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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.

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More from across our site

Countries which care about fair taxation of tech multinationals and equitable global distribution of wealth should back the UN’s tax framework, writes economist Abdelmalek Riad
The cuts disproportionately affected staff in certain positions, the report also found; in other news, MHA announced the €24m acquisition of Baker Tilly South East Europe
The plan aims to improve the efficiency, transparency, and effectiveness of direct tax administration in India
Meanwhile, South Africa’s finance minister has accepted a court decision on suspending a VAT increase and US President Donald Trump mulls a 100% tariff on foreign films
Jaime Carey speaks about the benefits of his tax background, DEI values, the use of AI for a smarter legal practice, and other priorities that will define his presidency
Historically low levels of attrition over consecutive years made a ‘difficult decision’ necessary, PwC has reportedly said
WTS Global is also vetting new potential member firms in Algeria, Cote D’Ivoire and Benin, Kelly Mgbor tells ITR in an exclusive interview
The scope of qualifying pillar two tax credits could reportedly be broadened; in other news, hundreds of IRS appeals staff are to resign
For many taxpayers, the prospect of long-term certainty that a bilateral APA offers can override concerns about time, cost and confidentiality
Levine, who served under the Joe Biden administration, led the US’s negotiations on the OECD’s two-pillar solution
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