COMPLIANCE MANAGEMENT
SEC report omits timeline for IFRS and highlights income tax problems
The final SEC staff report on the use of International Financial Reporting Standards (IFRS) within the US does not include a recommendation for when and how they should be introduced, disappointing the body charged with enabling the convergence of accounting standards globally.
D’Ascenzo spells out tax compliance risks for ATO
The growth and complexity of intra-group transactions, particularly in services, intellectual property and financing, means that the area is a key focus of tax compliance risk, the commissioner of the Australian Taxation Office has told business leaders.
CORPORATE TAX
Why the OECD wants to help shape China’s future tax policy
The OECD’s business advisory board met with officials from China’s State Administration of Taxation (SAT) earlier this month to discuss the future of the country’s tax policy and why China wants to get more involved in international tax cooperation.
Senate’s defeat of small business tax break highlights US tax reform task
The Senate has voted against implementing a business incentive in the form of a 10% tax break for small companies that make new hires; a situation that typifies the political roadblocks standing in the way of comprehensive tax reform in the US.
INDIRECT TAX
How self-storage companies could force another UK VAT u-turn
The UK government has been forced to make a number of VAT u-turns following its controversial budget and it may have to make another if two of the country’s largest self-storage companies have their way.
Ken Henry’s comments signal GST as Australia’s next tax battleground
Australia is a country divided by clashes over tax policy, first mining, now carbon. But it is GST that will be the great tax battleground of the future, if the recommendations of Ken Henry, the man tasked with reforming the country’s tax system, are followed.
TAX DISPUTES
Why News Corp’s Australian victory boosts confidence in claiming deductions
In the News Limited ruling last week, Australia’s Federal Court ruled that currency exchange losses should not be limited only to the exchange of money, and this will give taxpayers confidence in claiming tax deductions for such losses in a broader range of circumstances.
Supreme Arbitration Court’s ruling in Polymetal case hits Russian mining companies
Polymetal, a Russian gold and silver producer, has lost a transfer pricing dispute at the Supreme Arbitration Court, and the company says the ruling could affect the tax efficiency of hedging instruments related to sales of physical commodities.
