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What you have missed on ITR Premium

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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.

COMPLIANCE MANAGEMENT

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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.

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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

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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.

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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

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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.

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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

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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.

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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.

More from across our site

The fast-food company’s tax settlement with French authorities strengthens the need for businesses to review their TP arrangements and documentation.
The full ALP model will be adopted through a new TP regime, which is set to boost the country’s investments and tax certainty.
Tax professionals have called on the UK government to reconsider its online sales tax as it would affect the economy at the worst time.
Tax professionals have called on companies to act urgently to meet e-invoicing compliance targets as the EU plans to ramp up digitisation.
In the wake of India’s ambitious 25-year plan for economic growth, ITR has partnered with leading tax commentators to discuss what the future will look like for India and for the rest of the world.
But experts cast doubt on HMRC's data and believe COVID-19 would have increased the revenue shortfall.
EY’s plan to separate its auditing and consulting businesses might lessen scrutiny from global regulators, but the brand identity could suffer, say sources.
Multinationals are asking world leaders to put a scale on carbon pricing to tackle climate change at the 48th G7 summit in Germany, from June 26 to 28.
The state secretary told the French press that the country continues to oppose pillar two’s global minimum tax rate following an Ecofin meeting last week.
This week the Biden administration has run into opposition over a proposal for a federal gas tax holiday, while the European Parliament has approved a plan for an EU carbon border mechanism.
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