Graham Aaronson QC has submitted his final report on the feasibility of a general anti-avoidance rule (GAAR) to the UK government, stating that a broad spectrum GAAR would undermine certainty and make the UK less attractive to multinationals, preferring instead a more targeted approach.
The report into the proposed UK general anti-avoidance rule (GAAR) has been submitted to the government. The report raises various concerns and most stakeholders have reacted by speaking out against the GAAR’s introduction.
The UK government has decided to end VAT relief available on products from the Channel Islands, effective from April 1 2012, saying it will bring increased fairness for UK businesses, benefit the economy and protect millions of pounds in tax revenue.
The Federal Revenue of Brazil has updated rules on how consortiums are regulated with changes on how to contract on behalf of a consortium, elect a leader company, and bill a consortium’s operations.
Proposed regulations from the US Treasury provide welcome clarification on the scope of section 892 of the Internal Revenue Code (1986) and increase the exceptions to what is classified as commercial activity.
Taxpayers in Denmark should prepare for increased scrutiny in 2012 as the new government looks set to close numerous corporate tax loopholes as early as January.
