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Australian provisions target tax avoidance and profit shifting

Australia yesterday introduced reforms aimed at boosting the government’s ability to tackle base erosion and profit shifting, including changes to the transfer pricing regime and general anti-abuse rule (GAAR).

Matthew Gilleard, February 14 2013

UK government makes tax compliance central to procurement

Companies in the UK, even if they are not tax resident, will have to certify that they have been tax compliant for the previous 10 years before they can compete for government contracts, under new proposals introduced today.

Ralph Cunningham, February 14 2013

Details of European Commission’s FTT announced

The European Commission’s financial transaction tax (FTT) has been on the horizon for more than a year, but the details have finally emerged.

Salman Shaheen, February 14 2013

New York court’s sales tax ruling in Amazon and Overstock case may hit online retailers

Online retailers Amazon and Overstock are battling the New York State Department of Taxation and Finance in court over a requirement for remote sellers to collect state sales tax. The ruling will have an impact on companies operating throughout the US.

Joe Dalton, February 14 2013

US banks left seeing STARS after BNY Mellon’s Tax Court defeat

Bank of New York Mellon (BNY Mellon) had its case thrown out by the US Tax Court this week as the court described a structured trust advantaged repackaged securities (STARS) scheme it was sold by Barclays in 2001 as an elaborate subterfuge for creating foreign tax credits.

Joe Dalton, February 14 2013

US and Switzerland sign FATCA agreement

The US has achieved a significant result in its efforts to clamp down on tax evasion by its entities and citizens around the world by persuading Switzerland to sign a bilateral agreement for the implementation of the Foreign Account Tax Compliance Act (FATCA).

Ralph Cunningham, February 14 2013

Why intangible policy discussions are giving Caterpillar’s head of tax “night terrors”

Robin Beran, chief tax officer and director for global tax and trade at Caterpillar, the machinery manufacturer, told delegates at the Tax Council Policy Institute conference on intangibles in Washington today that policy discussions about how to tax intangible assets are giving him “night terrors”.

Sophie Ashley, February 13 2013

Altus Alliance adds new members in Brazil, Russia, Switzerland and Hungary

Four new firms have joined Altus Alliance, a global network of independent consulting firms in transfer pricing, valuation, business restructuring and dispute resolution.

February 13 2013

UK case enforces need for diligence to combat missing trader fraud

The need for taxpayers to exercise diligence when sourcing supplies has been reinforced by the victory of mobile phone companies Unistar Group and Unistar Trading over withheld VAT payments. The case is a symptomatic of HMRC’s attempt to defeat missing trader fraud.

Salman Shaheen, February 13 2013

Provinces flock to join China’s VAT pilot

More than 10 provinces want to join China’s VAT pilot in a sign of its success.

Salman Shaheen, February 13 2013

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