Multinational agricultural company Bunge estimates up to €1 billion ($1.26 billion) a year is being lost in Hungary because of VAT fraud on food products, and the reaction of the tax authorities could give compliant companies and multinationals a headache.
Business lobbying organisation the Confederation of British Industry (CBI) is calling on the UK government to scrap the carbon reduction commitment (CRC), claiming it is stifling investment and does not incentivise companies to improve energy efficiency.
Canadian taxpayers can look forward to their tax disputes being resolved quicker by the Tax Court of Canada (TCC), if draft legislation released last week is adopted.
A recent decision by the US Court of Appeals for the Federal Circuit in Dominion Resources could provide opportunities for taxpayers in capital intensive industries to claim tax refunds.
Foreign companies may benefit from using Latvian holding companies for short-term investments following amendments to the country’s Corporate Income Tax Act.
Canadian taxpayers will face a number of indirect tax changes in 2013 which will require an overhaul of their systems and processes, but planning ahead will smooth the transition and could help them make tax savings.
