COMPLIANCE MANAGEMENT
Weatherford, the oilfield services and equipment company, which has been trying to rectify serious tax accounting problems for the last two years, has a new head of tax.
Now that the UK Finance Bill has passed its final stage in the House of Commons, the cut in corporation tax has implications depending on the accounting standards or principles a company uses.
CORPORATE TAX
The Mauritius government has agreed to renegotiate the provisions of its tax treaty with India, though it will not agree to measures that would harm the island nation’s economic interests.
The US state of Illinois has stepped up efforts aimed at promoting and fostering transparency in the tax affairs of companies based there.
INDIRECT TAX
In its strongest statement yet on progressive tax reform, the UN has called on countries to introduce a carbon tax and a financial transaction tax (FTT).
The Hungarian parliament has voted to introduce a financial transactions tax (FTT) by an overwhelming majority, but it will not be following the Commission’s lead.
TAX DISPUTES
The ECJ has issued a judgment that shifts the burden of proof onto tax authorities in instances where taxpayers are denied VAT credit.
Almost all tax audits in Russia result in some kind of adjustment by the authorities, meaning that disputes with the tax authorities come with the territory for companies operating in Russia.
