December 18, 2012

    The Swiss Federal Council on Friday issued a statement saying it wants to prevent banks and other financial institutions from accepting untaxed assets by enhancing due diligence requirements.

  • The concept of “back to back loans” under Mexican Income Tax Law

    December 18, 2012

    Karina Perez of PwC explains why Mexican taxpayers must review their financing arrangements to reduce the risk of disputes arising under the back-to-back loans provision of the Mexican Income Tax Law (MITL).

  • The French approach to tax avoidance

    December 18, 2012

    Recent positions taken by the British authorities to seek more taxes from multinationals operating on UK territory such as Amazon, Google or Starbucks have triggered widespread reactions throughout Europe and in the US.

  • European Parliament backs FTT

    December 17, 2012

    The financial transaction tax (FTT) was brought one step closer last week when the European Parliament voted to allow 11 member states to proceed with it under enhanced cooperation.

  • Pitcher Partners strengthens Australian indirect tax practice

    December 14, 2012

    Baker Tilly Pitcher Partners has hired Tim Martino as a manager in the firm’s Tax Services division in Perth. He leaves a tax management role at Ernst & Young.

  • Germany fails to revive Swiss tax deal

    December 13, 2012

    The German Mediation Committee that was convened to try and save the German-Swiss tax agreement regarding undeclared and untaxed assets in Swiss accounts has failed to agree on a solution.

  • Leaked emails reveal companies explored shipping via Belgium to the UK to circumvent LVCR removal

    December 12, 2012

    Companies explored a new route through Belgium to circumvent the UK's removal of low value consignment relief (LVCR) on Channel Islands mail order in April 2012, evidence has emerged. Jersey Post denies involvement, but retailers opposed to the scheme believe the option is still being looked at.

  • How to keep pace with transfer pricing developments in oil & gas

    December 12, 2012

    The cross-border nature of the oil & gas industry means that in-house tax and transfer pricing professionals working in the sector need to be aware of the key developments in related-party transactions.

  • ICAEW report calls for end to formal IFRS convergence work with the US

    December 12, 2012

    Attempts to converge International Financial Reporting Standards (IFRS) with US accounting rules should end, with the International Accounting Standards Board (IASB) concentrating instead on better IFRS implementation around the world and encouraging those countries that do not allow their use yet, such as China, to do so.

  • Prepare for more Canadian indirect tax changes in 2013

    December 12, 2012

    With 2013 only a few weeks away, significant indirect tax changes in Canada are fast approaching and businesses should consider the impact on their 2013 financial budgets, explains John Bain of KPMG.

  • UK tourism industry calls for VAT cut as data reveals UK has highest consumption taxes in G8

    December 12, 2012

    A VAT cut to boost tourism is being called for in the UK, reinforced by data showing the country has the G8’s highest taxes on sales and consumption.

  • Will Russia replace VAT with sales tax?

    December 12, 2012

    Russian Prime Minister Dmitry Medvedev said last week that he is considering reinstating the sales tax, which could replace VAT. But while it has some advantages, there are a number of compelling reasons why Russia is unlikely to replace VAT with sales tax in the near future.

  • Australia announces expert group to tackle multinational tax minimisation strategies

    December 11, 2012

    David Bradbury, Australia’s assistant treasurer, yesterday announced the members that will make up the country’s new specialist reference group, which is tasked with examining the tax minimisation strategies used by multinationals and “its risks to the sustainability of Australia’s corporate tax base”.

  • Connolly joins DLA Piper in Los Angeles

    December 11, 2012

  • Foley & Lardner hires Fred Adam to boost Silicon Valley practice

    December 11, 2012

  • Latin America indirect tax focus

    December 11, 2012

    A series of articles from KPMG's Global Indirect Tax Services's group on the complex challenges companies face as the global shift to indirect tax impacts Latin America. Each article covers one of 21 jurisdictions, from Argentina to Venezuela.

  • TAXPAYER OPINION: Why I worry about US corporate tax reform

    December 11, 2012

    OPINION: Almost everyone agrees that the two greatest economic problems facing the US are the growing Federal deficit and persistently high unemployment and underemployment. So it is surprising to a long-time tax practitioner that the two leading proposals for corporate tax reform in the US – lowering the corporate tax rate through base broadening and adopting a territorial tax system – are almost certain to make both problems worse.

  • TJN report calls for unitary taxation

    December 11, 2012

    A new report from the Tax Justice Network (TJN), which calls for unitary taxation to prevent multinational corporations avoiding tax, will divide opinion among authorities.

  • UK draft Finance Bill confirms 21% rate from 2014

    December 11, 2012

    The UK government has released draft legislation for the Finance Bill 2013, marking the start of the consultation period for measures announced in last week’s Autumn Statement. The corporate tax cut – to 21% from April 2014 – was confirmed.

  • Why German officials are unconcerned about UK corporate tax competition

    December 11, 2012

    George Osborne, the UK Chancellor of the Exchequer, said the UK will have the lowest corporate tax rate of any Western economy when he announced the tax would fall to 21% by 2014 in his Autumn Statement. In particular, he mentioned Germany, but German tax officials have said they do not expect to lose investors.

  • Ireland maintains 12.5% rate amid austere budget changes

    December 10, 2012

    Michael Noonan, Ireland’s Finance Minister, reiterated the country’s commitment to its 12.5% corporate income tax rate last week. The commitment was the headline announcement in the country’s latest austerity budget.

  • What you have missed on ITR Premium

    December 10, 2012

    Ireland-US FATCA agreement; UK & Ireland tax accounting standards; UK Autumn Statement; Germany-Switzerland tax agreement; Indian reverse charge mechanism; OECD VAT guidelines; Holding companies and VAT groups; and Strategic dividend distribution.

  • Ireland concludes FATCA agreement with US

    December 07, 2012

    Ireland has become the latest jurisdiction to agree to an intergovernmental agreement (IGA) with the US to implement the Foreign Account Tax Compliance Act (FATCA).

  • Financial Reporting Council shakes up tax accounting standards in UK and Ireland

    December 06, 2012

    Tax accounting standards will change in the UK and Ireland as a result of the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council (FRC).

  • IRS gets audit advice from leading tax figures

    December 06, 2012

    Tax professionals on the IRS Advisory Council (IRSAC) have identified streamlining the audit process and managing knowledge in the issue practice groups and international practice networks as important tax administration topics for large businesses in the US.

  • Starbucks acknowledges benefits of tax transparency and pledges to pay £10 million a year to UK

    December 06, 2012

    Much-maligned coffee chain Starbucks this morning announced that, “having listened to customers and the British public”, it will pay higher corporation tax in the UK. The company says the payment amount will be higher than what is required by law.

  • What you have missed on ITR Premium

    December 06, 2012

    UK on FATCA; US unveils FATCA Model 2 agreement; Canada-Hong Kong DTA analysis; UK firms call for tax breaks; US sales and use taxes; UK VAT; Russian Supreme Court; and Canada’s Morguard ruling.

  • AUTUMN STATEMENT: UK cuts corporate tax rate amid raft of anti-avoidance measures

    December 05, 2012

    George Osborne, UK Chancellor of the Exchequer, today delivered his Autumn Statement, announcing a surprise extra percentage point cut in the corporate tax rate.

  • Calls continue for Australian GST reform

    December 05, 2012

    The Australian goods and services tax (GST) regime is continuing to polarise opinion after former Liberal premier Nick Greiner’s review into GST distribution at the end of November.

  • Osborne reduces UK corporate tax rate again

    December 05, 2012

    UK Chancellor of the Exchequer George Osborne has confirmed that the UK’s main rate of corporation tax will fall by a further percentage point, to 21%.

  • Expansion of reverse charge mechanism in India

    December 04, 2012

    Pratik Jain of KPMG looks at what the expansion of the reverse charge mechanism means for taxpayers in India

  • Germany – Switzerland agreement hits the rocks, but may be revived

    December 04, 2012

    The German government is attempting to overturn a rejected tax agreement with Switzerland.

  • Illinois continues drive for corporate tax transparency

    December 04, 2012

    A tax transparency plan, proposed by Illinois Senate President, John Cullerton, has scraped through the Senate by three votes, and has moved to the Illinois House of Representatives.

  • OECD moves forward with VAT Guidelines

    December 04, 2012

    The OECD is making strong progress with its VAT Guidelines after its Global Forum on VAT met for the first time last month and agreed on the need for principles to ensure VAT systems interact consistently to facilitate rather than distort international trade.

  • Russia-Switzerland DTT analysis

    December 04, 2012

    The protocol of amendment to the Russia-Switzerland double tax treaty (DTT), signed on September 24 2011, entered into force last month on November 9. The revised treaty, which contains updated information exchange provisions and reduced withholding tax rates, strengthens economic ties between the two countries.

  • Commissioner Semeta reveals tax priorities for 2013

    December 03, 2012

    The European Commission has another busy year ahead as the financial transaction tax (FTT) and VAT reform go full speed ahead, while it looks at ways to crack down on tax avoidance and it looks to press on with the common consolidated corporate tax base (CCCTB). Salman Shaheen speaks to Algirdas Šemeta, Commissioner for Taxation and Customs Union, Audit and Anti-Fraud about what he has planned for 2013.

  • UK politicians attack Starbucks' tax planning

    December 03, 2012

    The UK Parliament’s Public Accounts Committee (PAC) has called for government action to clamp down on seemingly successful multinational companies that pay little tax in the country, as well as criticising HM Revenue & Customs (HMRC).

International Tax Review Profile

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RT @EssentiaGlobal: The recently Dutch coalition agreement has confirmed that there will be an increase in the reduced VAT rate from 6% to…

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RT @PSaintAmans: US and France signing Joint statement @OECD to ensure CBCR information will be properly exchanged #BEPS #tax https://t.co/

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