News Limited, the Australian branch of News Corp, has won a longstanding fight with the Australian Taxation Office (ATO) over more than A$2 billion ($2.06 billion) in deductions linked to currency exchange losses.
The Australian tax environment is more challenging and uncertain than ever. Increased government revenue targets and a reliance on tax take to hit those targets are increasing the likelihood of tax authority challenges. While recent and upcoming legislative changes threaten to spark fresh disagreement between taxpayers and the Australian Taxation Office (ATO) in 2013.
A new Circular released by China’s State Administration of Taxation (SAT) will make it easier for foreign investors to obtain reduced withholding tax rates available under the country’s double tax treaties.
The South African Supreme Court of Appeal’s (SCA) ruling against De Beers Consolidated Mines (De Beers) last month limits taxpayers’ ability to claim VAT deductions on financial and legal services.
A Singapore tax ruling will allow foreign companies to preserve tax attributes following branch de-registration, and could open the door for other tax planning opportunities, according to advisers.
