Jamaica has become the latest jurisdiction to raise the possibility of concluding a bilateral agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA).
Despite coming under pressure for a commitment to International Financial Reporting Standards (IFRS), the leaders of the G20 were low-key in their support for global accounting standards on June 18 and 19.
The G20 should commit to the adoption of International Financial Reporting Standards (IFRS) around the world and examine and improve how taxes are assessed and collected.
What is meant by promotion and facilitation is the subject of the latest guidance from HM Revenue & Customs in the UK on the application of the Code of Practice on Taxation for Banks.
The majority of participants in a meeting organised by the European Financial Reporting Advisory Group (EFRAG) want the IAS 12 accounting standard, which describes how income taxes should be treated for accounting purposes, to be improved rather than replaced.
The Internal Revenue Service has confirmed is already taking action in areas covered by a Government Accountability Office (GAO) report on implementation of the Foreign Account Tax Compliance Act (FATCA).
