The tax treaty between Canada and Hong Kong has taken another step closer to implementation, following Canadian Minister of Finance Jim Flaherty’s announcement of the Tax Conventions Implementation Act 2013.
Dave Camp, chairman of the House Ways and Means Committee, is due to release a discussion draft on the tax treatment of small businesses as part of his continuing efforts to get meaningful tax reform implemented during 2013.
With Chancellor of the Exchequer George Osborne trying to balance an “Open for Business” agenda with claims that the UK is becoming a corporate tax haven, next week’s budget speech will dictate the continued direction of UK tax policy. Anti-avoidance measures to protect the tax base are sure to feature, but a further cut to the corporation tax rate is also a possibility.
The Danish government has presented its plan for growth (Growth Plan DK), which includes a reduction of the corporate tax rate from 25% to 22%, with a Bill expected to be tabled in the coming months.
The European Commission has launched two public consultations on proposed measures aimed at improving tax collection and tax compliance. Both consultations take forward possible measures identified in the Commission’s December 2012 Action Plan to tackle tax fraud and evasion and have been endorsed by the European Parliament.
Business does not expect comprehensive tax reform this year despite positive sounds emanating from key tax-writing figures such as House Ways and Means Committee chairman Dave Camp in recent weeks.
