What you have missed on ITR Premium
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.
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.
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.
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.
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.
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.
Japan’s lower house has voted to double VAT, but rates are likely to continue to rise.
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.
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).