India’s Standing Committee on Finance has sent its latest report on the Direct Taxes Code (DTC) to parliament, recommending a more user-friendly structure and stricter reviews of assessing officers, as well as changes to the controlled foreign company (CFC) and general anti-avoidance rules (GAAR) regimes.
The Dutch Supreme Court has ruled that currency exchange gains on loans to which the anti-base erosion rules apply are not liable to tax, though law changes could be enacted as a result of the decision.
A report from PwC assessing the total tax contribution of the Hundred Group – which consists of the finance directors of the UK’s biggest companies – shows that such companies contributed £67.7 billion ($108 billion) to the government in taxes for the year ending March 2011, but news such as the unveiling of avoidance schemes used by Barclays bank uncovers the fact that this could, or even should, be higher.
