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What the future holds for Japan's indirect tax system; the UK updating its CFC regime; and US lawmakers agreeing how to speed up tax reform were just three articles that appeared on ITR Premium last week.

COMPLIANCE MANAGEMENT

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Australia casts wide net for tax compliance risks
The Australian Tax Office's (ATO) annual Compliance Programme has no shocks for large businesses, but that does not mean they can be complacent about the topics that the authorities have identified as particular risks.

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IFF settles Spanish tax deductions dispute
International Flavors & Fragrances (IFF) has announced that it has reached a settlement with the Spanish tax authorities regarding income tax deductions.


CORPORATE TAX

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UK updates CFC excluded territories exemption
The UK Treasury has revised the draft regulations for the excluded territories exemption (ETE) of the controlled foreign companies (CFC) regime.

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US lawmakers agree in how to speed up tax reform
US lawmakers have passed a Bill to expedite tax reform procedural issues in 2013. The Bill will provide a fast-track procedure for enacting tax reform, if the reform proposals meet certain requirements.


INDIRECT TAX

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Japan's indirect tax system hangs in the balance
After intense wrangling, the Japanese parliament has finally approved plans to double consumption tax. But it may cost Prime Minister Yoshihiko Noda his job.

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ECJ beginning to recognise problem of penalties and interest on VAT errors, says GE's Needham
Taxpayers are angry over the unfair enforcement of interest on old VAT errors even when there has never been any loss to the exchequer. However there are signs things are changing.


TAX DISPUTES

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India's Supreme Court questions review of AAR rulings
India's Authority for Advance Rulings (AAR) remains unchanged under the Indian Income Tax Act despite a Supreme Court judgment questioning its status, argues Sanjay Sanghvi and Surajkumar Shetty of Khaitan & Co.

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Eaton's US Tax Court case could define obligations of parties to an APA
Mike Patton, of DLA Piper, explains why a pending US Tax Court case may help clarify the legal rights and obligations of the parties to an advance pricing agreement (APA).

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More from across our site

Authors from Khaitan & Co dissect a ‘welcome’ ruling, which found that the mere existence of a tax benefit would not, by itself, warrant a principal purpose test
Over two-thirds of survey respondents back the continuation of the UK’s digital services tax, research commissioned by the Fair Tax Foundation also found
Given the US/G7 pillar two deal, the OECD is in danger of being replaced by the UN as the leading global tax reform forum
Cinven’s latest investment follows its acquisition of a stake in Grant Thornton UK in December; in other news, a barrister listed by HMRC as a tax avoidance promoter has alleged harassment
CIT base narrowing measures remain more prevalent than increased CIT rates, the report also highlighted
ITR's parent company, LBG, will acquire The Lawyer, a leading news, intelligence and data-driven insight provider for the legal industry, from Centaur Media
KPMG UK’s Graeme Webster and KPMG Meijburg & Co’s Eduard Sporken outline the 20-year evolution of MAPAs, with DEMPE analyses becoming more prevalent and MAPA requirements growing stricter
Rishi Joshi, of the Institute of Chartered Accountants of India, warns of potential judicial overreach as assets are recharacterised to bypass a legislative exclusion
Only 2% of in-house survey respondents said they were ‘heavy’ users of AI for TP, Aibidia’s report also found
There was a ‘deeply embedded culture within PwC that routinely disregarded formal confidentiality obligations,’ the chairman of Australia’s Tax Practitioners Board said
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