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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

Countries which care about fair taxation of tech multinationals and equitable global distribution of wealth should back the UN’s tax framework, writes economist Abdelmalek Riad
The cuts disproportionately affected staff in certain positions, the report also found; in other news, MHA announced the €24m acquisition of Baker Tilly South East Europe
The plan aims to improve the efficiency, transparency, and effectiveness of direct tax administration in India
Meanwhile, South Africa’s finance minister has accepted a court decision on suspending a VAT increase and US President Donald Trump mulls a 100% tariff on foreign films
Jaime Carey speaks about the benefits of his tax background, DEI values, the use of AI for a smarter legal practice, and other priorities that will define his presidency
Historically low levels of attrition over consecutive years made a ‘difficult decision’ necessary, PwC has reportedly said
WTS Global is also vetting new potential member firms in Algeria, Cote D’Ivoire and Benin, Kelly Mgbor tells ITR in an exclusive interview
The scope of qualifying pillar two tax credits could reportedly be broadened; in other news, hundreds of IRS appeals staff are to resign
For many taxpayers, the prospect of long-term certainty that a bilateral APA offers can override concerns about time, cost and confidentiality
Levine, who served under the Joe Biden administration, led the US’s negotiations on the OECD’s two-pillar solution
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