As announced in April’s interim budget, the Netherlands has raised the VAT rate by two percentage points, from 19% to 21%. The rate is effective from October 1.
The Section of Taxation of the American Bar Association (ABA) has written to IRS Commissioner Doug Shulman with recommendations for guidance on the transfer pricing of related-party guarantees.
The Parthasarathi Shome-led committee appointed by the Indian government to assess the merits of a general anti-avoidance rule (GAAR) in the country, as well as to assess the appropriateness of the retrospective amendment issued following the Vodafone tax dispute, has sent its final report to the Finance Minister P Chidambaram.
Despite reiterating that a corporate tax cut is a top priority, Australia is yet to reduce the headline rate, and now the Business Council of Australia (BCA) has urged the government to stop its piecemeal approaches to tax reform and adopt a more strategic approach.
France has unveiled its 2013 budget, which contains tax hikes for large companies on top of the controversial and much-discussed 75% top tax rate for individuals earning more than €1 million ($1.3 million), while Spain has also unveiled measures aimed at reviving its economy.
Tomorrow night’s televised debate between President Barack Obama and Republican presidential candidate Mitt Romney is likely to see the two men reiterate the ways in which they differ from one another, and give reasons as to why their vision for America is superior to their opponent’s. However, one economy-boosting measure they agree on is that the US corporate tax rate should be lowered.
