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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.

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More from across our site

But tax professionals will need to invest a lot of energy and money when controversy arises, according to a head of tax and trade compliance speaking at an ITR conference in London.
The carbon border tax regime will come into play in 2026 but its reporting requirements are now in force.
Disputes around pillar two filings are set to be significant and longwinded, according to a tax director speaking at an ITR conference in London.
PwC publishes detailed accounts of its behaviour in the tax scandal in Australia, while another tax trial looms for pop star Shakira.
The winners of the ITR Europe, Middle East, and Africa Tax Awards 2023 have been announced!
The winners of the ITR Asia-Pacific Tax Awards 2023 have been announced!
Mauro Faggion appeared cautiously optimistic as the European Commission waits to see whether all 27 member states will accept its proposal.
The global minimum rate also won’t entirely stop a race to the bottom, according to a tax director speaking at an ITR conference in London.
The country’s tax authorities are not interested in seeing transfer pricing studies any more, it was claimed at an ITR industry conference in London.
The controversial measure is being watered down after criticism from the European Central Bank.