Assistant Treasurer Bill Shorten has released a discussion paper that deals with possible reform of the taxation of trusts, which he says will give more than 660,000 trusts the opportunity to have a say in their own financial future.
The South Korean government intends to reduce the top marginal corporate tax rate from 22% to 20% in 2012 for businesses with a taxable income of between W200 million ($178,000) and W50 billion ($45 million), in a welcome move for SMEs.
The UK Treasury has today released details on its plans to reform its controlled foreign companies (CFC) rules as well as issuing details on the country’s new patent box.
Following last week’s release of a final review into the feasibility of a UK GAAR, the reactions have been wide-ranging, with some fearing the possibility of added complexity and uncertainty. But the head of tax at InterContinental Hotels Group sees no reason why taxpayers should be worried by Graham Aaronson’s report.
George Osborne, the UK Chancellor of the Exchequer, today raised the UK bank levy and reiterated his objection to the UK introducing a financial transactions tax (FTT).
