Foster’s is facing up to a confrontation with the Australian tax authorities after it announced yesterday that it does not accept an official assessment that it owes almost A$66 million ($65 million) in tax and interest arising from a capital loss in the 2004 financial year.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap