Direct Tax

Archive: Direct Tax

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UK Finance Bill to keep pace with accounting changes

The government has unveiled changes to UK Generally Accepted Accounting Practice in the draft Finance Bill 2012, the legislation that will put into effect measures to be announced in the budget on March 21.
December 21 2011
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US clarifies branch rules for CFCs

The US IRS and Treasury last week finalised regulations dealing with the branch rules of the Internal Revenue Code, with implications for controlled foreign corporations (CFCs) and their US shareholders.
By Matthew Gilleard
December 20 2011
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Expect more cuts in Brazil following IOF reduction

This month’s decision by the Brazilian government to reduce the financial transactions (IOF) tax rates on the exchange of currency into Brazilian reals for investments in the Brazilian financial and capital markets he...
By Matthew Gilleard
December 20 2011
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Why the Netherlands is following the UK with a bank tax

The Dutch government has followed steps taken by the UK and unveiled plans to tax banks and other financial institutions. The new levy is expected to generate €300 million ($391 million) a year.
By Matthew Gilleard
December 20 2011
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Australia finalises investment manager regime

The Australian government’s plan to build the country’s reputation as a global financial services centre took a step forward last week when it finalised the country’s investment manager regime (IMR).
By Matthew Gilleard
December 19 2011
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Allegheny chooses director with tax experience

John Pipski, who has just been elected to the board of Allegheny Technologies, is a financial and tax accountant with more than 40 years experience of advising companies in the manufacturing and mining industries.
By Ralph Cunningham
December 16 2011
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UPDATED with CRA comments: How Canada wants to move forward on tax governance

The Canadian tax authorities are ready to step up their scrutiny of taxpayers’ risk management.
December 16 2011
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Tax information exchange on the way in Africa

African tax administrations will find it easier to share information with each other if a plan to establish a treaty for the exchange of tax information on the continent is successful.
By ITR Correspondent
December 16 2011
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Why UK financial organisations need to get to grips with FATCA now

The Foreign Account Tax Compliance Act (FATCA) is a complex piece of new legislation that is set to have a far reaching impact on US companies as well as foreign companies with US assets or clients.
December 14 2011
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Why the Euro-plus pact will pave the way for the CCCTB

The signing of the Euro-plus pact on Friday outlined the EU’s commitment to stronger coordination of economic policies and is likely to set the ball rolling for the introduction of a common consolidated corporate tax ...
By Joe Dalton
December 13 2011
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UK Budget 2012 date announced

George Osborne, the chancellor of the exchequer, has announced that next year's budget will take place on March 21.
December 12 2011
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Deals of the week - December 12 2011
December 12 2011
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Treaties of the week - December 12 2011
December 12 2011
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Dave Hartnett's retirement from HMRC announced

The UK government’s senior tax professional will step down next summer.
By Ralph Cunningham
December 09 2011
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Why the Irish budget is good news for multinationals

The president of the Irish Tax Institute (ITI) described the tax measures in yesterday’s budget as innovative, as the country continues to support multinational investment and growth.
By Joe Dalton
December 07 2011
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Patent box may not attract investment to UK

Legislation Day delivered the long-awaited proposals for a patent box, but despite optimism from some companies, fears remain that it is too narrow and too complex to achieve its intended objectives.
By Salman Shaheen
December 07 2011
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Lack of convergence delays SEC’s IFRS decision

The SEC’s chief accountant explained on Monday why the organisation has had to put back its decision on whether or not International Financial Reporting Standards should be adopted in the US.
By ITR Correspondent
December 07 2011
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Indonesia strives to improve official compliance

Compliance is not only a requirement of taxpayers. For a tax system to work, officials have to abide by the rules too, as the Indonesian finance minister has been pointing out.
By ITR Correspondent
December 07 2011
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US examines future tax treatment of financial products

The Senate Finance Committee and the House Ways and Means Committee met yesterday for a joint hearing to assess what the future holds for the tax treatment of financial products in the US.
By Matthew Gilleard
December 07 2011
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What India must overcome before IFRS can be implemented

India has too many obstacles to overcome before it can apply IFRS, warn advisers who predict its implementation is still 18 months away.
By Jack Grocott
December 07 2011
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South Korea to give mid-sized companies lower tax rate

The South Korean government intends to reduce the top marginal corporate tax rate from 22% to 20% in 2012 for businesses with a taxable income of between W200 million ($178,000) and W50 billion ($45 million), in a wel...
By Matthew Gilleard
December 06 2011
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Switzerland will stay tax-friendly despite EU pressure

Switzerland is determined to remain a highly desirable place for multinationals to do business, regardless of EU pressure on its system of cantonal corporate taxation.
By Joe Dalton
December 06 2011
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LEGISLATION DAY: UK reveals CFC and patent box reforms

The UK Treasury has today released details on its plans to reform its controlled foreign companies (CFC) rules as well as issuing details on the country’s new patent box.
By Matthew Gilleard
December 06 2011
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Australia seeks to clarify taxation of trusts

Assistant Treasurer Bill Shorten has released a discussion paper that deals with possible reform of the taxation of trusts, which he says will give more than 660,000 trusts the opportunity to have a say in their own f...
By Matthew Gilleard
December 06 2011
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Thailand: AEC and Thai tax competition

To encourage inbound investment and to support the full entry into the Association of Southeast Asian nations Economic Community (AEC) in 2015, the Thai Cabinet, in its meeting of October 2011, resolved to revise the ...
December 01 2011
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Mexico: Proposed rules to simplify tax requirements for invoices

On September 8 2011, the Mexican government released a proposed tax bill that contains, among other things, certain modifications to the Mexican Federal Tax Code (FTC).
December 01 2011
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Chile: New regulation for derivative instruments

Foreign investors will be pleased to know that, as a consequence of recently published Law No. 20,544, the Chilean capital market has, for the first time, a formally regulated regime for derivative instruments, enforc...
December 01 2011

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