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Why Hong Kong’s Court of Appeal left holders of trading investments smiling, insight into the future of US tax litigation from the ex-IRS chief counsel, and what the European Commission thinks about VAT on eBooks were just three articles that appeared on ITR Premium last week.

COMPLIANCE MANAGEMENT

australia20flag.jpgCarbon tax is deductible, Australian Accounting Standards Board tells companies
Australia’s accounting standards setters have given taxpayers some cheer this week saying the country’s new carbon tax, which took effect on July 1, is a deductible expense for income tax purposes.


CORPORATE TAX


oxf20cbt.jpgReport assesses competitiveness of UK tax system
The Oxford University Centre for Business Taxation (CBT) has assessed how close the UK government has come to achieving its stated ambition to “create the most competitive corporate tax regime in the G20”, highlighting that there is still work to be done.

oecdsmall.jpgOECD latest to urge lower US corporate tax rate
The OECD has recommended that the US should reduce its corporate tax rate, joining the voices of many tax directors, advisers, politicians and industry groups who have already stated the case for reform.


INDIRECT TAX

fgflagsmall.jpgEuropean Commission to assist 10 member states adopt FTT
EU finance ministers last week failed to unanimously agree on adopting a financial transactions tax (FTT), but 10 member states are set to push ahead with the support of the European Commission.

kindle.jpgCommission warns France and Luxembourg over VAT on eBooks
The European Commission has launched infringement procedures against France and Luxembourg for reducing their VAT rates on eBooks, which it argues is distorting competition for other member states.


TAX DISPUTES

hong20kong.pngCourt of Appeal decision brings Nice Cheer for Hong Kong taxpayers
Holders of trading investments in Hong Kong will be buoyed by a Court of Appeal decision that provides that unrealised gains from such investments are not taxable until realised, while unrealised losses can continue to be treated as tax deductible.

donald20korb.jpgFormer IRS chief counsel tells taxpayers what to expect in tax litigation
Donald Korb, now of Sullivan & Cromwell, spent almost five years as chief counsel for the Internal Revenue Service (IRS) from 2004 to2008. He is best known for developing the litigation strategy that led to the US government’s success in tackling tax shelter cases.

more across site & shared bottom lb ros

More from across our site

The threat of 50% tariffs on Brazilian goods coincides with new Brazilian legal powers to adopt retaliatory economic measures, local experts tell ITR
The country’s chancellor appears to have backtracked from previous pillar two scepticism; in other news, Donald Trump threatened Russia with 100% tariffs
In its latest G20 update, the OECD also revealed tense discussions with the US where the ‘significant threat’ of Section 899 was highlighted
The tax agency has increased compliance yield from wealthy individuals but cannot identify how much tax is paid by UK billionaires, the committee also claimed
Saffery cautioned that documentation requirements in new government proposals must be limited if medium-sized companies are not exempted from TP
The global minimum tax deal is not viable without US participation, Friedrich Merz has argued
Section 899 of the ‘one big beautiful’ bill would have spelled disaster for many international investors into the US, but following its shelving, attention turns to the fate of the OECD’s pillars
DLA Piper’s co-head of tax for the US and Latin America tells ITR about her fervent belief in equal access to the law, loving yoga, and paternal inspirations
Tax expert Craig Hillier agrees with the comparison of pillar two to using a sledgehammer to crack a nut
The amount is reported to be up 57% from the £5.6bn that the UK tax agency believes was underpaid in the previous year
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