This content is from: Australia Reminder for ATO staff about compliance powers The Australian tax authorities have issued instructions to officials about the procedures they must follow when gathering information for compliance purposes. By ITR Correspondent February 29 2012
This content is from: India Tax ruling wipes out Essar's profits Essar Energy, of India reported a loss of $568.2 million for 2011 after a tax ruling that went against the company. However it is challenging the decision. By Ralph Cunningham February 29 2012
This content is from: Barclays and CBI driving UK GAAR towards reality The Confederation of British Industry (CBI) has thrown its weight behind the UK’s planned general anti-avoidance rule (GAAR), arguing that corporate tax avoidance schemes are harming the reputation of British industry. By Matthew Gilleard February 28 2012
This content is from: Germany Germany unveils plans for corporate tax code The German government has released a concept paper containing 12 proposed changes to the corporate tax system, including changes to the treatment of interest expense deductions, group taxation, partnerships and losses. By Matthew Gilleard February 28 2012
This content is from: Switzerland Switzerland puts forward new tax compliance model Jurisdictions that have been in conflict with Switzerland over tax evasion will be pleased to hear that the Federal Council in Bern is intent on creating a “credible, tax-compliant and competitive financial centre”. By ITR Correspondent February 28 2012
This content is from: European Union France will reduce corporate tax rate if green book is adopted French companies could benefit from a lower corporate tax rate and a reduced administrative burden if the green paper on business tax convergence between France and Germany comes to fruition. By Joe Dalton February 28 2012
This content is from: COMMENT: Why India is not ready to join the OECD Despite India today ratifying the Convention on Mutual Administrative Assistance in Tax Matters, the country is still not ready to become a fully-fledged member of the OECD and must change its attitude to internationa... By Jack Grocott February 27 2012
This content is from: EXCLUSIVE: EC’s Philip Kermode explains how the Commission is helping taxpayers with th... Philip Kermode is director of Direct Taxation, Tax Coordination and Economic Analysis and Evaluation at the European Commission. In an exclusive interview, he discusses how the Commission’s policies are making life ea... By Salman Shaheen February 27 2012
This content is from: United Kingdom UK must cut compliance burden and complexity of tax regime, says CBI The Confederation of British Industry (CBI) signalled a general approval of Chancellor George Osborne’s tax policy yesterday, but warned he must get the details right to make the UK the most competitive regime in the ... By Joe Dalton February 22 2012
This content is from: United States Obama proposes corporate tax cut to 28% President Barack Obama’s administration has unveiled plans to cut the top corporate tax rate from 35% to 28%, a reduction that would be offset by the closure of certain tax breaks and subsidies. By Matthew Gilleard February 22 2012
This content is from: United States Weatherford makes progress with fixing its tax accounting Weatherford, an oilfield services and equipment company, has told investors that because of deficiencies in its income tax reporting, they should not rely on the company’s previous financial statements. By Ralph Cunningham February 22 2012
This content is from: Greece Tax assistance agreement adds Greece to its ranks As Greece struggles to fix the problems in its economy, today it signed an international tax agreement that could be a source of much-needed funds. By Ralph Cunningham February 22 2012
This content is from: South Africa BUDGET ANALYSIS: South Africa increases capital gains and dividend tax rates South Africa today released its 2012 budget which included changes to the treatment of capital gains and dividends, as well as the way the tax system is administered. By Matthew Gilleard February 22 2012
This content is from: Ireland How the Irish Finance Bill will benefit the financial services industry The Irish Finance Bill has signalled the introduction of targeted tax provisions aimed at improving the competitiveness of Ireland’s financial services industry, as well as enhancements to the R&D tax credit scheme. By Matthew Gilleard February 21 2012
This content is from: Why Rick Santorum is promoting a manufacturing-friendly tax plan Calling the health and state of the economy “obviously the number one issue in this campaign”, Republican presidential candidate Rick Santorum has announced his corporate tax plan, standing by his commitment to provid... By Matthew Gilleard February 21 2012
This content is from: United States US Treasury Secretary: Tax reform plan coming this month Treasury Secretary Timothy Geithner has confirmed that the White House’s corporate tax reform framework will be released by the end of the month. By Matthew Gilleard February 21 2012
This content is from: Singapore BUDGET ANALYSIS: Singapore enhances incentives, but rate stays the same Last week’s Singapore budget provided some important changes for capital gains on sale of shares, as well as for the Productivity and Innovation Credit (PIC) scheme. By Matthew Gilleard February 21 2012
This content is from: United States COMMENT: Why the US budget will leave American businesses playing catch-up Businesses want certainty, and they want quick, decisive action on tax reform. President Barack Obama’s budget did not provide for any of these, and the continuing delays in action being taken could hurt US companies ... By Matthew Gilleard February 20 2012
This content is from: Direct Tax Tax transparency in the spotlight like never before Companies around the world are beginning to understand the importance of transparency about their tax affairs and the reputational benefits of eschewing aggressive tax planning. They will have the opportunity to debat... By Salman Shaheen February 17 2012
This content is from: United States Proposed FATCA regs: reaction from around the world The proposed regulations for the Foreign Account Tax Compliance Act (FATCA) are evidence that the US Treasury has listened to financial institutions about the difficulty of implementing such complex legislation in the... By Ralph Cunningham February 15 2012
This content is from: Partnerships – Are they the cure for FATCA? The US announced on February 8, that it is pursuing “FATCA Partnerships” with France, Germany, Italy, Spain and the UK. February 15 2012
This content is from: United States REACTION: Obama’s inconsistent budget President Barack Obama delivered his 2013 budget speech yesterday and despite not dealing with comprehensive reform of the tax code – proposals for which will come in the next few weeks – he reiterated the sentiments ... By Matthew Gilleard February 14 2012
This content is from: France France-Luxembourg tax treaty renegotiation will cost investors Foreign investors using Luxembourg holding companies to buy French real estate must restructure their investments or face a significantly increased tax bill, because of imminent amendments to a tax treaty between the ... By Joe Dalton February 14 2012
This content is from: European Union Fools rush in where Angela should fear to tread Credit rating downgrades may be worrying, but German chancellor Angela Merkel and other European leaders must resist hasty tax policy changes. By Matthew Gilleard February 14 2012
This content is from: COMMENT: Why the UK’s tax regime means it is open for business Opinion is divided as to what path UK chancellor George Osborne should take in his 2013 budget next month. The coalition government has consistently delivered the statement that “Britain is open for business”, but how... By Joe Dalton & Matthew Gilleard February 13 2012
This content is from: United States BUDGET ANALYSIS: Obama promotes repatriation With Barack Obama’s administration having announced that broad corporate tax reform will be dealt with separately in the coming weeks, and political turmoil stifling progress on US tax issues in general, there were no... By Matthew Gilleard February 13 2012
This content is from: India COMMENT: Why Indian taxpayers need to be patient during a busy 2012 Rumours of delays in the implementation of India's Direct Taxes Code (DTC) and goods and service tax (GST) should be welcomed by taxpayers. By Jack Grocott February 13 2012
This content is from: Argentina Argentina terminates Swiss treaty Argentina has terminated the provisional application of its double tax treaty with Switzerland. February 10 2012
This content is from: United States Congress tackles impact of accounting on US tax reform In its latest meeting about comprehensive tax reform, the House Ways and Means Committee on Wednesday held its first hearing on the effect of tax and financial accounting on tax reform, and on how businesses evaluate ... By Matthew Gilleard February 10 2012
This content is from: Liechtenstein Does LDF extension show weakness of HMRC‘s information gathering powers? HM Revenue & Customs’ (HMRC) decision to extend the Liechtenstein Disclosure Facility (LDF) by a year is a sign that it has been successful. However rumours of a conversation between Dave Hartnett and tax justice camp... By Salman Shaheen February 09 2012
This content is from: United States US releases further FATCA guidance The US Treasury has today issued proposed regulations on the implementation of FATCA. By ITR Correspondent February 08 2012
This content is from: ANALYSIS: Why taxpayers should consider relocating to the UK Slashing the corporate tax rate, reforming the controlled foreign company rules and blocking plans for a financial transactions tax are just three ways the government hopes to attract multinationals to relocate to the... By Joe Dalton February 08 2012
This content is from: European Union Interpretation of new German rules adds to compliance for foreign holding companies The German Ministry of Finance has published an interpretative letter dealing with how the tax authorities intend to enforce revised anti-treaty shopping rules, which took effect on January 1. By Ralph Cunningham February 07 2012
This content is from: United States Why the US reform of extender provisions cannot wait for tax code overhaul The US Senate Finance Committee last week examined the role of extenders – tax provisions that require renewing annually – within the tax system, in the context of fundamental reform of the US tax code. Witnesses said... By Matthew Gilleard February 07 2012
This content is from: Belgium Belgium finalises corporate tax measures in 2012 budget After a series of last-minute changes, the Belgian 2012 budget has been approved with changes being made to provisions for short term capital gains, stock options, thin capitalisation restrictions and the introduction... By Matthew Gilleard February 07 2012
This content is from: United States Facebook paid more than 35% US tax rate in 2010 and 2011 The flag dropped on the world’s biggest initial public offering of an internet company’s shares last Wednesday when Facebook lodged an S-1 form with the SEC. What did the filing tell us about the social networking com... By Ralph Cunningham February 07 2012
This content is from: India INSIGHT: What to expect in India’s budget next month India’s finance minister will present his 2012 budget on March 16 and advisers are warning that taxpayers should be prepared for the adoption of controlled foreign company legislation, a general anti-avoidance rule an... By Matthew Gilleard February 07 2012
This content is from: United Kingdom How George Osborne can stimulate the UK economy A UK think-tank has urged the coalition government to halve the corporate tax rate, arguing it is the “only source of a viable economic recovery”, but the report overlooks other vital areas of the tax code such as ref... By Matthew Gilleard February 07 2012
This content is from: Sponsored Australia: Government winds back tax consolidation opportunities The Australian government has announced significant changes to the way the tax consolidation rules work for company groups. February 01 2012
This content is from: Sponsored Ireland: Ireland reduces the rate of stamp duty on the acquisition of business assets Ireland recently enacted a reduction to the rate of stamp duty on the acquisition of business assets subject to stamp duty. February 01 2012
