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What you have missed on ITR Premium

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How the European Commission is helping 10 member states to adopt a financial transactions tax (FTT), why Essar’s unresolved sales tax liability has clouded its annual accounts, and what Finance Minister Pranab Mukherjee’s resignation could mean for Indian corporate tax policy were just three articles that appeared on ITR Premium last week.

COMPLIANCE MANAGEMENT

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Essar’s accounts feel sales tax pain

An unresolved sales tax liability related to its Vadinar refinery in the Indian state of Gujarat clouded the annual accounts presentation by Essar Energy, the natural resources company, just as another decision related to the issue went against it in the courts.

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G20 goes no further than support for global accounting standards

Despite coming under pressure for a commitment to International Financial Reporting Standards (IFRS), the leaders of the G20 were low-key in their support for global accounting standards on June 18 and 19.

CORPORATE TAX

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What Mukherjee’s resignation means for the future of India’s corporate tax system

With Pranab Mukherjee resigning as India’s finance minister to stand as a presidential candidate, and Prime Minister Manmohan Singh taking over the vacant position for the time being, the implications for Indian tax policy could have been dramatic.


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Treasury to give UK “world-class creative tax breaks”

The UK Treasury has released plans to give the country’s creative industries tax reliefs that it describes as “among the most generous in the world”. The move has been welcomed by industry groups and the tax director of a leading hi-tech multinational.

INDIRECT TAX

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European 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.

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Japan’s set to double VAT, 10% rate in 2015

Japan’s lower house has voted to double VAT, but rates are likely to continue to rise.


TAX DISPUTES

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How to manage a Brazilian tax dispute

Brazil’s complex tax legislation makes it difficult for companies to steer clear of disputes with the tax authorities. Depending on a taxpayer’s operations in Brazil, it may have to deal with different authorities at local, state, and federal levels.

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UK taxpayers must say no to planning schemes after HMRC’s Greene King tribunal win

Brewing company Greene King is facing a potential double tax bill after the First-tier Tax Tribunal dismissed its appeal seeking tax relief for an intra-group payment of more than £20 million ($31.2 million).

More from across our site

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.
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.
Tax leaders say communication with peers is important for risk management, especially on how to approach regional authorities.
Advances in compliance tools in international markets and the digitalisation of global tax administrations are increasing in-house demand for technologists.
The US fast-food company has agreed to pay €1.25 billion to settle the French investigation into its transfer pricing arrangements over allegations of tax evasion.
HM Revenue and Customs said the UK pillar two legislation will be delayed until at least December 2023, while ITR reported on a secret Netflix settlement and an IMF study on VAT cuts.
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