Taxpayers in the US could have to pay to participate in the IRS’s Compliance Assurance Process (CAP) in the future, if a review by tax officials comes out in favour of charging user fees for the pre-filing programme that attempts to resolve any issues before a tax return is filed.
Australian companies will have to plan for disruption to cashflow, and higher funding and compliance costs because of changes to the way they pay corporation tax.
The new group set up as a technical advisory body to the International Accounting Standards Board (IASB) will consist of members from 12 accounting standard-setters around the world, including the Financial Accounting Standards Board in the US.
Pascal Saint-Amans, the OECD’s chief tax official, has said the organisation’s action plan on base erosion and profit shifting will give a sense of direction, rather than come up with a set of rules for changing how multinational businesses are taxed.
The UK government has changed its stance today on proposals that, from April 1 2013, would have required taxpayers to prove they have been tax compliant for 10 years before they could be awarded government contracts.
The UK expects to recover £1 billion ($1.5 billion) from new tax reporting measures, including automatic exchange of information, agreed with its Crown Dependencies of Guernsey, the Isle of Man and Jersey.
