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COMMENT: The IMF's new paper on spillovers - time to rethink the rules for developing countries

The IMF has stirred up the debate on the global tax system in an important new staff paper, "Spillovers in International Corporate Taxation", which quantifies the knock-on effects of tax competition and shows that the tax bases of developing countries are particularly badly hurt by it.

July 02 2014

Australian carbon tax continues to escape repeal, but not for long

Repealing the carbon pricing mechanism was the first item on the Tony Abbott-led government’s agenda. Indeed, he may never have become prime minister if he had not promised to do so. Up to now he has failed in his attempts to repeal the tax, but that could all change next week.

Matthew Gilleard, July 02 2014

UK tourism industry campaign to cut VAT gains momentum

The UK tourism industry received a boost this week as politicians came out in support of the Cut Tourism VAT campaign to reduce VAT on the sector. It has emerged that EU approval is not needed to go ahead with a cut, which could raise £4 billion and which would bring the UK’s rate on tourism more into line with the rest of Europe.

Matthew Gilleard, July 02 2014

Hong Kong: Transfer pricing aspects of restructuring

By Kari Pahlman and Jeff Chan of KPMG Hong Kong

July 02 2014

Malaysia: Transfer pricing aspects of restructuring

By Juliana Tan Ming Qing of KPMG Malaysia.

July 02 2014

Australian Taxation Office considers outsourcing tax assurance for large businesses

The Australian Taxation Office is setting up a pilot programme which could result in auditors of large businesses with turnover of between A$100 million ($95 million) and A$5 billion conducting assurance on behalf of the tax authorities.

July 01 2014

What chief financial officers need from their tax directors

Jean-Louis Huchant, a former chief financial officer in France, writing here in a personal capacity, explains what information and support a CFO requires from a tax director to ensure that tax considerations are taken into account, though do not dominate, business decisions.

July 01 2014

FATCA takes effect and brings in era of continuous compliance

Governments have bridled at its extra-territorial effect, financial institutions have laboured to comply with its reporting and due diligence requirements, and some US Congressmen threatened to wreck it, but the withholding requirements under the Foreign Account Tax Compliance Act (FATCA) still took effect on July 1, six months later than planned.

Ralph Cunningham, July 01 2014

Is tax competition bad?

With accusations of cosying up to multinationals and engaging in a race to the bottom, there is an assumption that tax competition is bad. But panellists at the Oxford Business School’s Summer Conference on Tax Competition and BEPS questioned whether the perception matches reality.

Matthew Gilleard, July 01 2014

Differing approaches to BEPS: The US and Germany

The OECD’s project on providing ways to tackle base erosion and profit shifting (BEPS) is at the forefront of the minds of tax directors and other stakeholders all over the world right now. But different jurisdictions have different approaches and different agendas in terms of what they want OECD outcomes to look like.

Matthew Gilleard, July 01 2014

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