Two studies using data from the Hundred Group show that the UK’s biggest companies contributed less in tax to Britain in the last tax year and that 81% of all corporation tax is paid by the largest 1% of them.
The Australian case of Colonial First State Investments Ltd v Federal Commissioner of Taxation might guide taxpayers about taxing trusts and their beneficiaries, particularly in the context of determining the distributable income of a trust and the allocation of distributable income of a unit trust to a redeeming unitholder.
At the upcoming Extractive Industries Transparency Initiative (EITI) global conference on March 2-3 in Paris, representative leaders from companies, governments and other organisations will assess whether the EITI has been successful at leading to improvements in their jurisdictions, with certain implications from a tax perspective.
This Australian Full Federal Court case, Commissioner of Taxation v Clark, provides clarity about the treatment of trusts undergoing changes and what circumstances constitute the creation of a new trust estate, for income tax purposes.
