This week, Tony Abbott’s government will lead the charge in the Australian Senate to repeal the controversial carbon pricing mechanism, which imposed an annual A$100 million ($94 million) cost on Qantas alone. Big business welcomes the move, but environmental groups fear it will leave Australia without an effective policy to deal with climate change.
Ernie Lai King has joined Hogan Lovells in their Johannesburg office. King was previously head of the China Group at Edward Nathan Sonnenbergs and will now lead Hogan Lovells’ tax and China practices in South Africa.
In its 2014 economic survey of Canada, the OECD stated that, to meet international emissions targets and tackle the effects of climate change, Canada should consider implementing a carbon tax, or cap-and-trade system, but the economic impact may be too great for the government to act.
Formula 1 racing team McLaren has lost its claim, regarding a £32 million ($54.5 million) penalty fine imposed against it by the sport’s governing body, which it believed should be tax deductible in the UK.
The decision of the Upper Tribunal in London underlines the UK authorities’ view that most fines are not deductible against trading income.
The Association of Chartered Certified Accountants (ACCA) believes that the coalition government has failed to support the Office of Tax Simplification (OTS) and has instead made the UK tax system more complex and confusing for both individuals and businesses.
