America’s biggest companies are keeping up the pressure for a reduction in their US tax burden with the publication of a study into global effective tax rates.
The European Court of Justice (ECJ) has found that Portugal failed to fulfil its obligations under Article 56 EC and Article 40 of the European Economic Area (EEA) Agreement. The judgment was made based on Portugal’s preferential tax treatment of investment in public debt securities issued by the Portuguese state, which conferred an undue advantage.
Protesters on both sides of the debate over the Australian government’s carbon tax proposals have taken to the streets this week. Marches in favour of and against the plans have been held in Sydney and Brisbane, with both sides of the debate seemingly having support in numbers.
The recent AstraZeneca tax dispute settlement has been well-documented. But not much has been said about what the settlement means for other taxpayers and their dealings with HM Revenue & Customs (HMRC).
Japan is reviewing its plans to cut the corporate tax rate. The ruling party had planned to reduce the rate – one of the highest in the world – by five percentage points, but that measure looks set to be scrapped to help pay for reconstruction efforts after the earthquake on March 11.
From April 1, companies will have to pay more tax to China for the production of rare earth minerals. China supplies more than 97% of the world’s rare earths; and now taxpayers that operate in the sector are readying themselves for the impact of a tax increase.