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What you have missed on ITR Premium

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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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