The global financial chaos has put a strain on corporate profits, reducing profits tax revenues. Together with the cost of fiscal stimulus measures, the downturn has resulted in historic budget deficits in many countries. Tatpicha Pipatmongkolchai of Taxand Thailand examines the impact of this on indirect tax trends.
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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