This content is from: Direct Tax

What you have missed on ITR Premium

How to survive an Indian tax audit; why taxpayers have not welcomed the EC’s Quick Reaction Mechanism; and how AIG is still benefiting from a controversial US tax benefit were just three articles that appeared on ITR Premium last week.


COMPLIANCE MANAGEMENT

AIG benefits from controversial US tax benefit
AIG, the international insurance and financial services company, reported an increase in second-quarter profit last week, boosted by the use of a much-criticised tax benefit.

The FATCA saga continues
Two weeks ago, the US Treasury issued a model intergovernmental agreement to improve tax compliance and to implement FATCA. Nathalie Grenewitz, of Bödecker Ernst & Partner, assesses the agreement.


CORPORATE TAX

Denmark continues drive for tax transparency
The Danish government has introduced a new measure requiring companies to expose their tax information to the public via the tax authority’s website.

TREATY ANALYSIS: Mexico-Barbados DTA
Barbados’ partial removal from the Mexican blacklist of tax haven jurisdictions has opened up new routes for investors, and the double taxation agreement (DTA) between the two countries also contains other advantageous provisions that have increased the tax planning opportunities available to companies.


INDIRECT TAX

European Commission’s VAT Quick Reaction Mechanism criticised by taxpayers
The European Commission has proposed a Quick Reaction Mechanism (QRM) to allow member states to swiftly combat VAT fraud. Legitimate taxpayers are concerned, however, that it will add to their compliance burden.

Indian GST could be delayed beyond 2014
One of the key figures behind India’s GST has said that it is unlikely to be rolled out before 2014. But advisers believe even this may be optimistic.


TAX DISPUTES

Australia commits to improve alternative dispute resolution
Taxpayers can look forward to earlier, more cost effective dispute resolution after the Australian Taxation Office (ATO) agreed to several recommendations in a recent report published by the Inspector-General of Taxation (IGT).

Tax directors’ guide to surviving an Indian tax audit
Navin Jain, head of India tax at Cairn Energy, and Jitendra Grover, head of India tax at Nokia, give their insight on facing a tax audit in India.

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