Tax accounting standards will change in the UK and Ireland as a result of the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council (FRC).
The UK government may be eager to help financial institutions comply with the Foreign Tax Compliance Act (FATCA) but it has rejected a call to introduce its own version of the US law. At the same time, the UK said the G8, of which it is the president in 2013, would focus on tax evasion.
The US has published the final template for inter-governmental agreements (IGA) with foreign jurisdictions to implement the Foreign Account Tax Compliance Act (FATCA).
Tax directors will be called on to advise their business colleagues on some tricky structuring questions if a member of the eurozone is forced out of the currency union.
The Internal Revenue Service (IRS) in the US has transformed its relationship with corporate taxpayers, had significant successes in the fight against international tax evasion and learned to use technology smarter.
