A novel approach to proving its actions did not provide a tax benefit helped Futuris win its Full Federal Court (FFC) dispute against the Australian Taxation Office (ATO) this week, but the outcome could have been different if the proposed amendments to Australia’s general anti-avoidance rule (GAAR) had applied in the case.
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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