Senators John McCain (Rep-Arizona) and Kay Hagan (Dem-North Carolina) have proposed a reduction in the tax rate for repatriated foreign earnings, from 35% down to 8.75%, for a period of one year, but permanent implementation may be needed to benefit the economy in the long run.
Australian members of Parliament have passed the carbon tax bill through the lower house of Parliament, meaning the only stage left before implementation now is approval from the senate.
A decision from a Russian court involving the taxation of capital expenditure has been described as “on top of the list of the most stupid court decisions” of the year.
The Indonesian Ministry of Finance has released long awaited regulations regarding the provision of tax facilities in the form of exemption from, or reductions in, the rate of corporate income tax.
At its inception in 2005, one of HM Revenue & Customs’ commitments was to reduce the UK tax gap. The latest available figures show that the revenue body is sticking to that commitment. But is progress satisfactory, given the £917 million ($1.4 billion) that government made available for this very task?
