Though broad-based tax reform will wait until after a white paper is published later this year, tax professionals expect Australia’s May 12 Budget to continue to lay the foundation for furthering the OECD BEPS initiative, including discussions on controversial taxes on diverted profits and e-commerce sales.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap