EU taxpayers can expect greater certainty regarding the VAT treatment of vouchers after the European Commission proposed new legislation last week to tackle problems with the existing system.
The US Tax Court has denied Hewlett-Packard the right to US tax deductions claimed as part of a scheme involving artificial generation of foreign tax credits. The judgment does not bode well for several banks involved in similar disputes.
In an opinion released on Wednesday, an Advocate General of the ECJ said discretionary investment management services should be subject to VAT, raising some serious concerns for investment managers.
Thai airline company, Bangkok Airways, won its case in Thailand’s Central Tax Court last week, and the financing scheme under dispute could now be replicated by taxpayers across the country.
HM Revenue and Customs’ (HMRC) anti-avoidance group has published six monthly disclosure statistics that show a marginal increase in the number of disclosures made by promoters.
