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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 across site & bottom lb ros

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AI will speed up some of the most laborious TP processes without making human input redundant, argues Hank Moonen, CEO of TaxModel
Firms with a broad geographic reach are more likely to win work, especially from global companies with high turnovers, according to survey data of nearly 29,000 corporate counsel
Australian businessman Gordon Merchant used EY’s advice to offset an A$85 million capital gain, according to the Federal Court
Griggs has been drafted in ahead of schedule as the incumbent Tim Ryan departs for Citigroup; while the Netherlands plans to scrap a 15% share buyback tax
Authorities must ensure that Russian firms do not use transfer pricing schemes to increase profits made from oil sold in different markets, advocacy organisations have argued
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