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Why News Corp’s Australian victory boosts confidence in claiming deductions, how the OECD plans to shape China’s future tax policy, and why the UK may be about to make one more VAT u-turn were just three articles that appeared on ITR Premium last week.



SEC report omits timeline for IFRS and highlights income tax problemsThe 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 ATOThe 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.



Why the OECD wants to help shape China’s future tax policyThe 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 taskThe 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.



How self-storage companies could force another UK VAT u-turnThe 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 battlegroundAustralia 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.



Why News Corp’s Australian victory boosts confidence in claiming deductionsIn 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 companiesPolymetal, 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.

more across site & bottom lb ros

More from across our site

The German government unveils plans to implement pillar two, while EY is reportedly still divided over ‘Project Everest’.
With the M&A market booming, ITR has partnered with correspondents from firms around the globe to provide a guide to the deal structures being employed and tax authorities' responses.
Xing Hu, partner at Hui Ye Law Firm in Shanghai, looks at the implications of the US Uyghur Forced Labor Protection Act for TP comparability analysis of China.
Karl Berlin talks to Josh White about meeting the Fair Tax standard, the changing burden of country-by-country reporting, and how windfall taxes may hit renewable energy.
Sandy Markwick, head of the Tax Director Network (TDN) at Winmark, looks at the challenges of global mobility for tax management.
Taxpayers should look beyond the headline criteria of the simplification regime to ensure that their arrangements meet the arm’s-length standard, say Alejandro Ces and Mark Seddon of the EY New Zealand transfer pricing team.
In a recent webinar hosted by law firms Greenberg Traurig and Clayton Utz, officials at the IRS and ATO outlined their visions for 2023.
The Asia-Pacific awards research cycle has now begun – don’t miss on this opportunity be recognised in 2023
An intense period of lobbying and persuasion is under way as the UN secretary-general’s report on the future of international tax cooperation begins to take shape. Ralph Cunningham reports.
Fresh details of the European Commission’s state aid case against Amazon emerge, while a pension fund is suing Amgen over its tax dispute with the Internal Revenue Service.