Portugal’s draft 2013 budget, released last week, has sparked unrest and protest because of the extreme austerity measures it included. While most of the anger stems from individual taxpayer provisions, corporates have not escaped unscathed either.
The report of Parthasarathi Shome and his expert committee, which recommended that retrospective application of the tax law should only be used in the “rarest of rare” cases has been welcomed by taxpayers craving certainty in their Indian tax affairs. International Tax Review speaks with the author about the likely implications of his report.
Portugal unveiled its draft 2013 budget on Monday amid protests from a dissatisfied public. The draft includes a proposal to introduce a financial transactions tax (FTT).
With both President Obama and Republican Mitt Romney advocating a corporate tax rate reduction, along with a raft of other changes to the tax code achieved in a revenue-neutral manner, offsetting measures are going to be necessary, and a VAT could be one solution.
John Engler, Business Roundtable (BRT) president and former Michigan governor, said yesterday that inaction from Washington leaders on corporate tax and other issues has caused uncertainty for businesses and stalled economic recovery.
