A much more focused approach to selecting taxpayers for audit would be one of the benefits if the Internal Revenue Service (IRS) adopted a formal tax risk assessment approach, a group of tax executives, practitioners and academics have said.
Four jurisdictions have received the thumbs-down from their peers in new compliance ratings issued by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes.
Belgium and Sweden could have to defend their tax policies in the European Court of Justice (ECJ) after the European Commission referred both to the court yesterday. Belgium is in trouble because the commission believes its withholding tax rules contain two discriminatory provisions and Sweden faces action because of how it applies VAT to postal services.
The road to a new global financial accounting standard for revenue recognition got shorter last week after the Financial Accounting Standards Board (FASB) voted to authorise the preparation of a final version of its work. The International Accounting Standards Board (IASB) is set to follow next week.
