Canada’s Supreme Court dismissed the appeal of Copthorne Holdings Ltd today, finding that a return of capital payment to a shareholder was an abusive tax transaction.
As the sole EU member state to veto the Euro-plus pact last week, the UK signalled its refusal to accept the economic harmonisation desired by other states and is now likely to face increased pressure to implement a financial transactions tax (FTT), warn advisers.
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 base (CCCTB) and a financial transactions tax (FTT).
A carbon tax on coal, crude oil and petroleum products could be introduced by the Japanese government as early as April 2012, according to environment minister Goshi Hosono.
Reprimands issued by Hong Kong’s High Court to the Inland Revenue Department’s (IRD) Commissioner highlight the need for structural reform in the process for determining taxpayer objections to assessments, warn advisers.
