President Obama's 2014 budget request last week reintroduced proposals from previous budgets relating to the electronic filing of tax returns and penalties for not doing so.
The Australian government’s proposals on tax transparency are aimed at ensuring companies pay their fair share of tax and do not engage in tax minimisation. In this Q&A, Michelle de Niese, assistant director of the Corporate Tax Association (CTA), which represents Australian companies, explains why the CTA does not believe the proposals measure up to their objectives.
Foreign financial institutions (FFIs) now have a good indication of the information they will need to register for compliant status, under America’s Foreign Account Tax Compliance Act (FATCA), and the detail the Internal Revenue Service’s monthly list of compliant FFIs could include.
In-house tax departments, both big and small, have extra chances at recognition at International Tax Review’s European Tax Awards 2013 presentation at the Dorchester hotel in London on May 15.
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.
