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What you have missed on ITR Premium

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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 from across our site

But experts cast doubt on HMRC's data and believe COVID-19 would have increased the revenue shortfall.
EY’s plan to separate its auditing and consulting businesses might lessen scrutiny from global regulators, but the brand identity could suffer, say sources.
Multinationals are asking world leaders to put a scale on carbon pricing to tackle climate change at the 48th G7 summit in Germany, from June 26 to 28.
The state secretary told the French press that the country continues to oppose pillar two’s global minimum tax rate following an Ecofin meeting last week.
This week the Biden administration has run into opposition over a proposal for a federal gas tax holiday, while the European Parliament has approved a plan for an EU carbon border mechanism.
12th annual awards announce winners
Businesses need to improve on data management to ensure tax departments become much more integrated, according to Microsoft’s chief digital officer at a KPMG event.
Businesses must ensure any alternative benchmark rate is included in their TP studies and approved by tax authorities, as Libor for the US ends in exactly a year.
Tax directors warn that a lack of adequate planning for VAT rule changes could leave businesses exposed to regulatory errors and costly fines.
Tax professionals have urged suppliers of goods from Great Britain to Northern Ireland to pause any plans to restructure their supply chains following the NI Protocol Bill.
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